Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-03-19
POLICY HOLDERS PROTEST
Samuel Untermyer Writes Strong Letter to
President Of New York Life.
OFFICIALS ARE BUSY COLLECTING PROXIES
Attorney for Policy Holders says
Trustees should Not Use Funds
of Company to Secure
Recollection.


NEW YORK. March 1s.-samuel Inter
myer, counsel for the International policy
holders committee Of the New York Life
Insurance company, sent letter today to
Alexander f. Orr, president OF the New
York Life. protesting In the name of the
policyholders against what he terms the
extraordinary effort that is being made
by the officers of the company to obtain
proxies for the annual election which is
to be held early in April.
Mr.. Untermyer's letter explains the OBJ
lection OF the committee and declares that
no election should be held until legislation
affecting the insurance business is passed.
Addressing Mr.. orr, Mr.. Untermyer says
that as the representative of upwards Of
$1,000 policyholders in the company he has
been instructed to protest in their behalf
against the extraordinary use that is be-
| ing made by you and your officers of the
agency force Of the company. which is be-
! ing pressed into the service OF soliciting
proxies for the reelection of yourself and
associates as directors at enormous ex-
pense to the policyholders
Agents Collecting Proxies.
Il am informed the letter continues,
that within the past few days you sent
/ out from your head office to your entire
agency force throughout the country tele-
/ grams urging them 20 collect proxies.
| have before me one of a number of printed
| letters and circulars issued from your head
| office signed by the cashier of your COM
pany with accompanying form OF proxy
addressed to policyholders. enclosing a
biography of each OF the directors and
| officers whom you seek to re-elect, includ-
| ing yourself This proxy is to Messrs.
John Clafin, Oscar S. Strauss and Clarence
H. Mackay, Of whom Biographies are also
enclosed. printed at the expense OF the
policyholders.
"If these documents have been sent t.
every policyholder the. cost to the company
for postage alone would be about $50, 900
and the cost of printing as much more.
How you Justify such expenditures, to say
nothing OF the manifest impropriety of
such action at this juncture, | fail to un-
derstand.
'These documents are coming to us in
great numbers from infuriated policyhold-
ers with the request that our committee
take some action TO prevent you thus vast
ing the money of the policyholderS IN tbs
attempt to return yourself 20 ONCE"
Judge Hamilton Goes TO New York.
ALBANY, N. Y, March 1s.-Judge An
drew Hamilton said tonight that he ex-
pected to go 10 New York tomorrow to re.
main two or three days. He would moi
say what were his intentions on this visit
or whether.he would see any member oi
the Fowler committee which has been In.
vestigating the Internal affairs of the New
York Life. Friends Of Judge Hamilton
here express doubt as TO his going befor,
the committee, questioning the proprietN
of his submitting himself 10 men whom h,
has characterized as ne did the New Yorl
Life trustees In his speech before the legis
lative committee last week.
Judge Hamilton tonight expressed tn,
opinion that when the bills proposed by tn,
: Armstrong committee are reported they
should contain provision that no truste,
legslated out OF office next November al
recommended by the committee, shall b.
eligible for reelection until a full year ha
elapsed.
"The propriety of this is obvious" sal,
Judge Hamilton, and believe deman,
for it is coming to a head. You know W
have adopted from the English commoi
law the precaution that no sheriff can b
reelected until term of service ha
elapsed. The theory applies equally to
trustee OF life ins vance company, tina
the sheriff exercis, such an immens
amount of power that he could at will com
:, mand his reelection. So with the trustees
they are In position that they could b
; favoring one and prosecuting another com
mand proxies to secure their reelection
they see At. This should be prevented b
making their reelection illegal.
II note that some Of these gentlemen /
New York state that they do not know m,
II certainly seems strange that any ma
should be in position to spend very larg
4 sums of the money of which they are tn
legal guardians during long term OF year
and yet be totally unknown TO them"