The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-06

BY this means they could retire the stock and
set up a mutual company chartered In this
state or any other Tor the purpose Of conserv-
ing their interests Similar operations have
been permitted m the winding up Of railway
companies for nearly half century. and Il Is
not Doubtful that the same principles would
be applied ri a case like this
While It Is Infinitely preferable TO control
by the stOClh olders, tie system Of proxy
voting by policybolders Is Butiauated and
really does not enable them 10 express their
Will, except to this extent, that the mem
bers who take the least interest really In
the Compauy's affairs, and Who therefore
give up their proxies 70 the Management
most readily, having once expressed their
confidence In the management arc after
ward caused 70 vote In such manner hs TO
ovefwhem the votes Of the mem bers who
take a great deal o. interest IN the companys
Affairs II is. however. not Necessary that
II be done In this manner. Tie poN er to con-
troll the Equitable can be granted, and should
be granted. to the entire body OF its policy
holders. 10 be exercised In a modern manner.
so that each member who does take a sum-
Client interest in'ts Affairs to desire to vote
may have that opportunity. The Australian
Mutual Proyident Society, now more than
ffty-hye years old. and the largest company
In the British Empire. permits voting by
1 mall and has done so for many years without
change OF management, but with the certainty
that the management o.. held strictly to &c
count The following is copy OF the pro-
vision OF its by-laws concerning voting for
directors.
The voting for the election OF director or drec.
tons shall, when there shall be more than one candl
date for each vacancy, be A. follows So soon a.
practicable after the date hXed for candidates TO
give notice the secretary, or a resident secretary,
ns the case may be, shall forward TO s0ch member
Qualhed 70 vote, resident 10 the Commonwealth Of
Australia and the COLONIES Of New Zealand and
FIJI paper addressed 70 the presiding o1cer. TO
the care OF the secretary or a resident secretary,
with list OF ise candidates who have given notice
as Aforesaid printed thereon and instructions - TO
the number Of ssats 70 be filed up and the mode In
which the names are 10 be erased. Any member
wishing 70 vote shall erase from such list the names
OF such candidates as DC may not desire TO vote for,
retaining no more and no less than tie number OF
seats vacant and sh1g stcn su-E ltd ong return ne
SJme. The voting for the election Of directors shall
be subject 70 the scale set out IN bylaw &c. hereof
II Is worth while to note that only six mu-
tual companies with Guaranty capital are In
existence In ~ G United states three OF which
are In the city Of New York OF u csc, twG
have now been before the public within a
few weeks IN an unfavorable Light. under
charges that by means OF the stock control
they have been mismanaged for the purpose
OF obtaining Tor the stockholders a larger
profit indirectly than the dividend allowed
by law. or one other OF these companies ]
made an examination, acting professionally
for It's home department and that Of another
State some years ago, and to a limited degree
a similar state o! affairs was discovered there
and commented upon in the report OF the in
vestgatlon. or the other three companies
one has retired all OF its stock excepting t25.-
500. One other has recently been under
examination by the Superintendent OF In
suranCe OF New York and the result OF this
examination has not yet been announced
OF all six the charters provided in only one
case for the retirement Of the stock
In bringing this already too long communl-
cation TO a close must add to the suggestion
which you have made that the policy holders
obtain the expert and disuterCsted counsel
and assistance OF the Hon Joseph n Choate
the further recommendation that either
through their existing committees or by
means Of the formation Of new committees
they obtain the ieadersh 10 Of the Hon John
Wauamaker OF Philadelphia and New York
a man well known for his probty and dis
inteTestedness. and also well known 20 all
life insurance polcyholders throughout this
country as the man who has most largely
patronzed life insurance, carrying no less
than 81, 100000 OF IL upon his own life The
policyhoders should enlist not for a short
skirmish, but for as long a struggle as may
be needed TO obtain their rights and main
tain them permanently. MILES NJ. DAWSON.
NEW NoHK. April Z.
To THE EDIToR or THE SUN-Sir: Now
IL the time TO let the N-rays Of The SuN fall
upon all stock life companies, that policy
holders may be guaranteed the promises
set forth ia their policies.
II these guarantees are genuine. the stock
companies can stand THB suns rays and be
purified thereby
An OLD STOCK PoucYuoLDER,
NEW NoRK. April s.
To THE Enron oF The SUN-Sir, Re-
fcrriug 20 your editorial on Mr.. Choate and
the Equitable. If it is serious in its invitation
to policyh0ldors, ], Tor one, wish to be put
on record dcs ring only one thing. namely, |
complete and unelIiNocal as well a. .mme-
date naturalization: and there is no question
that my views would be- Unanimously seconded
by all OF the GloOJo Uolicyholders. which |
would be- a very conclusive settlement OF the |
dispute between Mr., trmmins and MIR Plat |
As 10 what the policyhodeTs want.
As 10 leaving the settlement OF any OF these /
questions to a single man. like Mr. Choate. /
while this very likely would be safe and /
proper. think 1t is unnecessary, Bs the settle
ment OF them is too obvious TO need an ar |
bitrator, IL the situation can be put on basis I
OF good faith and treated on It's merits in /
stead Of being surrounded as now by q num- |
Der Of Cliques, political financial and legal. |
each Of which is nrhung 20 get inside and. |
having done IN rs. quiet everything down
c. II. lNGEEsoLL.
NEW YORK. April
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