Arizona republican., 1906-07-10
Reorganization Begun Against New York
 Life and Mutual
Meeting of the Committee of the International Policy Holders in New York Begins a Campaign Q Obtain Control.

New York, July 9.-The international policy holders committee which seeks to overthrow the present management of the New York Life Insurance com pany, and the Mutual Life Insurance company of New York, met here to- day.
 After an hours session a permanent organization was effected as follows: Chairman-Richard Olney, of Massa- chusetts; vice chairman, Governor J. Frank Hanley, of Indiana; executive committee-Alton B. Parker of New York, Governor J. E. Johnson, of Min nesota, Charles Emory Smith, of Phil adelphia; Harlow N. Higginbotham, of Illinois; A. M. Shook of Tennessee; Governor Henry Roberts of Connecti- cut and Samuel w. Pennypacker, of Pennsylvania. Finance committee Thomas B. Wannamaker, of PennsyI- vania; F. D. Neidringhaus. of Mis- souri; Samuel New house, of Utah; Samuel Untermeyer, of New York; counsel; Seymour Eaton, secretary; G. R. Scrugham, organizer.
 The general committee added to the list of its members the names of Lord St. oswald and Hammond Barnard, M. P, to represent the English policy holders. After the meeting the com mittee issued an address to policy holders explaining the inception of the committee and outlining it's plan of action.
 Reciting that the voting power has gradually been transferred from the policyholders to few of the executive officers centered in New York, the ad- dress says that it is necessary for the 100000 policy holders to organize without delay as this year. under the law recently enacted, affords the pol icyholders their only opportunity to ob- tain complete control in one election while hereafter only half the directors can be chosen in any one election.
 Following is the address:
 ''To the policy holders of the New York Life Insurance company, and the Mutual Life Insurance company:
 At the request of the poIfcyhoIders and the committee representing the policyhOlders in your company in the United States and foreign countries the undersigned have consented to act as a committee to represent your in terests under the name of the internat- ional policyhOlders' committed anC herewith submit for your consideration the following statement of facts:
 "One-These two companies arC mutual companies that is to say, they are owned by their pOlicyhOlderS. The enormous accumulated assets of ovel $500, 900 represent the premium! which you, as policy holders hay, paid.
 ''TwO-The law requires that tho policShOlders of a mutual company shall elect from among themselves di rectors who shall be responsible to al the policyholders for the fnteIligen and faithful management of the com pany's affairs As the law formerly stood, it was practically impossible fo the policyhOlders, scattered thrOughOu the world to vote. In 1905, even afte the agitation began there were onl. 2.52S votes cast, mainly proxies, in tn, two companies out of a total of owe 100000 policyholders, or less thal one-fifth of one per cent.
 ''Three-It gradually became a rec ognied custom among the officers t. secure through agents proxies mad the company upon the delivery of tn policy. In this way the voting powe was gradually transferred from tn policyholders to a few of the executiv officers centered in New York.
 "Fourth-Thus it came about tha the control of these two companie was gradually taken out of the hand