The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-07-10
The International PoIicy-HoIders'
Committee Makes Complete
Report of Its Work.
OBJECT is TO OVERTHROW
PRESENT MANAGEMENT
New York Life and Mutual Life
Are Companies Involved
in Trouble.

NEW YORK, July 9.-The Inter-
national Policy-holders' committee,
organized to overthrow the present
management OF the New York Life
Insurance company and the Mutual
Life Insurance company OF New York,
effected a permanent organization at
a meeting here today by the election
of the following officers.
Chairman, Richard Olney of Massa-
chusetts; vice-chairman, Gov. ]. Frank
Hanly OF Indiana, executive commit
tee-Alton B. Parker of New York,
Gov. j. E. Johnson Of Minnesota,
Charles Emory Smith of Philadelphia.
Harlow H, Higginbotham Of Illinois,
A. NJ. Shook of Tennessee, Gov, Henry
Roberts of Connecticut, Gov. Samuel
w. Pennypacker Of Pennsylvania.
Finance committee-Thomas r. Wan
amaker OF Pennsylvania, F. D,
Neidringhaus Of Missouri. Samuel New
house of Utah, Samuel Untermyer of
New York (counseD, Seymour Eaton
secretary. G. II, Scrugham (organ-
izer.)
Representation in England.
The general committee formally
added TO the list OF its members the
names of Lord st. oswald and Hara-
wood Barnard, NJ. P, TO represent the
English policy holders. After the meet
ing the committee issued an address
to policy-holders, explaining the incep
ton of the committee and outlining Its
plan of action.
Reciting that the voting power has
gradually been transferred from the
policy-holders to few officers centered
in New York, the address says that
1t is necessary for the 1000 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 here
after only half the directors can be
chosen In any one election. The text
of the address, in part. is as follows:
Are Mutual Companies.
THE two insurance companies are
mutual companies, that Is to say, they
are owned by their policy holders. The
enormous accumulated assets OF over
which you. as policy-holders, have
paid.
The law requires that the policy
holders OF a mutual company shall
elect from among themselves directors,
who shall be responsible to all policy
holders for the intelligent and faith
full management of the company's af-
fairs. AS the law formerly stood, it
was practically impossible for the
policy holders scattered throughout the
world to vote. In 1905. even after the
agitation began, there were 252s votes
cast, mainly proxies, In the two COM
panies out OF a total of over / 200, 900
policy-holders, or less than one-flfth Of
l per cent.
ut gradually became a recognized
custom among the officers TO secure.
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 generally transferred from the pol
icy-holders to few of the executive
officers centered In New York
Few Men Dominated.
Thus 1t came about that the control
Of these two companies was gradually
taken out Of the hands Of the policy
holders and came under the absolute
domination of a few executive officers