The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-30
NATURALIZATION.
limo for Independent Committee OF
POIioyhOIders TO Get Together


To THE EDITOR or The SUN-Sir: ] have
read with great interest the letters on the
naturalization Of the Equitable. As policy
holder am interested. and agree with A, r. b.
In THK Sun Of Saturday. that a remedy must
be found. The only remedy Is IN prompt
naturalization according 10 the terms Of the
charter: but how does the committee propose
to accomplish this result?
As policyholder | have received printed
circulars from the New York Office, and also
from one of the branch Offices up thV state
but do not find that any information is
given as to tho plan Of action OF the committee
or what amendments they propose to make
to the charter. The only thing bearing
upon this is contained in the petition of officers
to the board OF directors, wherein they recon-
mend that the necessary legal steps be
taken 70 secure power to further provide for
the extension Of this voting right to all classes
Of benehcaries-
II they are sincere In this. then it certainly
IL time that real policyholders committee
not selected by the officials Of the Equitable
should get together. and that quickly. to
II this amendment is tackled on to the
charter how easy IL would be Tor any ambi-
tiOus man with the necessary money To obtain
control. by getting lot OF people TO take
out short time. cheap insurance for small
amounts. The present charter provides
that In the event OF naturalization each
policyholder insured in not less than s. 900
shall be entitled to one vote, but that such
vote shall be given personally and not by
proxy, This provision u a good one, but
should be amended to permit only those to
vote whose policies had been IN force for
IL this committee is working IN the interest
Of the policyholders. why are we not Informed
Of the manner in which they propose 20 bene-
NJ us so that We can Judge whether they are
working for our interests or for the Interests
OF those who have furnished the very large
amount Of money which has been necessary
tn gU
who no doubt expect to get 1t back AZ some
am enclosing you a certified copy OF the
original charter. 20 which no amendments
have been made, and would call your atteu-
ton 10 Article Q, which reads
The officers OF the company. within sixty
days from the expiration OF the first five years
from Dec. 81. 1859. and within the first sixty
days OF every subsequent period Of five years.
shall cause balance TO be struck Of the az
fairs or the company, which shall exhibit its
tingent, and also the net surplus after deduct
ing sufficient amount to cover all Outstand-
ing risks and other oGligatons Each policy
holder shall be credited with al equitable
share OF the said surplus. Such equitable
share, after being ascertained, shall he APP
piled TO the purchase OF an additional amount
OF insurance payable at death or with tho
policy itself expressing the rcyeTsiOnary
value OF such equitable share at such interest
as the directors may designate or IL any
surplus shall be apAsted to the purchase Of an
tore shall desi guats. TO be applied In the re-
duction Of his or her future premiums. In
case or death the amount standing TO the
credit OF the party Insured at the last pTpCed-
ing striking Of balance a. aforesaid shall he
paid over 10 thr person entitled 20 receive the
same. and th' proportion OF surplus euuitahly
belonging 20 him or her. at the next suisse
quent striking OF balance, shall also be paid,
when the same shall have been ascertaned
and declared
The officers OF the company are given no
Discretionary powers under this article
] cannot find that the conditions OF Article
shave ever been carried out. Possibly some OF
your readers can tell why Present coudi-
lions are a menace TO the company aud re-
quirs prompt and careful consideration. II
these conditions are TO be corrected by amend
ments to the charter IL behooves every policy
holder 20 Rcrutinze closely these amend
fpCnts, and before indorsinC them to be sure
that they are In the interests OF the policy
holders, and not in the interests Of the officers
OF the company. A. II WILLIAMS.
UTICA, March p.