The news-democrat. (Providence, R.I.) 1906-1909, 1906-08-18
POL|CYHOLDERS
GET AF TER THE
NEW YORK LIFE

New York, Aug. 1s.-The international
pollcyholders' committee got after the
management OF the New York Life In
surance Company yesterday for it's cam
paign work TO eject its administration
ticket.
The committee has received copies OF an
Endorsement blank which the New York
Life Is having It's agents circulate, with
the object OF ascertainng how Its poll
cyholders will vote and TO pledge as many
OF them as possible to the administration
ticket
The blank. which has been sent out
from the home office to the 1000 or l5,-
600 agents. reads:
ITO Whom II May Concern:
I'VE, the undersigned policyholders OF
the New York Life Insurance Company,
indorse the administration ticket put up
by the company for election OF trustees
To be held this coming fall and will vote
that ticket and recommend TO all policy
holders TO do the same in their own In
terest"
Then follow places for signatures with
the addresses and the kind of business
I'm which each sgner Is engaged.
II was asserted az the interna tional pol
icyholders' committee rooms today that
this work OF soliciting Endorsements is
being carried out at vast expense CON
sidering the value OF the services In the
matter OF time alone OF the 1000 or more
agents; that these agents were neglect
ing the proper business OF the company
20 go into an election game; that the
money OF the policyhoders was being
used against their interests
A formal letter OF protest has been sent
20 the New York Life against the use
OF the company's money for campaign
purposes and against the use OF the agent
OF the company .for such work. II was
also asserted at the office OF the policy
holders committee that the Mutual Life
Is sending out similar blanks 10 its agents.
No letter OF protest has been sent as
yet to the Mutual Life. The interna-
tional committee has addressed several
protests 10 the Mutual LIES officers on
various things without much result other
than n war OF words. and II was prob
ably felt that there was no need or hurry
in sending in another document OF that
kind.
The legal department OF the Mutual Life
made public today the fact that II had
served the complaints I'm the suits brought
against Robert Olyphant. James c. Hol-
den, Charles T.. Miller and the estate OF
Jacob n. Herrick. oil OF whom were
former members OF the expenditures conf
mttee OF the company.
The company asks that the defendants
dog fund. The complaint asserts that
while these men were members OF the ex-
pendituros committee large sums OF
money were taken from the treasury for
the maintenance OF what was known tech
nically as the confidential fund. hut which
has come TO be knnwn as the yellow
dog" fund 20 be expended secretly and
not for any proper purpose OF the COM
pany's interests
II charges that the chairman OF the
committee signed certain vouchers, got
the other members OF the committee 10
approve them. and then got n signature
OF one OF the vice-presidents of the COM
pany. and In that way obtained control
OF n vast sum.
The amount OF the vouchers named In
the complaint Is 1927 600. but that ls n
! small proportion OF the sums demanded
/ Of the defendants. who. u ls asserted. ex-
\ pended several millions for secret pur-
poses