Saturday news. (Watertown, S.D.) 19??-19??, 1913-01-02


Cent RI !, i q. !
ctiiea 4 l ~
4 this lis.
"A hearing was had before Judge
Sherwood Monday on i the quest ion ot
modtfyinx the temporary Injunction
which restrained the Dakota western
Assurance Company from doing any
business pending i hearing blythe.
court. IT was contend nv the com.
pany that the deals whereby they had
sold 343. 900. 90 worth OF stock the
entire transaction being consummat.
ed with the execution OF issuing the
stock, should be allowed to be finish.
ed. During the hearing ! good many
matters OF minor Importance were
brought out, but the main facts and
the present status Of the company
were more fully developed BY the
testimony Of Mr.. @. p. Warner, secre-
4 9tary of the company, He was on
the stand for more than twelve hours
and explained to the court the pres
ent status OF the company and the
facts In relation to the negotiations
between the Dakota Western Assur-
ance Company and Thomas Dunn 81
Co, taking into consideration every
thing ia connection with the above
company from July. 1908, to the pres.
ent time. He showed that the Dunn
S g. v Il: y k,
and between the Dakota Western AIS:
surance Company and Thomas Dunn
- ampany about six months prev
ions "a hisSs and N 8. aoxe,s conries,.
tion with mo Company lii aay ,l WV. 'is.sy
He said that the promotion Of the
Dakota western Assurance Company
had created considerable expense III
the way Of Office rents, travelling ex-
pense printing, salary OF $Iz5. 90 per
month for assistant secretary, with
out anything to show for SIX months
work except q large deficit and this
( deficit ives paid out Of the $ss, 100000
1 which the public have been led TO be-
lieve that Dunn & Company appra-
priated to their own uses. Mr.. War
ner stated to the court that after he
became interested In the Dakota West
I ern Assurance Com Dunn & CO.
employed Six or seven stock sales
men, that Dunn &: co. paid the said
stock statesmen commissions amount
( ing to $45, 100000 besides paying all
salaries. ONCE expenses, advertising
rents, postage, telegraph and teie-
phone and travelling expenses, etc,
amounting to more han $50 900 90.
out nf commissions received by them
4 Thomas Dunn q Company, he said,
had betrayed the entire expense OF
organizing the Dakota Western out
Of the commission received for 4
{ { year and d half from July. 1865 until
January 1916, including salaries to
oficers and ONCE expenses.
He said that the Thomas Dunn e
Company contract had not existed
I since the last annual meeting that
! Thomas Dunn 8 Company had not
wrongfully appropriated one cent of
the funds Of the Dakota Western Al
surance Company for their own uses:
that Thomas Dunn 81 Company had
actually lost money on their stock
contract that Rowe, Dunn and w All
ner had put into the pronot ion fund
over Sal ,o0D. 90 sin cash; that the Dunn
Company contract had been n
good one for the Dakota Western
Assurance Conip pany up e the present
time. but that perhaps the TX per
cent renewal commission for nineteen
years would be too much; that Dunt,
was compelled BIZ his insurance con.
tract ia put the business on the books
aof the Dakota estern Assurance
& Company at 80 per cent of the fifss
{ premium regardle less of how much II
cost Dunn that Dunn was compeiled
To- pay al first premiu iums III casn
within thirty days BE fter the issuance
Of the policy yshe tl,er the premi,in1
had been paid to him or ::sot that hs
sustained heavy icsses IA Vi doing /:
that the insuran nee com apany ts at thls 81