The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-07-08
NEW COMMITTEE DEFENDED.
MOST or IT'S MEMBERS HAPPEN
no BE POLICYHOLDERs.'

| wv NlyNDN " 8.sN
OF the Interests T1hey Represent 400.
900 Men Enrolled by the Cemmittee-
~ why Some Of the Members We're Named.
Officers Of the international policy
holders committee lost no time yesterday
In answering the statement made by an
ofloer Of one OF the big mutual companies
that less than half Of the members Of the
committee are p~olicyhoIders In, either OF
the companies against the arrangements
Of which their attack 10 directed.
The officers Of the international organi.
zation regard the statement a. the first
move in an attempt which tho present
nianaRements Of the Mutual and New York
Life will make to discredit the committee.
Incidentally the announcement was made
yesterday that the international opm-
mittee already represents more than 100
600 p~olioyhoiders, although no regular
canvass has been made yet. Organization
Manager C. r. Scrugham did the talking for
the COMMITTEES. Said he;
The facts are:
First-That the bulk Of the committee
happen to DO pollcyholders. although they
we're not selected primarily for that reason.
but because Of their national and International
regulations. which are a guaranty that they
Will faithfully execute the important trust
that they have undertaken, to rescue these
vast properties from eminent Wall Street
| phnanthroplsts and enforce their return to
the true owners.
~Second-That those who are not them
selves polio yholders directly represent great
bodies of polIcyholders at whose special re-
| quest they are acting. For instance six Gov
ernors OF States who are members OF the COM
mittee. some Of them polloyholders. accept cd
invitations to serve because they felt that
as the Chief Executives OF their States 1t was
their duty to the citizens OF those States to
endeavor by or organisation to protect them
from further con version OF their property
and further diversion to the schemes OF high
finance.
In regard to other members Of the com
mittee the organization manager said:
Mr.. Thomas r. Wanamaker. for instance.
represents In his immediate family more,
insurance In the two companies than all OF
the sixty officers and directors Of both COM
panles combined. The four MEMBERS OF
the New England policyholders' committee,
which IL one OF the bodies at whose request
Mr.. Richard Olney Is acting, themselves
hold over 81 900. oO0 OF insurance. besides
the millions they represent. MIR. Nicholas
Iongworth who happens to be- polIcyhoider.
wan not selected for that reason. but because
he was designated by the Ohio Policyholders'
Association. which has over $4,000 enrolled
members and pays about Si2, 900. 600 a year
in premiums. A large part Of this Is In these
two companies. Col. Shook Of Tennessee h
a member, not only because he Is a lar &c
policyholder In both companies. but primarily
at the request OF the Tennessee association
of which Insurance Commissioner Folk Ia
the head and which Is said to have O member-
ship OF Is, 900 polcyholders, besides being
recommended by the Georgia association.
Heinrich Wiegand, although a policyholder.
| rapraapnfa the t,prman committee. one mem-
Der OF which carries more insurance than any
three members OF either board. to say moth
ing of the thousands Of policyholders they
represent. The same Is true of Lord st.
Oswald and the Hon. Harmood Banner. NJ. p,
both OF whom, are, however, policyholders.
And 80 on throughout the list.
No man has been invited TO become a mem
Der OF this distin guished body to rescue the
policyholders from the sad plight In which the
treachery OF their trustees has left them
merely because he IL q pollcyholder. He
Is there beca use of his duty to the body Of
policyholders whom he had been asked TO
protect.
The represents To-day approx
mately zoo, 600 policyholders In the two COM
panies. although no canvass has yet been
possible. owing to the fact that the manage
ments by using the lists for their own purposes.
such as the present puerile attack on the
committee, have refused us access to them.
On the other hand. II may be profitable to
inquire what real interests in the companies
do these directors represent who are resortlng
to such means to retain control of other
peoples property against their will.
1t appears from the Armstrong report that
the Mutual Life directors wefe elected last
year by less than two hundred votes. and the
New York Life directors by ISIS votes, out
Of a total OF 1 800 900 votes. 30 that they re-
ceived less than one-hfth of l per cent of
the votes OF the policyholders. The policy
holders did not even know that there was
such a thing as an election during all the years
that these arrangements were managing"
their property. corrupting Legislatures, con-
trolling political parties and making them
selves Napoleons Of finance a! in the Inter
est of the policy holders.
II comes with rather bad grace from the
self-oonstituted guardians Of trust funds
WITH records such as have been exposed
to question the representative character Of
this distinguished body of public spirited
men. All that the management represent.
90 far as can be gathered. is the mad anxiety
for the continued use Of these vast assets
for Wall Street manipulation and to shield
themselves from the exposures and restttu-
ton that are bound to follow a change OF
management,
Then and not until then shall We learn
something about the trust companies, where
the bulk Of the rottenness Of past years lies
hidden.