The sun., 1905-09-07
CANAJOHARIE. N. Y.

said only II were put in by policyholders
personally. The rest were proxies voted
by the company's officers. Only Is Of the
233 ballots cast in 1901 came from policy
holders In person; also l3 out OF the $40 cast
In 1902. 20 out of the eos In 1908, 8 out Of the
800 In 1904 and 30 out Of the 2,S2S In 1905.
! The committee adjourned at O'Clock
| for recess Of an hour. George A. Cum
ming. vice-president OF the United States
Mortgage and Trust Company, WAS the first
witness ca lied in the afternoon. He also
had served as an inspector Of election at
several OF the Mutual's annual meetings.
His testimony corroborated that Of Mr..
Oakman.
Secretary Mccall OF the New York Life
was recalled. He admitted that Of the
thirty-six policyhoders who voted at the
New York's last meeting nearly all were
thing had happened he said, in former
years. The company, he declared, issued
no instructions TO- agents regarding
proxies. but wrote direct to the policy
holders, He said about $500 proxies were
received last year in response to 5000 or
5000 letters. He admit ted that not more
than about a dozen policyhoders not en-
ployees OF the company had voted In person
at the annual elections in the last five years.
VOTING TRUST PROPOSED.
Mr.. Hughes called Secretary. McCall's
attention to a proposed bylaw Of the New
York Life which, if adopted, will change
the method of voting proxies The new
bylaw provides that any person OF legal
age not an officer, employee or agent OF
the New York Life may act as proxy for q
policyholder and also provides for the ap-
pointment Of a committee by the board Of
trustees to vote the proxies.
against the officers Of the company and we
desired to remove all possible ground for It,
miftee appointed by the trustees for the
officers? A. No.
g I,h, Ihe =, committee was to- represent the
to represent the policyholders.
Mr.. Hughes read q circular issued by
the New York Life in which the statement
was made that the committee was to rep
resent the administration. Then he added:
committee shall represent the administra-
ton, while it is entirely optional with the
policyholders whether they shall send
their proxies to the committee"
Il wouldn't say that it was was Mr..
McCall's reply.
Secretary Mccall said his fathers salary
as president was 100000 year. The
three first vice-presidents get from SIS, 600
to 10000 year and the second vice -presi-
dents from $4,000 to $50, 600.
Of voting proxies. There was no set rule,
he said. He merely took an indefinite
number from the lot. There was no special
reason, he said. why the number of proxies
voted at the last meeting held few months
ago was 80 much larger than In former
years. He deniod that the officers wished
to have better showing then.
HOW IT IS DONE IN JERSEY
Edward E. Rhodes, actuary Of the Mutual
Benefit Life Insurance Company OF New
Jersey, said that in his company the proxies
ran to President Frederick Frelinghuysen
and the voe-president In that company
all policyholders whose policies do not ex-
insured for less than IS 900 and more than
81 900 are entitled to two votes each, and
the policyholder who maintains q risk of
more than $ 900 has three votes.
Haley Fiske. vice-preeident OF the Metro
politan, testified that he was practically in
charge OF the entire company. He said
the capital of the Metropolitan originally
was 500 900, 4 900 shares at $50 each. Semi
annual dividends of 81 per cent. are paid.
The present capital stock is 0,O 900, 900. The
new issue was apportioned pro rata among
the stockholders at s25 share. Each share
of stock il entitled to one vote, as is every
person insured whose premium for year
amounts to 500 or over.
Policyholders who desire to exercise the
franchise, though, are obliged to file notice
with the secretary Of the company from ten
to twenty days beforehand. The company
has 10000 policies in force, and at the last
election only 5000 votes were cast.
Frederick H. Ecker, comptroller Of the
company, who had acted as an inspector Of
election, testified that out OF the SO, 900 votes
only three or four were cast in person.
In his memory there was only one instance
that the election wasn't unanimous. That
was when one Of the candidates voted
against himself The proxies oil run to
President Hegeman.
Vice-President Fiske testified upon being
recalled that President Hegeman drew
salary Of 500, 900 year. His owl. salary
was $4,000. The Metropolitan haS Pc
crliar way of paying its directors fees.
Twenty five dollars Is apportioned to each
director for every meeting, and the fees
Of those who are absent are "divvied"
among the directors present. Mr.. Fiske
said there weren't many absentees.
Charles ". Camp, secretary Of the Mutual
Reserve company, testified that that CON-
pany has 10000 policyholders; that the
proxies run to President Frederick A.
Burnham and that he votes them all, 20, $50,
at the annual meetings. Thirty eight votes
were cast in person ct the last election.
George Burnhanl, brother Of the presi-
dent OF the company. the witness testified,
Is counsel for the company.
The hearing will be resumed at 10 o'clock
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