New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-01-08

THE INSURANCE WAR.
A CIRCULAR TO POLTCY-HOLDERs-AS EXECUTIVE
COMMITTEE FORMED.

A CIRCULAR TO POLICY-HOLDERs-AS EXECUTIVE
COMMITTEE FORMED.
The Executive Committee who were appointed
at meeting Of the policy OF the Mutual Life In
surance Company oppOsedt0 allowing new insuranta
rebate OF 30 per upon their premiums for the first
years held meeting yesterday at the banking 0tce
Of ii. 4. Johnson, No. 90 Broadway. This Executive
Committee composed of II. A. johnson, banker; Cyrus
W. Fie the well-known capitalist; NJ Il. Fielding a
merchant and formerly president OF the Cotton
Exchange; c. t. Perkins, iron merchant; j. W. MeCu!loh
receiver OF the NewJersey Midland Railroad, aud {. "
Joidan ca sher OF the Third National Bank Mr. John
son was chosen chairman Mr. McCulloh secretary, and
Mr.. Jordan. treasurer Of the committee.
circular has been prepared by the committee for
dstr button to the policy holders Of the Mutual Life
This circular embodies the preamble and resolutions
adopted the meeting II rtcites the action of
the Mutual Ltf and the alleged wrong inflicted on the
old poIicy-holders. The resolutions "a follows:
Rssofred That the whole OF this plan and device,
from It's very inception violation Of the Fundamental
principles OF mutu,ty upon which the institution is
founded practice which II not absolutely Illegal, Yet
runs near the OF illcgaty that no faithful
trustee should leopard his trust by veuturing tread
lis path; method founded upon unjust treatment of
the retiring members from whose nccesSites This So
called Especial fund has been wrung; devilton
from that pin STRAIGHTFORWARD dealing which should
characterize the company IN all ITS acis tr1nsac-
ton which has neither ptnsalOn nor Justification in
the new vitality IT alleged to infuse INTO the com
pany; in the Increased business which 1t attracts
ai is IN injustice tO the old policy to Whch
they should not submit.
Lesore, That we firmly believe this prac lice did
thar full and thoughtful consideration be
fore its adoption which - serious character ana conse-
qupnCcs demanded aud We none that upon carefu re-
consideration Of the SUBJECT Tie trustees VIII be sans
fed that error mas been conmtted aud should
hc promptly corrected; ana TINS objectionable new pan
forever al ludOnrd.
ReSoireo. Thai the Executive Committee, hereinafter
named. are hereby instructed t. mail copy Ot these
resolutions IN rcI OF the trustees of the company. win
the request that the COMPANY Immediately discontinue
IN an aud return and adheIo to lis former UNI
rtes ~ premiums
Eosoired. TGa for the purpose Of ascertainng what
l. iury II ANY, been mh cied uTOn ola policy-hOd-
c's; and determining what mrdy, II any, II available
to red such injury haNil proper regard To any
new plln--th Executive Committee are instructed TO
obtain nom romplny statement OF tnt amour. %.
insurance issued npon TINS new pan tGe amount ~ thc
rcDaic allowed To parties theieun"er wat entries re-
lam thereto have been made upon me Doors or me
pail, a.rnts commissions on tbs new buS!n',,
and nat amount ha- been "pen or obgatIoh9 incur
r' iGr ADVERTISING pi'lhE ana o'h'i tApeu>e' ooi-
nee. with tins new plan.
E>so'rrd. Thar fellow policy holders he recon-
mruded to accompany Their future plynenS Of prenl-
with protest against the continuance Of the new
Fcgort,L That H. l. johnson, Cirrus ". Field. VI. b.
F'cirrg g. /. Perkins j. ". NcCuloh ana 9. y. Jdr-
u w 'l a., 80 a. ~ ~ - ri I r,tai II,
TN, !noctlnc and ~ others who NAV hereafter uutc
with ~. Dover To coll such ne etiugN a may rom
-utl,,,n alt ~ Instructions t. on vacancies IN
,er. "A, DERRY tho <persr %, printing, advertising
ana a,.isiair, incident 20 their du,ic-. and
- take action directed by the to."eoin,
re ouionF; AMI gr.era'y to watch Owe" and
pIo-. cI fle Iutrrr-Is " the policy d'rS 81
.aid c1uuauv. Aud tt'y ar, hereby instructed to
uucu com ..ilI'tpu with Cur FELLOW pohCy-'ol' crs
throughout county, aud tO inv O. aud procure t"r
ccGrcl.ii.u u tb, and ~ sUc timer matters concern
the is . Interests Of the Old nO..ry-hO oil tn
cunp;uy and rant rurpos' 20 'bt rom d" cont
raty thc' rar- ana ad il"-s-. AID should me lu'-
tee Grciiu, abandon iHt prI"tcr against which We
protest. ihrn ;.c EStrr We I"uEite" ATE hereby III
Strhr. pru,urc such rYl aN4c', ant 10 rake sl,h
legal step tv Dec necessary % proper IN the rIcn-
,. q IN. # - ll I
payment az dct cams Wnlcu may occur uhGcr policies
I~$Ird u'uH THIS hrW pan.
Eesored That tins meeting recommend to the policy
hodc, revoke cT cIs.Hg proxies and that an 81
fuit iidc o. lr,lsi..ip which sinai prevent
the Use prOAIc, i--"d LONGER term than sixty
dly. preceding election and tna no proxies shall he
valid u TN hands o. officer, rmp.uye or trustee
of ne COMPANY. and such further legislation rs may
,cCur thorough audit and inspection OF All the affairs
company.
Pe,ife4. TIit @ >UhscrDt0n list he opened. ana TIE
policy ccrS be invited 10 sCud To the treasurer [. N
jordan I'd ~ Na-,j-,t. Nc~-lork tlty such sums a.
tl,r may subscribe Thereto.
The Executive Committee viii hoid frequent meet
ING, and report f,Om time TO tme their action and It's