The San Francisco call., 1906-08-21

~ torney w. T. Spence, acting for
n the stockholders of -~S the Nil III
waukee Mechanics Insurance
Company. and a much longer renort bv
a committee of the Policy-holders' As
sociation Of the same company, headed
by W NJ Cannon. the policy-hoIders in
open meeting failed to give any par
Iicular Endorsement to any one of
three plans offered to them. They
met iE the synagogue at California and
Webster streets YESTERDAY
ne main proposition. around which
the others revolved, was that the loss
claimants should accept 20 cents on
the dollar and sign off. The alterna-
1--WE propositions were that an exam
inatlon Of the assets and affairs of the
company should be made 20 ascertain
whether 20 cents constituted a fair nav
ment IN full, or that litigation should
De undertaken to discover whether the
safety fund law OF Wisconsin is con-
stituuonal. 1t was admitted that IL
tpc law could be shown to be uncon-
sulGuonal the policy-holders might
get 100 cents on the dollar
There We're about $50 persons in
Judge Dunne's courtroom when. the
taking being over votes were taken.
on the proposition to accept 20 cents
on the dollar but eleven voted for and
but six against Seven votes were cast
Tor an investigation and but two in
favor OF testing the safety fund law of
Wisconsin The remainder Of the poll
icy-holders expressed no opinion and
took no action. but sat and listened and
went away TO think over what had been
said.
Attorney Spence had the familiar
ways Of the breezy West when he
talked. He sat on a table part of the
time, and seemed entirely at home
there. once Daniel Meyer came and
stood in front Of him, and a somewhat
amusing cOlloquy took place.
DANIEL MEYER QUERIES.
suppose" asked Meyer. Z agree to
accept 20 cents on the dollar can get
my money without trouble?"
I was coming to that" answered
Spence
Come soon," retorted Meyer.
Yes" answered Spence.
Are not all losses adjusted2"
Not all Where claims are adjusted
tho money can be paid at once.
Mr.. Meyer is not one of the needy
losses" said Osgood Putnam. the
chairman, and the policy-holders so
far forgot their woes as to laugh at the
idea that the banker should be con-
sidered as needy.
Sanford Figenbaum also confronted
the attorney for the stockholders OF
the company You have talked only
from the standpoint Of the stockhold-
ers collectively" said Figenbaum to
Spence. do you represent the stock
holders in an individual capacity? Can
you tell US about their willingness to
stand up and make good for 80 cents
more after they have paid 20 cents on
the dollar?"
'asliined and considered" replied Spence
II you wish to litigdte to decide their
individual liability for the losses we
viii be ready TO try that question"
TALKS OF STOCKHOLDERS.
Spence said that the leading stock
holder is a woman who had 100000
before the fire and now has 100000.
and she was credited with borrowing
$3.50 coo TO keep alive the company that
was founded by her father. President
Vogel Of the First National Bank of
Milwaukee. a stockholder OF the Mil
waukee Mechanics Company, was said
by Spence to have contributed largely
with two other men to save their bank
when il was defrauded year ago Of
s1,9O0,0o0. 1T Is asking too much Of
these men," asserted Spense. ito request
them to make UP the 100000 needed to
make up the losses here"
legged poverty OF the stockholders Of
the Milwaukee Mechanics Company and
inquired concerning the financial stand
ing Of Pabst, the Milwaukee brewer,
who is one OF the men back of the COM
pany that is asking burned out San
Franciscans to take 20 cents on the dol
lar and sign of in full
william NJ Cannon asked whether
the company would consent to have the
fund set aside for San Francisco ad-
ministered and distributed in this city.
To this Spense said no. The suit
brought against the company, he said.
was friendly, and would be dismissed
II there were no other suits to be
brought 1t was a present defense
agafnst possibly 1000 suits.
Spence promised to pay policy-hol
ers belonging TO the Policy-Holders'
Association 20 cents on the dollar on
presentation of cards certifying MEM
bership. There was but $l5O,000 on
hand in Oakland to pay losses, but he
hoped the First National Bank of Mil
waukee would make the sum $5OO,s00
directly.