The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-07-10
EFFORT TO DUST
men IN CONTROL
PoIiCyhoIders of Mutual and
New York Life Effect
Organization.
STRONG ADDRESS ISSUED
NEWHoUsE OF UTAH ON FL
NANCE COMMITTEE.
STRONG ADDRESS ISSUED

New York, July 9-The international
policy holders committee, organized 10
overthrow the present management of
the New York Life Insurance COM
rany and the Mutual Life Insurance
company of New York. effected a GER
manent organization at a meeting here
today by the election of the following
officers:
Chairman, Richard Olney of Massa-
chusetts; vice chairman, Governor J..
Frank Hanly of Indiana; executive
committee, Alton Il. Parker of New
York, Governor j. e. johnson of Min
nesOta, Charles Emory Smith Of Phil
adelphia, Harlow n. HigginbOtham of
Illinois, A NJ. Shook of Tennessee,
Governor Henry Roberts of Connacti-
cut. Governor Samuel w. Pennypacker
of Pennsylvania.
Finance committee, Thomas B. Wan
amaker of Pennsylvania, F. d. Neid-
ringhouse of Missouri, Samuel New
house of Utah, Samuel Untermyer of
New York (cOunseD, Seymour Eaton
(secretary), c.. r. Schugham Organ
iZer).
Address is Issued.
The general committee formally add
ed to the list of its members the names
of Lord ST. Oswald and HARDWOOD
Barnard: NJ p, to represent the Eng
lish policy holders. After the meeting
the committee issued an address to
policy holders explaining the inception
of the committee and outlining its plan
of action.
Reciting that the voting power has
gradually been transferred from the
policy holders to a few officers centered
in New York, the address says that it
is necessary for the 100000 policy
holders to organize without delay as
this year under the law recently en-
acted affords the policy holders their
only opportunity to obtain complete
control in one election, while hereafter
only half the directors can be chosen in
any one election. The text of the ad-
dress is as follows:
ITO the policy holders of the New
York Life Insurance company and the
Mutual Life Insurance company: At
the request of policy holders and COM
mittees representing policy holders in
your companies in the United States
and foreign countries. the undersigned
have consented to act as a committee
to represent your interests under the
name of The International Policy
Holders committee and herewith sub
NIT for your consideration the follow
ing statement of facts:
Facts Plainly Set Forth.
"First-These two insurance COM
panies are mutual companies, that is
TO say they are owned by their policy
holders. The enormous accumulated
assets of over 5000, 00O, 900 represent the
premiums which you as policy holders
have paid.
''Second-The law requires that the
policy holders of a mutual company
shall elect from among themselves di-
rectOrs who shall be responsible to all
policy holders for the intelligent and
faithful management of the company s
affairs. AS the law formerly stood, Il
was practically impossible for the pol
icy holders scattered throughout the
world to vote. In 1905. even after the
agitation began. there were 2.52S votes
cast. mainly proxies, in the two COM
panies out of a total of over 1.200. 900
policies. or less than one-fifth of one
. per cent.
.'Third-It gradually became recOg-
niZed custom among the officers to Sc
cure through agents proxies made out
To the president or some other officer
Of the company upon the delivery of the
policy. In this way the voting power
was gradually transferred from the pol
lev holders to a few of the executive
officers, centered in New York.
Dominated by the Few.
"Fourth-Thus it came about that
the control of these two companies was
gradually taken out of the hands of the
policy holders and came under the alb
sOlute domination of a few executive
officers. Out of this system have
grown the extravagances and other
abuses, some of the particulars of
which were brought out under legal
pressure by the Armstrong investigat-
ing committee. The Self-appointed d.
rectors are still in control and will re-
main in control, directly or through
the their own nominees. unless you as
policy holders decide otherwise by the
exercise OF your right of simple ballot
voting, which has been restored by re-
Gently enacted law.
''F'ifth-A the last session of the leg
islature Of the state of New York. the
state which issued the charters of these
two companies, there was enacted a
law which gives to policy holders their
actual voting rights. The law strikes
at the very root of the evil. 1t can
GELS all previously issued proxies and
provides that any proxy given in adj
vance OF Oct. Is. 1906. shall be void 1t
fixes the date for the election of di-
reCtorS 1t gives to the policy holders
the privilege of nominating their own
candidates and the right of vote by bal
lot as i'm ordinary elections. and to re-
cord that vote by mail. We emphasize
the fact that now is the only opportu-
nity for obtaining complete control of
your properties at one election as here
after under the law only one-half of
Genuine