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Show INSURANCE MAN TELLS OF HOLD-UPS Says Mutual Reserve Paid $15,-ooo $15,-ooo to a Philadelphia Law or. CHARGED COMPANY WAS GROSSLY MISMANAGED Others Had Lines on Kind of Publicity That Wasn't Desired. NEW YORK, Dec. 5 Instances In which the Mutual Reserve Life Insurance .-ompony paid an uggregute of atioul ljn,iV in hat Vlce-Prosld" Vlce-Prosld" nt I Jorge D. Eldredge. of that company com-pany called "hold-Upa" were related to tha hfo Insurance Investigating committer hy Mr. Eldredgo today. In one case, in ISrjS. Mr. Fldr'dge testified, the company paid I IS, 000 to John McDonald, a Philadelphia lawyer, who bad been active in organizing tho poey-hold-era of the Mutual Rox-rvo T.lfe Insurance company com-pany into a movement hir ii charged President Presi-dent Frederick A Burnham of that company with mlsbianngement and demanded his removal. re-moval. Threatened a Receiver. The charges ulso reflected upon Mr. El-Iredge'H El-Iredge'H munagement as vice-president and a threat was made to ask for the appointment of ft receiver fo.- the company. Engaged In this movement of the pollcy-holdcre also was J. S. Hoffecker a form- r auditor of the com-pr.ny. com-pr.ny. who had been dismissed or who had resigned. Why Hoffecker Resigned Before having the company Hoffsoksr in-foiin-d Presbleiit Hurnhani that he resigned because th. Ir Id as to common honesty differed dif-fered ao murh nnd because h- knew of to many uuvitlonahle tiansactlons of w hU h Prasldent Burnham bad approved Mr ei-dredg ei-dredg geclan i ih.it tfolfecker was nol .n-missed .n-missed until I tad demanded an Increase in salary from W6 to $100 o week and practically iald It wild sufcr for the company to keep him than to let him go. In Mew of what he km a about the company. Auothev Alleged Hold-Up. Another Instance if i hold-up, Mr Eldredge said, wa-s In 1890, when Mnx Beehler, "a so-' so-' caller! examiner' of the Iowa Insurance ds-1 ds-1 parlmcnt. came to NSBJT York with his son as un assistant. cxamln'.iJ the Mutual Reserve Life Insurance company and presented to it a bill for MS.t for the examination. Itnther than pay the bill tho company withdrew with-drew Its business from Iowa, but a llulo laier paid that bill and another of Vtb'. to Max Beehler for a Verification Of his previous examination. ex-amination. In order to gel permission again to do busbies In Iowa Paid to Get License Mr Eldredge told also how he tried to se-cvire se-cvire a llcenso for his company to do business in Missouri in Utfi, and found that It would have to employ W. H Phelps os attorney before be-fore It could do so. Phelps got tho license for the company In three davs an I was paid 3jC0 aa "Illegal fees," Mr. Eldredge said Denies One Statement. Mr. Eldredge testified also that ho was certain cer-tain thvre was DO truth In the statement male to a Canadian Investigating committee by James D W.'ds former ylce-presldtnt of the Mutual Reserve, that President Burnham of Part of Report Eliming! Thi wltne., had previously Jal a,a M 1 1 '" l ''' rltd that ih.S - ..o zn:ie ' . ! r ,u '1 'n-ranre .Jopartmena .-.' I 'i 'xamlnatlon. SH |
