The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-11
INSURANCE MEET
RICH IN PROMISE
GOVERNOR JOHNSON TELLS OF
POLICYHoLDERs, COMMITTEE.
Men Charged with Formulating Plan
to Reform Two Big Eastern Insrnr-
ance Companies Hold Meeting That
Is Entirely rnonious-Plenty Of
Voluntary Cash for Campaign Purposes.

Governor johnson deturned this
morning from the meeting of the Inter
national Policyholders' committee held
in New York city, and in an interview
talked of the plans Of the committee
and the work accomplished at the
meeting.
',s,As representative meeting, the
gathering Of the committee was one of
the greatest | have ever participated
in,'' said Governor johnson. II heard
a man of the New York World remark
that never had there been meeting
before in New York of such leading
men OF different parties and different
great business interests united for one
common cause. and with all political
and other differences brushed aside
There were in that meeting three for
mer cabinet officers Of the United
States, six governors, one Judge of the
supreme bench and some Of the great
est clergymen and business men in the
United States-such business men as
Wanamaker and Newhouse. One and
all were assembled. actuated by a spirit
to perform public service.
Address Costs $4,000.
"The principle Accomplishment of
tina committee was the preparation of
an address which is, to be sent to the
policyholders of the New York Life and
the Mutual Life Insurance companies
OF New York. Theh single distribution
Of this first address will cost $4,000,
and the cost Of each Of two other circu-
lars which will be sent eater, will be the
same.
"The first address to the policy
holders begins by reciting the situation
as it has existed up to the present date.
It states that the first thing of vital
Importance is the selection of board
Of directors. The law requires that one
half the directors be residents Of the
state Of New York. The committee
will at once institute careful investi-
cation for selection Of the best bust
ness men Of the United tSates, includ-
ing representatives from every section
Of the country.
= Told HOW to Vote.
- Nominations for new directors will
be submitted by the committee to tho
policyholders and the policyholders
urged to vote for the proposed ticket.
Each Of the two companies must make
it's own nomination for new directors
by July 18. The policvholders have
Of nominations. The election will take
place in October. The policyholders
will be sent instructions how to vote
by the insurance commissioner Of New
oYrk, supplemented by ballots and de-
tails sent out by the committee.
Our committee urges strongly on
all policyholders in no case to give
proxies to anyone. They will be solic-
tied for proxies by the companies. They
will receive circulars and letters MAX
ing plausible explanations. But our
ly as ever we can upon the policyhold
that for their own good they must not
give up their proxies.
Wiling to Pay.
.fThe work Of the committee is
going to cost a great, deal of money.
I have stated that the expense Of
sending out three addresses to the
policyholders5 will be $4,000. There
vii Be other heavy expenses. The
New York Life and the Mutual Life
for lists Of the policyholders. These
demands were refused. AS q result,
lists will have to be prepared from
books on file with the New York com
missioner of insurance. The magnitude
and expense Of this job may be con-
ceived when it is stated that the copy
ing alone will take $50 men and ten
days and ten nights of constant work.
All the expenses Of the committee must
be borne out of voluntary contribu-
tions from the policyholders of from
81 each up. believe there will be no
trouble in securing the money needed,
as thousands Of dollars have already
been offered the committee. +
No Reward Ahead.
When the committee has presented
it's ticket of new directors to the poll
cyholders it will have performed all the
work for which it was called into life.
No member Of the, committee, will re-
eeive any position, any reward, or any
financial remuneration for his work.
This is thoroly understood and agreed
upon by TIE committeeman.
When the committees duties are
over, it will then be up to the new
board Of directors, which we believe
will be elected by the policyholders, to
take up questions Of administration;
to decide what suits for restitution
and prosecution shall be instituted and
what reforms are needed.
+.