OCR Text |
Show ADMITS PAYING LARGE SUM FOR KILLING BILLS Retiring President Provident Life Says Company Retained Re-tained Olmsted. PHILADELPHIA. Jan. 8 Samuel R Shipley retiring president on the Provident Provi-dent Ilfe and Trust company of Phlla aelphla, In speaking today of the rumors emanating from New York about the manner man-ner In which the affairs of tho Provident company have been conducted, admitted that the company had employed counsel to have unlavorubW bills killed. Mr. Bhlplay said. Retained a Congressman '"The Provident Lite and Trust cm-pany cm-pany paid last year to Marim K Olmsted, on. - of thi- leaders or the Uarrlsburg bai r.iul .t l'nlt-d Stals 'otign snm n. r?""''1 for using bis mllm-m-n tu liiv lv.. i.n-favorable i.n-favorable Insurance bills burled In com-mlttei-s. It also li paid for a number r.f years a salary of outside ,f his regular ci.mmlsisi ms In U'llllani M Scott, rnc of Its agents, for staying In llarrls-l llarrls-l urK while tin Legislature haw been In si-aslon. looking otil for bills that might affec t the company und having thi 00 .... i ,h "Lsklt year two bills came up in the Legislature which we recognized aa unfavorable un-favorable to the interests of our company. com-pany. One concerned th.- right of policyholders policy-holders to vote and the other bill declared that Insurance companies should no! be permitted to Invest llu-lr funds in the stuck or bonds ot any corporation whose stock bunds niiKht I" held by any of-licer of-licer of the insurance company Best to Have a Lawyer I thought It best to have a lawyer look after this bill I went t.. Mr olmst. d and told him about It. I said: ou have Influence with the legislator and I thought vou might be able to convince them these bills are unfair' Mr Olmsted said You wish to retain m.. then? :nil I tOld him 1 d'd. Nothing mure was said until the legislature legis-lature adjourned in the meantime the bills died In committee Mr. I ilmsted sent me his bill for S7: Thi compuny paid It and that ended the matter." Mr Shipley declared lids action was Mo'lch lor the benetlt f the policy-holders In til. Provldoni company and that not a Cent of money had be n paid t.. legislators. Wouldn't Tolerate Bribery. Mr Olmsted and Mr Scott are gentlemen gentle-men of the highest Integrity," ho said. Ii wis known then that Ibis company would nol tolerate the payment of aglngle - I. i,l to a legislator, and I am sure that what they did was enllicly above board, and legitimate." |