The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1906-03-18
Strong Organization of Policy
Holders Formed to Gust Present
Management.
SECRETARY FISH OF POLICY
HOLDERS ASSOCIATION TALKS
OF EXISTING CONDITIONS AMI
A REMEDY THEREFoR-ARM
STRONG COMMITTEE PROPOSE
TON WOULD KILL PLANS.
Social to La Journal.


the policyhOlders of the Mutual Life
Insurance Company succeed in their
EFFORTS TO wrest the control of the
company from those who nearly
wrecked it? This is the question
which thousands of these policyhold-
ers are now anxiously asking of Sec
rotary Russell w. Fish, of the Mutual
Life Policyholder's Association, which
has its headquarters in this city.
! The present management, firmly in
trenched in the control of the enOr-
nous financial resources of the COM
pany, is determined to perpetuate it.
! self if possible. 1t has the great ad-
vantage of having access to all the
l books and thus can reach every poll
( cyholder by mail or in person through
! its agents. and. by the irony of fate,
! Is using the policyholder's money to
pay the agents for obtaining proxies
! for the coming election to keep the
| present management in control. Nc
/ Curdy has gone-sailed for Europe
with his family, travelling in princely
/ style but his associates manage the
/ company to-day Consequently the
policyholders are anxious to change
/ this condition and to secure an ad-
mtnistration for the benefit of all in
stead ora few favored parties on the
( inside. The Mutual Life Policyhold-
! er's Association was therefore formed
/ that through its efforts there might
! be secured a governing body of, by
and for the policYholder. Hsadauar-
tiers have been opened in Washington
! with Russell w. Fish as secretary and
Inr H. -
| American National Bank, one of the
largest financial institutions of Wash
! ingtOn, as treasurer. Hon. John De
! Witt Warner, of New York is the
| counsel Of the association. There are
about 100000 pOlicyhOldeTs in the MI
tual and, as each pOlicyhOlder,
whether insured for $1,000 or 800, 900
or $1,O0O,OOO, is entitled to one vote
In an election for trustees the coun-
try is being secured for proxies. Not
only is the present manageme emit, it is
charged, using the polioyholders'
money to pay agents to secure such
! proxies. but it has refused to supply
anyone else a list of the policy hold
ers. The association therefore can
| learn Of them only through those al
| ready interested who pass the word
along. This is being done by state
! associations, and otherwise, and many
! influential men in various localities
are at their own expense advertising
/ in the newspapers in order that the
| policyholders may be informed as to
what is being done.
Prominent Men at Work.
For instance, in Baltimore, Mr.. B,
! n. Baker, the millionaire steamship
! owner. is at the head of a committee
charged with obtaining proxies. Mr..
Baker who carries $56O,000 insur-
ance, holds a policy for over 100000
! in the Mutual and with him are asso-
ciateI such distinguished men as
! Douglas H, Thomas. In Connecticut
the movement is actively pushed by
such strong men as State Senator
! Alfred E. Hammer, of New Haven, p.
Corbin, of New Britain, president of
the American Hardware Co., ]. H.
! WhittemOre. of Naugatuck; president
of the Bridgeport Malleable Iron
! Works, Lieut. Gov. R. S. Woodruff OF
! New Haven and others. Many OF
/ them hold policies for 100000, the
smallest amount carried being $45,'
600
A movement which can commend
the support of such men as those
mentioned must have something be-
hind II Worthy of attention. Had
the Mutual Life Insurance Company
of New York been managed with rea-
sonable prudence and honesty, it
would have paid the last twenty years
about 500 100000 more in dividends to
its policyhOlders than it has paid
said Secretary Fish. The loyal
agents. of the company are putting
forth every effort. but practically no
new business is beng written and
there can be no relief until confidence
! is restored by a new management.
! The same trustees who selected Nc
Curdv and other discredited officers,
driven from Office by public opinion,
still control the policy Of the COM
pany and the pOlicyholders money.
/ The board is practically unchanged
except that the most worthy trustees
! are resigning.
How do you propose to remedy
! this state of affairs?"
A Remedy Proposed.
There are thiTty-siX trustees" re-
piled Mr.. Fish, "Of which thirty-three
are of New York City. The policy
/ holders of other states and countries
are entitled to representation on the
board. This can be had by revoking
/ the proxies given to Messrs. McCurdy
and Granniss, by declining to give
new proxies to trustees Baker, Gerry
and Auchincross. and. finally, by vot-
! ing their proxies through DELEGATES
whom the pOlicvholders themselves
/ select to represent them at their an
nuaI meeting. The company is in
structing its representatW every
/ where to secure new proxies running
! for ten years, in the names of GEORGE
/ F. Baker. Elbridge +. Gerry and John
/ W. Auchinsloss, and claim that they
are entitled to receive the condolences
/ of every policvhoiier. AS a matter OF
/ fact, these men, as members Of the
board Of trustees are with others, d.
/ rectly responsible for the gross mis-
management Of the company. Mr..
! Baker has bean a member or the
board since 1879. and OF important