New-York tribune., 1906-07-10
OLNEY TO LEAD FIGHT.
HEADS POLICYHOLDER.S.
International Committee Starts TO
Defeat Insurance Arrangements.

campaign 10 defeat the present nanagenlents of
these companies for reelection
The meeting, which was held at the Waldorf
Astoria. was attended by ali of the members Of
the committee in this country and Canada ex-
cent four. The following permanent officers were
elected: Richard Olney. Of Massachusetts. for
merly United States Attorney General and Sec
retary OF State. chairman Governor J. Frank
Hanly. Of Indiana, vice-chairman. Samuel I'm
termyer counsel: Seymour Eaton. secretary. and
G. R. Scrugham organization manager There
was no discussion regarding the makeup of the
tickets Of trustees, which the committee will
place in nomination for the two insurance COM
panies. They have until September Is in which
10 select these tickets.
The address closes by declaring that the
legislature by legislating the present trustees
of the companies out Of Office has declared them
70 be unfaithful and has called on the policy
holders to elect their successors. The preamble
states that the members of the committee have
consented TO act for the policyholders Of the
New York Life and Mutual Life at The request
Of policyholders and committees of policyholders
IN the United States and foreign countries. Il
goes on to say that the law requires the policy
holders TO elect trustees for the companies but
II declares the voting power had been gradually
transferred 10 the executive officers through the
custom Of getting proxies. The Armstrong laws
cancelng the proxies, legislating the present
trustees out Of Office and providing for the
election OF their successors are discussed. To
get the benefit Of this legislation. il Is stated
il is necessary TO organize the policyholders for
the selection Of twenty-four trustees for the
New York Life and thirty-six trustees for the
Mutual Life.
The policyholders are asked TO suggest names
for the tickets, and told TO disregard the
influences brought to bear on them for the
election Of the administration tickets"
II is stated that the committee does not pro-
pose 10 disturb the actual working organization
of the companies further TO investigate
abuses 1t is suggested. however. tina; if the
polcyholders desire ii a permanent policy
holders organization VIII be formed TO maintain
. supervision Of the management of the COM
panies, 10 require the annual distribution of the
Dividends 10 prevent a corrupt use of the funds
Of the companies. keep watch on the future
tickets put up by the administrations. place in
nomination opposing tickets. If It should be
deemed wise. and exercise other supervision
Neither the committee nor the general counsel
viii accept any compensation for their services
but the great expense of the work is indicated
by the statement that IT costs over $4,000 to
place circular in the hands of every policy
holder. The latter to bear the expense and
are urged to send contributions to the secretary.
ADDRESS TO PoLICYHOLDERs.
The address which is to be signed by each
member Of the committee, follows:
First-These two insurance companies are mutual
poIoyhoiders The - enormous accumuated y assets
q over $500. 0OgD represent the premiums which
second-The law requires that the policyholders
q q mutual company shall elect from among them;
management Of the company's affairs In the actu-
stood,
ucslly impossible for the policyholders scattered
ne agitation began, there were 252s votes cas-,
eolal Of over 10000 policyhoiders or less than
Third-It gradually became recognized custom
among the officers 10 secure through agents proxies
made out 10 The president or. some other officer of
fsrred from fbc nol5cyboIders 70 few Of the ex-
ec1tiye officers centred In New York
these Two companies was gradually taken out of
ne hands Of the policyholders and came under the
SShsolle domination of a few executive ofhcers
Uii ~ oi this system have grown the eXtravagances
@ So otner abuses. some OF the particulars OF which
strong Investigating ccr1mittee The seIf-appointed
directors still in control and Will remain in
unless you as poiicyhoiders decide otherwise by
fb He exercise Of your right Of simple ballot voting
,Fitth-At the last session of the legislature OF
ne State O. New York. the state which issued the
charters Of these two companies there was en-
S@c,e1 @ law which gives 10 policyholders their
rot Of The evil II cancels all previously issued
ne date ior the election Of directors II gives
tae'r osn candidates and the right to vote by ballot
g. s. y ordinary elections ana 10 record that vote
" mail Ne emphasize the fact that now is the
your pToperiies AT on election as hereafter under
n any one soar.
PoLIcYHOLDERs UNITE IN APPEAL.
s1th-ro secure the benefit of such law it is nee
sssary that $4,000 or more policy holders should
9liohy Of action the selection OF candidates for
,iormed IN parts OF the United States and in
sie1sh countries. each Independent Of the Others.
1,ese associa IONS have united in appeal your
Soi9lnlltee 10 act with the entire body of policy
,ssIs IN TIE selection OF candidates for directors
-. e -sA lor INC Mutual Life and twenty-four Tor
The foregoing and the grave abuses Of trust that
5fgsnzso 9 'ch leslsiai4n na@s netessaay a tne
atlles nor Its general counsel VIII accept any
sss..sallon for as services. our nominees will be
~, under tho law one-half of cacn board must be
WIS.Ll's OF nc State OF New York.
"a iSA fonl the names which We now Invite you
rs.ss .ssplai 10 US for consideration we have no;n-
rt t,a candidates for directors, We shall have dis
ssi.srged the responsibility resting upon us. fne
.o,r 81 these candidates viii be entirely IN
q - 2T VIII nominate for each company what IS
Esfe ,on Alo"n as the administration tc@eti X ls
So 70 say t3at they viii every wheel OF IN
,6rorete ,6ee machinery II which they now have control
-e ~ candidates ana elect themselves or their NOM
you 70 disregard the influences which will he
ana = 10 pear upon you by the local pald aBehls
,g-- - exercise in this. any other election,
- ~ independent and individual Judgment IN
fov,..-yce q tie who shall from this time
aleg ' = Inc trustees OF your insurance saw
~, g2l. a. a poicyhoider viii intellgently eEer-
n s.-s personal choice and do what you can so
toi5e- lct your immediate friends who are policy
foTe - 50 That they snail be msled by the ef-
laiPr your paid agents. the success Of this cam
H. ~ your interest is assured
,ol INC purpose Of Ihis movement 10 disturb
eonpsaI5aas seIasi working organizations cf these Two
orrysse. except far il may be necessary 10
EsTe. NC abuses which the direct result Of
eiageTlent the executive centres