The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-04-28
"CYRUS LELAND.
GEO. E. COLE.
CIVILIAN w. HOO
7'WII1IIAM w HOJFFlfl-
MAY RE KEPT SECRET.


GEORGE Cole, the member of the board
of trustees who is in active control OF
the company. was asked to-day Wnetner
the trustees would make public, or send
to the policy holders a statement snow
ing the various bids submitted, and
propositions for reorganizations- lie
said:
Il don't think anything will be given
out except the final report of the trus-
tees concerning the financial condition
Of the company. That report will be
ready within a week or ten days. The
trustees have fixed May Is as the date
upon which all bids must be in, and
suppose that the bids will be opened
upon that date. Whether or not these
propositions will be communicated to
the policy holders rests with the court,
but my understanding is that they viii
not be made public until the meeting OF
the stockholders, or policy holders. on
June L.
Were invitations to submit bids sent
TO all insurance companies authorized
to do business in the state of Kansas2's
Yes they were all included We SIM
ply notified them that we had $l1,500,0 600
insurance in effect which we would be
pleased to have them bid upon, and
fixed May IS as the date upon which
bids should be received
WILL BE MANY BIDDERS
My impression is that there viii be
a large number of bidders said Mr.
Cole However. I don't know about
that
Under the order or the court each
/ bidder must accompany his bid with a
certified check or cash in the sum of
/ $4,000. This money viii be declared
forfeited If the bidder fails to carry out
his agreement.
Mr. Cole was asked how it would be
determined, in case the stockholders Of
/ the company vote to go into hquidations
just what proportion of the assets
should be paid to each policy holder.
THAT is matter for the court to
determine, said Mr.. Cole. The theory
is that the assets Of the company are
/ value Of each policy.
There is strong sentiment among
some members of the company that the
only safe way out of the present diff
Guilty is to throw the company into III
quidation, and pay each policy holder
his portion OF the assets. This would
be all right for the younger policy
holders, who can get new insurance. but
who might in this way be frozen out OF
the possibility Of protection.
OLD AGENTS WORKING HARD.
The old agents of the Kansas Mutual
are working hard to secure proxies for
the June ! meeting in behalf of the
Morrill, -AIulvane- Wilder faction This
faction represents John F. Davis and
the Kansas Union, which has now pass
ed into the hands of the National Lite
Insurance company, a Chicago concern.
E IL 4lOll3l1s AlQINdii- anu ff4AAGA NeAA -
cure 4 ma iority of the proxies, it means
that Davis. Moon and Welcome, the old
Kansas Mutual officers viii be restored
to power. but simply as Kansas agents
for the National Life Insurance COM
pany.
The old agents of the Kansas Mutual
have probably been assured that if the
National Life gets control of the still
alton all these old agents will be re
tanned. They are therefore busy sohe-
q ifinsr rr.oviess in their immediate locali-
ties. and are said to be having constd-
erab1e success