The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1906-10-27

the Rights OF the Policy Holders.
The Washington policy holders in the
Mutual and New York Life Insurance
companies are now thoroughly aroused
as TO the importance OF the pending cleo
lions of members of the boards oil tTus-
ices Of the two companies. There are
several thousand of these policy holders
and the large majority of them are, IL
= learned. vOtiug for a change of man
agement The tactics employed by the
two companies and their agents. instead
Of securing support for the .administra-
ton tickets" have served only TO in
tensify the opposition.
AR. J. J. Darlington. the well-knowu
Washington lawyer. who is Il nominee for
trustee on the ticket of the international
policy holders committee. was asSeu yes
terGay by "A representative of this paper
whether he had seen the letter sent out
by Mr.. Siegel, indorsing the adminIstra-
ton ticket ia the insurance contest
Yes, I have seen a number of copies
of the letter" said Mr.. Darlington 1t
was apparently prepared by tie admin
istration, and is being circulated by IT
as campaign document"
What is the reply TO the inquiry Mr..
Sicgci makes as to the motive Of the
international policy holders movement
For Busincss-Iikc Administered ion-.
There has been no secrecy as TO the
motives Of the committee. They are
quite plainly stated by The Washington
Herald in its editorial Of Monday last.
namely. TO secure an economical, bust
ncsslike administration OF the affairs of
these two companies. conducted solely
i'm the interest OF the policy holders; 10
reduce the premium calls upon policy
holders TO the reasonable, actual cost
at the insurance; 10 make prompt and
1air returns to the policy holders OF such
share of the profits as they are en-
Titled 10 receive, and 20 see that their
funds arc invested legitimateiy and con
seryativeIy, Tor the exclusive benefit OF
The companies and their policy holders, SO
that all the profits thus earned shall be
theirs.
What interest have the nominees in
their election TO the position of trus-
tees2''
None whatever No trustee, if elected,
IS entitled 10 receive penny of com
ucnsatiOn for his services. nor can any
trustee legitimatcly earn. either directly
or indirectly. "a penny for his individual
benefit
-.'- re You able TO state positively that
neither the international policy holders
nominees nor the influences back Of them
viii profit by their election"
Il feel able 90 do 50 unhesitatiagly.'
said Mr. Darlington Il have conferred
personally with the international commit
Tee aud with the nominees on both tick
cts. and have satisfied myself beyond
question that there are no interests be-
hind the nominees except those of the
policy holders; thar none OF the nominees
are coUne"-ej with the operations of Wall
street, and thar they VIII have no in
terest, except as policy holders, in the
conduct u the companies business, or be
gu'd-d by any motives than those above
stated.
What can you say as to the motives
back of the administrations ticket
Wall street Influences.
several things. 10 the first place. Mr.
Siegel states that he knows these uomi-
uees personally, and then adds that the
question Of control is not one Of philan-
thropy-which statement seems 10 DC in
dorsed by the administration itself III
sending out his letter, The admmistra-
tiOn's nominees On the Mutual were named
by u committee Of which Mr.. II Il.
Rogers, the vice president and controlling
spirit Of the Standard OIL Company, was
chairman. The administration assures the
policy holders that il Is not spending
dollar Of Insurance money, or calling upon
any of the policy holders 20 contribute u
the expenses Of this campaign, which IS
immensely more expensive than that COLI
Quoted by the international committee.
Every agency throughout the country has
suspended work for the benefit OF the
companies, and the administration Is EN-
ploying not only its own agency forces,
hut other persons especially employed Tor
the purpose ] am reliably informed, ia
oanvassing among the policy holders for
proxies or ballots, no part of the expense
"f which campaign, the administration as
sures the policy holders and the public is
being paid for from the revenue of the
companies. only one Of two differences Is
POSSIBLE, namely, that the nominees on
these tickets. who cannot honestly OF ic-
ultimately gain dollars profit by being
elected, are defraying this enormous ex-
pcnse. which their sponsor Mr.. Siegel
says does not proceed from philautbropic
motives, or else that the Wall street in-
nuences which for so many years have
been allowed 10 manipulate the SSll.52S6y
belonging TO these two companies, besides
The SIP, 4SS.3 ISL belonging to the Equitable
arc supplying the administration campaign
fund"
What is the evidence that Wall street
has any connection with The matter?'
EntsngIinE Alliances.
''Tho Armstrong investigation demon
strated that tho chief cause of the mis-
management Of the companies was a too
intimate and changing alliance with
class Of promoters, bankers. brokers, and
spectators who made Wall street the
scene Of their activities Add 10 this
that the administration ticket of the Nu-
tual was nominated by Nh Henry Il.
Rogers; that within the past few DAYS
President Peabody has been m Chicago
openly in the interests OF Mr. L. IL
Hartman in the effort 10 secure control
of the Illinois Central, that the responsi-
hility for the SIS, 0oo,u09 ascertained to have
been lost through political contributions,
excessive salaries ana the like rests upon
the finance committee, four members OF
which arc administration candidate for
reelection. that the responsibility for un-
lawful commissions rests upon the agency
committee. all of whom are candidates
Tor reelection on the administration
ticket. that these losses and diversions
of funds could not have occurred except
through the concurrence or inetficiencv
of tie auditing committee. two OF whose
members are administration candidate