New-York tribune., 1906-04-05
WOULD BAR PROXIES.
Plans of Insurance Commissioners to
Get ont POIcybOlder VOte.

The replies which the Truesdale committee of the
Mutual Life received from the insurance commits
soners OF twenty-seven states on the subject OF
bringing out a larger policyholder vote az the
nual elections. and thus securing real mutually
made public yesterday by President Peabody
Most of the commissioners and superintendent
seem 10 be in favor of taking drastic steps bring
out the pocyholder vote. Few OF them like
proxies Many favor organizations in each state
which shall elect representatives who will attend
the annual election. One two would permit in
divdual voting by mail but would bar all proxies.
strong majority of the officials consider it un-
wise publish the lists Of pocyholders as IS re-
qured by of the Armstrong bills
Superintendent Hendricks of New York would
have the proxies held by the various insurance
commissioners. On various other points. including
the advisability of publishing lists of pocyholders.
he is opposed 10 the Armstrong reform measures
After stating the way I'm which the committee
had been appointed. the Truesdale letter says:
In the, Mutual Life there are several hundred
thousand ID policy holders having an insurance Of at
one vote and no more. in the election OF trustees;
States and IN many foreign countries. The great
majority Of them are unknown TO another and
The questions with which the undersigned are
concerned in this connection are:
eraI effective and Independent and IL SO, how?
Can the action OF the policyholders as a body,
questions affecting the Organization and manage
ment of the company be made authentic as an ex-
holders. ana; If So howl
o
OF interest and OF control he best carried out in
mutual life insurance companies?
There were two other questions the possibility
OF the efficiency Of concerted action and the ad-
visibility OF publishing and circulating list Of
Francis Hendricks the New York superintendent.
suggests that pOlcyhoideTs unable to attend meet
si0ns Of their respective states He believes that
upon @ the PERSONAL chaTacter Of those charged with
the companys management He says it is ex-
treInely unwise 10 publish lists Of policyhoiders.
". y. Vandver. OF Missouri, wrote that proxies
should be handled by organization Of policyhOlders
be reached and would be represented either in
person or by proxy at state meeting. He advo-
into the confidence Of the officers and managers by
an annual accounting TO 20 them or thelr dividend
might take advantage Of the publication Of tho
w. J. Clay. Of Texas. advocates vote by mail
or beginning with primary repTesentation and go
have the trustees nominated by a competent COM
ore or more resident trustees from each state
Benjamin F. Grouse. Of Maryland advocates the
throughout the country. and would have the state
association the sele means OF communication with
T. {. Cooper. of North Dakota, agrees with him,
Prewitt Of Kentucky would have Conventions AZ
the state capitals select delegates attend the
zeno n Host. Of Wisconsin submitted a detailed
mall and not BY pfoXy The 6o89inafone tg,'iy ny
3 made " a committee and nled sixty days be-
ballot mailed 70 each holder. ~
E9Eard L IAsget knows no way Of making the
election general lie says that the commits ssoncr
SHOULD be an Insurance man and an accountant
Of Jurisdiction with the rirbt Of he 91Vison
OF each jurisdiction 10 select a member OF the
II IS not unlikely That the Mutual Life will sell
fae5 ot ts ~ SCsy % u furnishings which have been
FresleeIt AeCurdy and bis finance committee oc-
Building IN Nassau street The exers,,ya s,iie i1te
VS. turhisAed al q cost o; more than 5000