The Topeka state journal., 1903-06-17
NOONEIN CONTROL
Policy Holders of Kansas Mu-
tuaI in Hopeless Tangle.
Neither Faction Has Votes
Enough to Carry Its Point.
WON'T BE EREORGANIZED
Now Certain That Another Plan
Will Be Followed.
Result Will Probably BE-
Reached by Compromise.

Reached by Compromise.
Neither faction which is fighting for
the Kansas Mutual Life Insurance com
pany can control the situation without
first compelling the capitulation OF the
other. Each side has ~sewed up"
enough votes to deadlock the meeting.
The probability is that the Illinois
Life Insurance company will win 1t
has very large majority over the Ma
tional Life, and there is much talk of
compromise. The deadlock is not likely
to last very long, unless the fight be-
comes a purely personal one.
E. Wilder, one of the committee
which holds the National Life proxies
says: The result will have to be a
compromise OF some sort. Neither COM
pany can win unless the other consents.
A prolonged deadlock is something the
policy holders do not want. Perhaps
one or the opposing companies viii buy
the other out. This is the day of
mergers"
At 1870 this morning. the meeting Of
policy holders took a recess until , p.
m. without having had a test vote
which would show exactly relative
strength of the opposing factions
The revised list of proxies made pub
lie this morning by the trustee. shows
that the National Life company. repre-
sented by the Morrill, Mulvane- Wilder
committee, has 1101 proxies in the
name of that committee, besides what
ever other friendly proxies are heIG by
individuals.
The six men suggested by the trustees
of the company as proxy holders. who
are supposed to be friendly to the Ilii-
nois Life. control proxies as follows.
Case BrOder1ck -..-.---....-- 3lS
Thomas Page Observation-Disclosures. 29l
S. L. Ryan OBSERVATION-DISCLOSURES. 146
o. Z. Smith -..........-. 100
W. A L. Thompson. Observation-Disclosures. 79S
E C. Cole Observation-Disclosures 1SS
Total .......... ....................1.s2s 1926
It will require Ais votes to adopt any
proposed plan This is tWo-thirds of
the total number of eligible policy hold%
ers as determined by the trustees. The
total number of policy holders, on June
1. was GLIB.
At the meeting this morning the at
tendance was as follows
Number OF policy holders repre-
sented by proxy .-......-..... .277
Additional policy holders. not hold
ING proxies 49, -------- %
Total possible vote on any propo-
It is possible that more will be pres
ent this afternoon. The trustees re-
port that the total number of proxies
which have been fled for record is A.
376 so it would appear that about 10e
proxies were not present at the meeting
this morning. 1t is also likely that
more individual policy holders will b.
present this afternoon, and the total
number of votes which will be cast ~
likely to go as high as 4.50O
REORGANIZATION AND LIQUIDA-
TON
It is certain that, for the present at
least reorganization or liquidation VIII
not be favorably considered by the pol
icy holders. If either of these plans is
adopted it Will be only for the purpose
of breaking deadlock
This morning Ex-Governor E. N Nor
rill presented the following resolution:
Resolved. That it is the judgment
of the policy holders of the Kansas AIu~
tual Life company that it is inexpedient
and unwise to attempt to reorganize the
cOmpan-r.
t'Second-That it would be a great ir-
justice to many of the policy holders to
liquidate the affairs of the company
'Third-That it is for the best inter-
ests of all concerned to provide for the
transfer Of those policy holders who de-
sire so to do, allowing all who prefer
to withdraw from the company thein
proper share of the assets
This resolution was pulled out of order
by Chairman Leland, because it did not
follow the order of business which the
trustees had Drawn u2
ORDER OF BUSINESS
The following is the order of business
which was prepared by the trustees to
be followed at the meeting:
1. Meeting called to order by Mr.
Leland
?. Reading of Judge Hooks opinion
regarding authority of trustees to pre-
side and proportion of vote to constf-
tute tWO-thirds.
3. Call for policy holders present 70
come uo and register names
4. Call for proxies not already pre-
sented.
3. Announcement of proxies and pol
icy holders present.
6. Reading of reinsurance PROPOSE
T. Presentation of reorganization
propositions.
The order Of voting was laid down as
follows.
1. Shall the company go into liquida-
tion2
> Shall the company reorsanize?
8. Shall the company reinslre its hus-
mess and transfer its assets 20 some re-
fnsuring corporation2
This morning. the meeting finished up
the order of business down II the pre-
sentation of reorganization .lrcT"si4ions.
at which time Mr.. Morrill, presented his
resolution.
Mr.. Leland stated that as a few more
proxies bad been filed the trustees
deemed it wise to take a recess before
ary voting should be done for the pur-
pose of getting those proxies properly
on record. He therefore adjourned the
meeting until p. m.
The sentiment of the policy holders
present. however. is Overwhelmingly
against reorganizati ton or liquidation,
and they viii both be disposed of in
short order when reached in the regular
course of business No proposition for
reorganizat tion has been presented.
LIST OF PROXY HOLDERS
There were present at the meeting this
morning. 153 persons holding proxies
besides 90 policy holders Most of the
proxy holders are also policy holders. A
complete list of the proxy holders. with
Tie n1lrr1Iar hald hv each as ae fol-