Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1905-10-12
HE MAKES DEMANDS
MissOuri's Superintendent q lnstI-
rance Writes to Mccall
MUST PROTECT POLICY HOLDERS FRS
VIII Revoke license Of View Hcrh
Life UnIess AIisappropriatea
Funds Are ReturnsA and
Guilty OmciaIs ResiEn.


Jefferson City, NO. Oct. S.-state
superintendent Of Insurance Vandiyer
SATURDAY sent a communication to
president John A. Mccall Of tine New
York Life Insurance company demand.
Ing that the S14S, 702.50 campaign fund
contribution be replaced In the treas
ury Of the company under penalty Of
revocation Of the company's license 70
transact business In Missouri for fail-
ure to comply with the demand. IN
the communication Superintendent
Vandtver also informs President NC
Cali that the Missouri department o.
insurance will insist on new pres'-
dent, vice president and financial COM
mittee for the New York Life lnsur-
ancs company Just as soon e the a.
rectors can possibly effect the reorsan-
iEation.
Hia communication TO John A. MO
Call In part follows:
Dear Sir: The recent startling ais
closures in regard to the management
Of the funds Of the New York LiIs
Insurance company, and particularly
fhe testimony Of yourself and otner
oficers of the company given before
me investigating committee OF the
New York legislature. make It my dnty
as superintendent Of insurance Tor the
state Of Missouri to communicate 10
your company the'views and require
ments OF this department, TO the enc
that policy holders in this state may
not be defrauded Of any portion OF the
dividends or surplus earnings tnat
are Justly due them on the premiums
they have paid.
The public has been very properly
taught by yourself and other ofilciais
Of great insurance companies that the
funds Of o mutual company constitute
flduciary trust, held and admins
tered for the sole use Of those named
az beneflciaries, many OF whom are
or will be widows and orphans, and
many thousands Of people have taker
insurance in your company because
Of this very fact and the assurance
that every dollar Of its assets belongi
to the policy holders.
And, therefore, this department
must insist that all funds so used by
YOU or by your order, and particularly
| the sum Of $148, 7O250, which amount
you confess to having contributed ou'
OF the funds Of the company to tht
republican national campaign com;
mittee for the years 1896, 1900 andA9O4
must be replaced in the treasury O
said New York Life Insurance eompa'
nv within the next 30 days. Notice II
| hereby served upon the New YorR
| Life Insurance company, through yor
a it's president, that unless this 70
cuirsment Is met. or assurance giver
| that It will be met without unneces'
| sary delay, /, as superintendent Of in
| surance for the state Of Missouri, will
proceed under the provisions Of sec
ton SO22 R. g., Missouri, to canoe
| or revoke the license Of the company
| TO do business in this state.
But, from the facts already disclosed
| It is evident that the interest OF thu
| policy holders in the New York Lif'
Insurance company, as well as Of tn
uublic generally, demand Q change II
| the management Of the company
This department will, therefore, insis'
that new, president and vice presi'
dent and financial committee be put
| in charge Of the affairs Of the COMPANY
as soon as its board Of directors MAJ
| be able to effect the change.