The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-08
TO SAVE INSURANCE TRUSTEES.
Movement OF N. u. Life P~olicyholderS
Against Armstrong Recommendations.

Movement OF N. u. Life PoltcyhOlderS
Against Armstrong Recommendations.
There is going to be opposition at the
hearing before the Legislature on March Q
on the Armstrong committees recommends
tion that the term Of Office Of every trustee
in New York State mutual companies shall
expire on November is, next.
Thus far the big companies have not
dared to lift their voice against this rec
o~mmendation, and 1t was expected up
to last night that 1t would be one Of the
few vital recommendations which would
go through unchallenged. The trustees Of
the big companies, 1t lie said, have had
the idea that it would be rather bad form
for them to object to their own retirement
by the Legislature.
The opposition will be made by policy
holders instead Of by the trustees Of the
companies. A meeting Of about thirty
po~licyholders was held in the Hamilton
Club, Brooklyn, last night and this state
ment was handed out:
At q meeting Of policyholders Of the New
York Life Insurance Company, called to con-
slider the legislative measures pending at
Albany, 1t was unanimously resolved:
That we are opposed TO so much OF the
pending legislation ss requires the removal
Of all trustees and the election Of a full new
board Of this company at one time. That
in our opinion such action would make It
possible for schemlng and INSCRIPTIONS
persons 10 secure an important influence In.
II not an actual control Of. this company
and would thereby imperil the security OF it's
great trust funds. and we are convinced that
existing conditions do not warrant any such
radical action at this time.
Resolred, That a subcommittee be APP
pointed to present these views to the Legis-
lature and to the Governor. with authority
to employ counsel and to take the necessary
steps to secure subscriptions from policy
holders to defray the expenses OF the COM
mittee.
Resolved, That all polioyholders Of the New
York Life Insurance Company who concur
In these views and who desire to cooperate
with this committee be requested to send
their names and addresses to it's secretary.
Arthur E.. Goddard, at his address SO Wall
street.
Henry Sanger Snow, treasurer Of the
New York and New Jersey Telephone Com
pany was elected chairman OF the policy
holders committee. This sub-oommittee
was appointed in accordance with the
terms Of the resolution:
Henry Sanger Snow, Simeon B. Chitten-
denI the Rev. Arthur B. Kinsolving, Will
iam n. Griffin, Clinton L. Rossiter, William
B. Hurd, Jr, the Rev. DR., Lindsay Parker,
DR.. Virgil F. Parker, Abner s. Haight,
William H. Cary, the Rev. James T. Russell,
Alexander NJ. White, Jr., and DR.. William
F. Dudley.
Mr.. Snow said last night that the COM
mittee had retained r. Burnham Moffat
Of the law firm Of Rand, offs d Webb
as counsel. In It's arguments at Albany
the committee will not seek to ave the
New York Life excepted, but will oppose
the recommendation In a general way.
President Orr Of the New York Life Is a
member of the Hamilton Club, but Mr.:
Snow denied tina this circumstance had
any significance. He denied also that any
importance was to be attached to the fact
that the Rev, Arthur B. Kinsolving, the
pastor Of the church which President Orr
attends, is a member Of the committee.
Snow declared hat the officers and
trustees Of the New York Life had alb
solutely nothing to do with the movement.