Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-07-10

alton we nave nominated candidates
for directors, we shall have discharged
the responsibility resting upon US The
election of these candidates will be en-
tirely in your hands. The directors now
in power have nominated or will nomi-
nate for each company what is to be
known as the administra ton ticket, the
machinery of which they now control
through their possession of your prop
elty, to defeat your candidates and elect
themselves or their nominees.
AS your representatives in this cam
paign we advise you to dis1 egard the
influence which will be brought to
bear upon you by the local paid agents
and to exercise in this as IN any other
election, your own independent and in
dividual judgment in the choice OF the
man who shall from this time forward
act as the trustee of your Insurance
savings.
III you az a policyholders will intel
ligently exercise this personal choice
and do what ynu can to so instruct
your immediate friends who are policy
holders so that they shall not be misled
by the efforts of paid agents, the sue
cess Of this campaign in your interest
| is assured.
1T is not the purpose of this move
ment to disturb the actual working Or
CARNATIONS of these two companies ex-
cent 50 far as it may be necessary TO
correct the abuses which ara the direct
result of mismanagemcnt at the execu-
| tive centerS.
1T will be no part of the duty OF
| this committee further to investigate
| the wrongs and abuse, some of which
have been exposed by the recent leg
| islative investigation and by the inqui-
| sitiOn Of the grand jury which is still
| under way. Within the brief time that
| the Armstrong committee was able TO
devote TO that phase of their inVestiga-
| lions, it was possible for them to louch
| upon the administration of the subsid-
jary hanks and trust companies or TO
go beyond the mere surface OF the
| abuses which We're uncovered.
| Certain suits have been begun to
| recover moneys claimed to have becli
misappropriated, wasted or lost and IT
| it charged that other suits should he
| commenced. The further investigation.
| the prosecution of such suits as nave
| been begun and the commencement OF
further suits, if any, for restitution,
ment These matters will constitute no
mart Of the duty Of this committee. Ill
| will rest with you to determine whether
such Investigations and efforts to Sc
cure restitution can be prosecuted WIN
greater freedom and justice to you bJ
the dire ctOrs under whose admlnlSlra-
lions the acts We're perpetrated ana
| suffered or directors named by them
or by a new management which mas
had no connection with and is under
no obligations to the old officers
"A committee of finance viii have
charge of all receipts and expenditures
and will see that all contributions re-
cpived from policyho,ders are eXpend-
Cd in their interests. At the compile
ton of the campaign detailed expense
. report will be rendered.
| grinder these conditions and IN the
full belief that this movement IS che
Of the most important which has ever
been instituted in this country, your
! committee feels free to urge you as a
nolicyhCldcr to forward to the secre-
tarv such voluntary contributors
from 81 upward as you may consider
it your privilege to make.
"Should the pclicyhollers give express
|
fee will endeavor to form a permanent
noIicvholders' organization which shall
have the following among its objects:
"(a)-'To maintain a vigilant SuperVlS-
ION Of the conduct of the business of
the companies and to make an indie
!; nendent audit of their books through
accountants employed by the assocla-
| ton.
| IT. "a animal
tion among the policyholders OF the
dividends to which they are entitled and
TO prevent as far as possible the UNDUE
increase of the vast ACCOMMODATIONS
. which are the prolific source OF temp
tation to acknowledgement and waste.
, "O)-To furnish the beneticiaries OF
the policies which mature by death OF
otherwise, Il means OF aSCeftaiHihe
whether the sum that is being o1ereo
hy the company is the full amount &c
which the beneficiarcS are justly en-
= tilted. Under past AMI present cohdl-
= lions the bcncficiares must take Wha'
I, is offered and have n" practical re-
: dress or way of ascertaining what l:
due them.
/ "(D-To prevent the payment TO tht
, | officers of the companies of eXorpltan
: salaries, the use of the companies 1uid
e for political purposes and in the cor
. rurtion Of legislative bodies.
] "(c)-To see to it that the $33.00O ,o0
II or Whereabouts. of stocks of banks ant
$ trust companies which the companie
are REQUIRED to sell within five year
| are DISPOSED Of to the best advantage
q Of the policyholders.
SOTO advise you from time u
: time concerning the candidates Tor Oh
c rectOrS that are presented LOT erection
f by the administration. and II heccS
: sary to nominate opposing candidate
$ and to endeaVor to restrict the opera
v lions of the companies to the leSltiinat
|. SCOPE of the insurance business.
S THE Legislature Of New YORK a1te
n thorough investigation, followed py 'ti
|. most startling exposures OF the meli
: DDS of tie officers and directors Iii III
s conduct of the affairs of your compali
II les, IL substance and effect mas declare'
|. these directors to be unfaithiul trustee
g of the great interests comhi'ttu
i their charge, has legislated them on
| hu