Omaha daily bee., 1905-08-27
SUIT INVOLVES MILLIONS
Iowa Nan Asks Receiver for Northwestern
Life and Savings Company.
CHARGE OF FRAUD is MADE IN PAPERS
Iowa state Fair VIII Have n Record
Breaking Exhibit of Horses,
Cattle aud other Kinds
of Live stock.
Crrom a STAR Correspondent)

DIES MONIES, Aug. 26-(SpeciaL)-At
torney ]. A. Dyer OF this city, representing
r. r. Nesbitt and other policyholders Of
the Northwestern Live and Savings com
pany today in the district court here asked
for a receiver for the 50, 10000 OF securities
on deposit with the state auditor and be-
longing to the company and asked that the
affairs of the company be closed up. The
suit involves the largest amount OF money
of any ever started In this county. The
Northwestern Life and Savings was a gold
bond, tontine policy company and on Au-
gust %. 1908, the stock, valued at par at
800. 600, was purchased by the Northwestern
National Life Insurance company Of Min
neapols, a mutual company The basis
for the application for a receiver was that
the Northwestern Life Insurance company
is insolvent ana that being a mutual com
pany II had no funds with which 10 pur-
chase the stock OF the Iowa company, and
further that its officers are now engaged
in a scheme of spollation OF the funds ana
legal reserve Of the Iowa company.
At the conclusion Of the reading Of the
petition for the appointment OF receiver
Attorney Dyer presented affidavits to sub
stantlate his charges of a deliberate scheme
to rob the Northwestern Life and Savings
of the funds which he claims belongs en-
that the Minneapolis company had rewrit-
ten about 2.1OO policies Of the Des Moines
company on which there are reserve securi-
ties deposited with the state auditor
amounting to ;26O,OOO and that in rewrit-
ing credit for only $4,000 had been given
and that the difference, or $4,000, had been
withdrawn from the auditors office and
pocketed by the officers OF the Minneapolis
company.
At the conclusion OF the reading Of the
petition the court issued an order restrain
ing the defendants from in anyway chang
ing the policies from one company to the
other or from buying the policies OF the
life and savings company. The assets at
stake are over 100000.
Rivals Chicago stock Exhibits.
State fair authorities today claimed that
the number and quality OF the horses to he
shown at the state fair this year would
excel the horse shows at Chicago or any
other point in the United States. 1t has
already been assured that the cattle exhibit
will excel all others in breeding cattle.
There will be 400 head OF horses, 800 head
OF cattle, 1900 head Of hogs and 1900 head
OF sheep. Most Of them are now on the
grounds. The fair will open tomorrow with
a band concert.
Pale Alto Loses.
The population Of Palo Alto county, an
nounced today from the Office of the execu-
tive council, Is 1904 and nve years ago was
1874 The population OF Emmetsburg, the
county seat, is 2.542 and five years ago was
2.S5l.
Y. f. HaIey's Successor.
George schOllenberger seems the most
likely to be selected as the successor 20 F.
F. Haley as the secretary and treasurer OF
the Iowa Commercial Travelling Mems as
ISOLATION. The directors will meet soon TO
make the selection.