The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-07-10
SEIZE POWER NOW, =.
COMMITTEE URGES
Life Insurance Policyholders
Squared to Action by Inter-
national Representatives.

New York, July 1O.-The Interna-
tional Policyholders committee, organ
lied to overthrow the present manage
ment of the New York Life Insurance
ance company of New. York, has effect
ed permanent organization at a meet
ing here, by the election Of the follow
ing officers:
Chairman, Richard Olney of Massa-
chusetts.
Vice chairman, Governor J. Frank
Manley of Indiana.
Executive COMMUNICATION B. Par
ker of New York; Governor John A.
johnson of Minnesota; Charles Emory
Smith, of Pennsylvania: Harlow n. Hig-
ginbotham Of Illinois; A. M. Shook of
Tennessee; Governor Henry Roberts Of
Connecticut; Governor Pennypacker OF
Pennsylvania.
Finance committee-Thomas. Wanna
maker Of Pennsylvania; +: g. Niedring,,
haus Of Missouri; Samuel Neuhaus OF
Utah; Samuel Untermeyer Of New York
(of COUNSEL; Seymour Eaton, (secreta-
Try5 : q. r: scrugham lorganizer).
Must Seize Voting Power.
The general committee formally
added to the list of it's members the
$1ASoS~
Barnard, Mp, to represent the Eng
lish policyholders. After the meeting
the committee issued an address to
policyholders explaining the inception
of the committee and outlining it's plan
| of action.
Reciting that the voting power has
! gradually, been transferred from the
officers conferred in New York, the ad-
| dress says that it is necessary for the
| 1900 900 policyholders to organize with
out delay, as this year and the law re-
Gently enacted afford the policyholders
their only opportunity to obtain com
plete control in one election while here
after only half the directors can be
chosen in any one election.
The law requires that the policyhold-
ers of mutual company shall elect from
among themselves directors who shall
be responsible to all policyholders for
the intelligent and faithful management
Of the companies. AS the law formerly
stood it was practically impossible for
the policynolders, scattered thruout the
world, to vote. 1t gradually became a
recognized custom among the officers to
secure, thru agents, proxies made out tc
the president or some other officer OF the
company. upon the delivery of the policy
In this way the voting power was grad
ualy transferred from the policyholders
to g. few Of the executive officers.
Thus it came about that the control Of
these two companies was gradually taker
out Of the hands Of the pol1cyholders anc
came under the absolute dominion OF q
few. Out Of this system have grown ex
travagances and other abuses
The self-appointed directors are still II
control, and will remain in control di
rectly, or thru their own nominees, un'
, less you as policyhoders, decide other
lr~ of {erhf ~
, simple ballot voting, which has been re
stored by recently, enacted law.
Warns Against Agents.
AS your representatives in this cam
paign we advise you to disregard the in
3 fluence which will be brought to bea
. upon you by the local paid agents, and t
exercise In this, as In any other election
your own independent or individual
= Judgment IN the choice Of the man VIII
shall from this time forward act as tn
: trustee Of your insurance savings
. The expense Of this campaign must b
- borne by the policyholders. 1t costs owe
. $50, 900 to place circular in the hands {
. all policyholders. Under these condition
! and in the full belief that this movemer
- is one Of the most important which ha
! ever been instituted in this country, you
- - committee feels free to urge you as
3 pol1cyholder to forward to the secretar
= such voluntary contribution (from 81 VI
, ward) as you may consider 1t your priv
- ilege to make.
! Should the policyholder give expressio
~ to such a DESIRE this committee will er
-, deavor to form permanent policyholt
- ers' organization, which shall have tt
" following among its objects:
- To maintain a vigilant supervision
% the conduct of the business Of the con
>" panles and to make an Independent aud
10 of their books thru chartered accountan
employed by the association.
To require the annual distribute
among the policyholders Of the divident
to which they are entitled to and to pr
vent as far as possible the undue increal
of the vast Accommodations, which are tt
= prolific sources Of temptation Of mi
~ management and waste.
Not to Harm Companies.
To furnish the beneficiaries Of the pc
a. icies which may occur by death or othe
r. wise, means Of ascertaining whether t
at sum that Is being offered by the cor
he pany is the full amount to which t
"a benehciaries must take what Is offer
ed and have no practical redress or way
e. ascertaining what is due them.
le- To prevent the payment to the office
of the companies Of exorbitant salarie
T the use Of the com pany's funds for r
- litical purposes, and In the corruption
- legislative bodies. sNky5 sE, &@s&-t Is
4 To see to it that the $4,000, 900 =.
r thereabouts of stocks Of banks and tr,
companies which the companies are !
quired to sell within Ave years are d
posed Of to the best advantage of t
r. policyholders.
To advise you from time to time &C
IS corning the candidates for directors tt
f. are presented for election by the adm
+ istration, and If necessary to nomin,
opposing candidates, and to endeav
to restrict the operations Of the comps
les to the legitimate scope of insurar
f. business.
It is not the purpose Of this movem,
to disturb the actual working organi
tons Of these two companies except
r far as 1t may be necessary to correct i
abuses which are the direct result
- mismanagement at the executive cente