Arizona republican., 1906-07-10

Of the policyholders and came under
 the absolute domination of a few exc
 cutive officers. Out of this system
 have grown the extravagances and
 other abuses, some of the particulars
 of which have been brought out under
 legal pressure by the Armstrong in
 vestigating committee. The self-ap-
 pointed directors are still in control
 and will remain in control directly or
 through their own nominees, unless
 you as pOlicyhOlders decide otherwise
 by the exercises of your own right of
 simple ballot voting which has been
 resorted to by the recently enacted
 law.
 ''Five-At the last session Of the leg islature of the state of New York, the state which issued the charters of these
 two companies, there was enacted a
 law which gives to policyholders their
 actual voting rights. The law strikes
 at the very root of the evil. It cancels
 all previously issued proxies and pro-
 vides that any proxy given in advance
 of October 1S 1906, shall be void It
 fixes the date for the election of di- , rectors. It gives to the policyholders the privilege of nominating their own
 candidates and the right of vote by ballot as in ordinary elections and to record that vote by mail. We empha- size the fact that now is the only op- pOrtunity for obtaining complete con- trol of your properties at one election, as hereafter, under the law, only one half the directors can be chosen in any one year.
 'SiX-TO secure the benefit of such law it is necessary that the 200, 900 or more pOlicyhoIders should organize into such working force as to secure ! 9 n in, ,f candidates for directors. Associations 1 of pOicyhOIders have been formed in various parts of the United States and in foreign countries, each independent of the others. These associations have
 united in an appeal to your committee to act with the entire body of policy holders in the selection of candidates for directors, thirty-six for the Mutual Life and twenty-fouT for the New York Lie
 The foregoing and the grave abuses of trust that gave rise to such legisla- | ton made necessary the organization or | your committee. Neither the commit 1 tee nor it's general counsel will accept i any compensation for their services. l Our nominees will be representatives 1 of every section as far as possible, but under the law one-half of each board
 must be residents of the state of New 1 York
 r Certain suits have been begun to i recover moneys claimed to have been | misapprOpriated, wasted or lost and it i is charged that other suits should be i commenced. The further Investigation, | the prosecution of such suits as have ! been begun, and the commencement of further suits if any, for restitution, will 1 devolve upon the new infringement. | Those matters will constitute no part
 of the duty of this committee.
 i Tt is not the purpose or this move ment to disturb the actual working l organizations of these two companies l except SO far as it may be necessary to correct abuses which are the direct result of mismanagement at the exec lutive centers. The expense of this | campaign must be borne by the policy holders. It costs over $5OOO to place a circular in the hands of all policy
 holders.
 "A committe of finance will have charge of all receipts and exp enditures and will see that all contributions re- ! ceived from policyholders are expended in their interest. At completion of the campaign a detailed expense report will be rendered.
 ' Under these conditions and in the