The Topeka state journal., 1903-05-18
AN Of which is respectfully submit

Trustees.
Dated at Topeka, Kan. May 18TH
In the letter to the policy holders spe--
cial attention is called to the matter OF
proxies for the meeting on June 70
consider the future of the COMPANY 4
blank proxy is attached to each ietter,
and provision is made for the caneelia-
ton of proxies already given undef
misaDDrehension. if the policy holoers
are not satisfied. in view Of the fndlng>
OF the trustees. with the proxies 1ney
have already given. Neither the trustees
nor their attorneys will accept proxies.
and it is recommended that ia COM
munftles where there are d. number OF
9olicy holders some Of the number pc
selected to represent them at the meet
proxies may be given by isolated policy
holders or others who may wish to do
so. The letter IS as follows.
Enclosed herewith we HAND you
tees touching the MANAGEMENT Of the
Kansas Mutual Life Insurance company
and its present financial condition. This
IS the. result of a Dainstaking and ex-
haustlve examination of the books Of
the company from the date of its organ
lzatlon to the date of this report
\ on are hereby notified that con-.
formally to the decree in the case Of
Duggan vs.. the company. and also the
statutes of Kansas. a meeting of Ehe
policy holders is called to be held "a
the office of the company in Topeka or
June 1, 1903, at 2 o'clock p. m, and to
be adjourned from day to day and time
10 time until the business of the policy
holders shall have been eoneDleted.
regular publication notice of this cali
has already been made.
The purpose of the meeting is to de-
termlne % whether the policies of the
company shall be reinsured in some
other life insurance company or ~
Whether the business shall be reorgan-
lNeG ana continued under a management
70 pc selected by the policy holders, or
90 whether the company shall be put
INTO liquidation and its assets distrib-
uted among the policy holders
ne trustees, in accordance with the
decree OF the court. have obtained Ger
tain propositions for the reinsurance of
the policies of the Kansas Mutual Life
insurance company in the following
companies which are authorized to do
business in Kansas: The Illinois Life
insurance company of the United States
OF america, and the Kansas CITY Life
insurance company These proposals
are enclosed herewith
This would contemplate that the
business of the Kansas Mutual Life In
surance company be continued under
the mana cement of officers to be select
ed oy the policy holders, and that there
upon subscription books shall be opened
to the policy holders to subscribe a cap
ltal stock of not less than one hundred
thousand dollars ($1oO, ,000), in shares of
small denomination. so as to afford an
opportunity to all of the policy holders
VINO desire to make subscription thereto
having In mind the legal possibility of
either amending the charter to conform
10 the act regulating joint stock life in
surance corporations authorized to do
old line, level premium. legal reserve life
insurance business, or forming a new
corporation, to which the business may
be transferred.
While under the decree of the court
this is one of the plans for the deter
mination of this estate to be submitted
70 the policy holders, the trustees. in
view of their knowledge of the financial
cohdltlon OF the company and the class
es OF insurance outstanding, deem it
their duty to discourage liquidation and
distribution of this estate among the
policy holders. The interests of Tnabv
classes would be brought into sharp
con1ict In a contingency of that charac-
ter The receivership would necessarily
be Indefinitely prolonged and a large por-
ton of the estate consumed in court
costs and other expenses. Many of the
pollcles have no cash surrender value
ana ana many OF the policy holders might
receive nothing out of the assets if thus
distributed None of the policy holders
would receive as much even if meas
ured by cash surrender value, as they
would on either reorganiza tion or rein
surance.
We are sending the information en-
bodied in this letter and enclosures 10
the policy holders at the earliest possi-
bic date and as long in advance as we
san of the date Of the meeting. The
policy holders are earnestly urged to
carefully read the literature and give
this subject thoughtful attention and
to make every effort to attend the meet
ing in person
In order to vote upon the important
propositions relative to the future of
their company, the policy holders must
be either personally present at the
meeting, or be represented by proxy.
= or the purpose of aiding such policy
holders as cannot attend in person we
enclose herewith a blank form of proxy,
which should be filed out as indicated.
inserting the name of one who will be
present at the meeting; also be careful
to date and sign your proxy.
None of the trustees nor their cOun-
sci nor the solicitors for the complain
ant in the case, Rossington Smith &
Histed. viii act as proxies. Any one
with this exception. may be selected as
a proxy A satisfactory method would
be, for a number of policy holders who
cannot attend in person. to select some
one in their neighborhood who will
come and act for them. For the purpose
of aiding these policy holders who don't
know any one who viii attend. the trus-
tees have selected a list of responsible
men who have at no time been connect
ed with the management of the com
pany and not interested in any plan for
its future, who have consented to act as
proxies for policy holders withoul
charge, and the name of one of whom
may be inserted in the proxy by the
policy holders. Their names are as fol
lows:
Case Broderick, ex-congressman. Hol-
ton.
s. L. Ryan, attorney-at-law, Hiawa-
Thos. Page, miller and banker. To
I peka.
W A. L. Thompson. president Mer-
chants National bank. Topeka
Elrick G. Cole ex-Judge appellate
court Great Bend.
o. a. Smith. real estate Wichita.
Those selecting from this list car
fill out and send their proxies to the
trustees with letter of instructions foI
their proxy which they wish to give
Considerable latitude should be left
to the exercise of the judgment of al