Omaha daily bee., 1905-09-23

for a man who had worked twenty years
to retire altogether from active labor.
second "Iyiic" was inaugurated jan
uary 1, 1902, for agency directors, inspec-
tors and supervisors in the United States,
Canada and the West Indies.
A board OF trustees was given control of
a fund made up by amounts contributed in
part by the members and in part by the
life insurance company. This fund was to
be divided among the members in 1912, ac-
cording to the amount Of business written
under the direction of the' members. The
fund now amounts to ts57,TT7.
Commiasions in Germany.
In 1904 1t appeared that S4S2.e01 was given
as bonuses under various written agree
ments with agents and there were also
Sls4,l1s paid for general bonuses throughout
the world, including those for special
months.
Now" said Mr.. Hughes. ''I find So, ,662 4iS
put down for one year for commission on
t14,04s,5S5 first year premiums on new in
surance and total commission as 1892, 5aS.
These are Independent of all payments on
'Nyllcr"
"Yes"
what is the rate Of commission in Ger
many7" asked Mr. Hughes.
1--WE are not allowed to pay more than
any policy and the average is 10 per cent"
Mr.. Hughes asked for full statements
from Mr. Buckner OF the business written
IN the United States and Canada and in the
other parts Of the world, with both show
ing the premiums and commissions paid
and all other particulars, which would
show to what extent, II any, the business
Of the New York Life was being extended
throughout the world at the expense OF
the American policy holder.
Letter from Cleveland.
Hughes offered in evidence a letter from
Grover Cleveland, chairman OF the board of
trustees OF the Equitable Life Assurance
society under the Thomas Ryan purchase
of the stock. Mr.. Clevelands letter wa,
explanatory OF the work OF the Equitable
trustees under the deed of trust and de
tailed the progress of the trustees in mu
tualizing that company.
The letter detailed the election OF twenty
one new directors on recommendation o.
the trustees, all of whom except two ar,
policy holders These two are expected Il
take out policies soon as possible. Mr.
Cleveland also calls the attention of tn
committee TO the dificulties In the wa,
of carrying out complete naturalization
owing to litigation by minority stock in
terests and to the provision OF the society
charter that directors shall be stock hold
ers. In concluding his letter Mr.. Cleve
land says:
The trustees feel that in the difficultie
that have confronted them, inasmuch a
they were compelled to act promptly unde
the powers conferred by the trust agree
ment, the results OF their care and labo
nave been as satisfactory as they coul
possibly have expected. They are no
blind, however, to the fact that obstacle
lie in the path OF the proposed mutualiza
ton which are so inherent that even wit
the greatest study and care they canno
be easily overcome.
naturalization and policy holding contrc
are pleasant to the ear, but in and @
themselves they do not necessarily impair
good administration or successful manage
ment II policy holders are TO be allowe
control they should, In some way, be mad
20 realize their responsibilities as we'll a
their privileges. There are probably nearl
10000 individuals who are policy holder
In the Equitable society, and yet II wi
be giving a high estimate to place the nun
ber who have thus far made the least el
fort, directly or indirectly, to acquaint th
trustees with their preferences at $500
and their desires when made known haV
often been so patpably inconsiderate {
based on such ns sconception that the
could not with safety be followed.
The trustees have derived the best al
from policy holders in cases where the
representations have been made throug