New-York tribune., 1908-02-19
MUTUAL RESERVE WAIT
J1CkSON TO ACT TODAY
Hundreds Of Insurance Com ponu $
Employees Discharged.

Because papers could be prepared in time
flo yesterday the Attorney General postponed
for one day his application a state court for
the appointment Of receivers for the Mutual Re-
serve Life Insurance Company. +'I Will have state
receivers appointed and in charge within twenty
-avS.7 said Mr. jackson.
The receivers appointed by the federal court dis
charged all the employees of the Mutual Reserve
whose services were not absoutly necessary in
Guiding Archibald c. Haynes former president
and one Of the receivers; George W. Harper for
TneT treasurer, and MIR. Eldridge, the sctuary.
seweH e Tying and ex-Justice Hasbroucke are no
longer the coEnpanys counsel The question a. TO
whether there is necessity for the appointment of
legal staff is stin an open one If the receivers
oeci1e that there Is, II is thought that the place
VII b offered 10 The conapany's former counsel
herehciaTIeS 70 whom checks had been drawn
h-t who had failed 10 cash them pronptly sp-
reared at the oonlpany's Offices but the appoint
merit OF receivers makes 1t impossible them TO
cash their checks Some of these were widows
WITH large families to support and with no means
except the insurance left by their husbands Pol
1-Thclders in the company for years came to in
eut-e what their benefciaries might expect when
they had crossed the great divide. When they
Iere tod the condition OF affairs their grief vas
topchlng. Employees Of tie company were paid
- and discharged. some OF them white haired
men Who hsd been with the company for years and
were too old. perhaPs 70 ger employment else
Vhere.
0ne of the officials Of the Mutual Reserve who
tzd been in its employ fo- fourteen years and
--hoss whole heart seemed wrapped up in it and
- success. broke down He was cleaning out his
6esk preparatory 10 leaving the company
See" said he. his voice shaking. what this
company has been brought TO tell you the public
does not realize what the winding I'd ot insur-
znoe company means. L Il could only some
e tie cid policyholders vt,o have called here to-
cay and the look OF despair thar came over them
when they found thar afte. all they might die and
leave their Gear ones urproyided for II would
realize what al this means.
fer
had only given Us a chance We might have pro
tected our policyholders: might have provided
foT ne families OF those men who through the
failure OF this company may be left destitute"
He pointed ou- q balcony overlooking the floor
which the clerical business OF the company had
been carried on. Friday that foo- had been filed
with nearly two hundred employees. Yesterday
eTery chair and stool was without occupant with
TIE exception Of perhaps half dozen scattered
here and there.
n fling his papers to-day the Attorney General
vii simply incorporate the pleading OF the com
7any before the federal court. which It admits
a8 impairment il its capital
Boston. Feb. IG-Judge Lowell o. the United
states Circuit Court, appointed ". Il Russ ell A
O. Haynes and F. P. Cabot ancIllary receivers OF
The Mutual Reserve Life Insurance Company of
vile and G. :. Robinson. OF this state who filed
claims against the company.
Toronto. Feb 1S-Aa order vas issued here to-
day 70 wind Up the affairs OF the Mutual Reserve
Life Insurance Company OF New York. The order
was necessary for the protection Of the Canadian
qoIicy holders Negotiations foot for the
insurance Of all Canadian poIcyEodeTs in a strong
Canadian company. / is expected that A substan-
;ial surplus viii remain of the government
claims. 10 be handed over - the New York re-
geiverS.