The Topeka state journal., 1903-06-17
WERE NOT READY
Trustees of Kansas Mutual Ad-
jOurned Meeting.
Flood of Proxies Caused a
Delay.
MEETING WAS HELD.
Geo. W. Crane Presides Over
Stockholders.
Statements Issued by National
Life Partisans.
WAS HELD.

Owing to the fact that 1000 proxies
We're poured in upon the trustees of the
/ Kansas Mutual Life Insurance COM
pany Tuesday afternoon, making it irc-
possible to complete the clerical work
necessary to begin the work of the
meeting, no formal session of the policy
holders was held.
After Cyrus Leland had stated the
condition of things to the adjourned
session at Representative hall Tuesday
at p. m, he declared the meeting ad-
( journed until this morning.
At the suggestion OF Edward Wilder
/ the meeting was then taken in charge
/ by the policy holders, Who elected Geo.
4 w. Crane as chairman, Arthur Capper
as secretary, and Edward Wilder as
/ treasurer.
/ Crane stated that he would consider the
meeting to be a continuation OF the pO.-
/ icy holders meeting which was held on
June 1, and would call upon the 'inVes-
i tlgating committee" to report.
4 This committee was chosen. for the
I purpose of looking into the merits OF
! the bids offered by the three companies
and advising the policy holders what
4 to 30.
The report was not very satisfactory
! or conclusive document. as it did moi
profess to be founded on a careful in
/ vestlgatIOn of the bidding companies
4 II was entirely in favor of the Nationaf
Life Insurance company proposition.
Ihat portion of the report which con-
slders the relative merits of the Ma
tlonal Life and Illinois Life propositions
i IS divided into two heads, first the pres
ent and future surplus, and second the
bonus. Those portions are in full as
First-As to the present and future
surplus.
The Illinois Life Insurance company
proposes to hquidate the present surplus
and to distribute it by way Of credits
on premium payments during the next
/ three years, the pro rating to be done
/ by commission of actuaries to be ap-
4 pointed by the court. This would leave
our our pohcles with no surplus credits
three years from this date The propos-
al IS silent on the question of any paritc-
lpatlon or sharing IN surplus accumula-
tons from future premium payments
The National Life Insurance company
I by It's assumption of our present policy
contracts and present contract Obliga-
lions, VIII perpetuate and carry out the
provisions now in our policies for ac-
cumulatlng and distributing surplus,
dividends or profits The acceptance of
4 this proposal would be complete restor-
/ alton of the statu quo: our relations as
to policy holders to the insuring body
/ would not have to be defined anew or
made over, but would simply be perpet-
uated and the change would be only
| changed relation to management.
SecOnd-The bonus contribution.
Up to this point, consideration has
! been given only to that which is new
our own, fund created by the policy
holders themselves. In addition to rec
ognizing this fund as belonging to US
each Of the bidding companies proposes
to give US, as owners of the property, a
bonus cOnsidera ton.
The Illinois Life would give US in
hand, that is, in two years distribu-
ton, bonus reckoned on the sum total
of insurance finally transferred to that
or IN
of the insurance would be transferred
this bonus would be $40 per thousand
of insurance in the aggregate, but on
anything less than total reinsurance the
aggregate would be less than $40 per
thousand. This bonus contribution
would be liquidated and distributed in
two years by credits on premium pay
ments within that time Each policy
holders share of this bonus contribution
is to be determined solely by reference
to past payments.
The National Life makes its bonus
contribution a specific sum of $101 $50
and adds that amount directly to our
present surplus; i'll fact, merges it with
this surplus and lets present policies
and policy conditions control it's distri-
button
In both particulars the Illinois Life
would lessen the premiums for two and
three years by entirely liquidating the
isurplus, and bringing the sum total of
the advantage within three years. 1t
proposes to substitute these features for
the present provisions of our policies as
to sharing its surplus.
The National Life's proposal pre-
serves all we now have in our policy
rights. and would increase our respect
i've shares of surplus, as provided in
our policies in the same proportion
that S101, $50 bears to the present sur
plus of the company.
Your committee submits this analysis
of the fundamental difference between
Ill ITrarr
holder may decide whether he prefers
to have his original contract with the
Kansas Mutual Life kept and faithfully
carried out. or have a partial liquida-
ton and a new contract
F. S QUINTON, Chm.
NJ. w. LEVY.
GEORGE NJ. NOBLE,
JNO. F. McMANUS.
L. c. BAILEY.
Theodore K. Long. cousin or Senator
Chester T. Long. and general attorney
for the Illinois Life Insurance company,
next presented to the meeting the COM
plete bid and contract of that company.
Mr. Long is a very able speaker, and
handled the cOmpany's proposition in
excellent manner He is one of the lead
ing Republicans of Chicago being presi-
dent of the Hamilton Republican club
In looks he closely resembles Senator
Long. except that he IS shorter and
fieshier.
Mr.. Long continued his remarks until
$50 in the evening He answered q
great many questions put by the policy
holders. and seemed to make very IA
vorable impression for his company.
At times there was marked dispo-
sition on the part of the Wflder-Mul-
vane-N Morrill, crowd to start some sort
Of a quarrel. but nothing serious occur
red Mr. Long refrained from criticisins
the bids which the other companies had
made.
At $40 the noiicy holders adjourned,
and resumed their meeting at o'clock
at the Knights and Ladies of Security
hall.
At the evening session, President
Phelps and Toha #. Atwood presented
the case of the National Life company
2 aud s T. Bundle of Kansas City spoke
{ in behalf of that company
FT.AN TO RF0RGANIZE