The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-07-10

Out OF this system have grown the eX-
trava gances and other abuses, some or
the particulars OF which were brought
out under legal pressure by the Arm
strong Investigating committee, The
self-appointed directors are still In con-
troll, and will remain in control directly
or through their own nominees, unless
you. as policy-holders. decide otherwise
by the exercise OF your right OF simple
ballot voting, which has been restored
by recently enacted law.
AT the last session OF the LeSisla-
ture Of the State of New York, the
state which issued the charters OF these
two companies, there was enacted u
law which gives TO policy-holders then
actual voting rights. The law strikes
at the very root of the evil 1t cancels
all previously issued proxies and pro-
vldes that any proxy given In advance
OF October Is. 1906. shall be void. 1t
fixes the date for the election of direc-
tors, II gives to the policy-holders the
privilege of nominating their own can
didatcs and the right of vote by ballot
as in ordinary elections, and to record
that vote by mail. We emphasize tho
fact that now is the only opportunity
for obtaining complete control Of your
properties at one election. as hereafter.
under the law, only one-half the drec-
tors can be chosen in any one year.
Must Perfect Organization.
To secure the benefit of such a law,
1t Is necessary that the l, zoo, 600 or more
policy-holders should organize into such
working force as TO secure harmony OF
action In the selection Of candidates for
directors. Associations OF policy-hold-
ers have been found in various parts
Of the United States and in foreign
countries, each Independent of the
other. These associations have united
in a rnn al 10 fn rf
with the entire body OF policy holders
In the selection of candidates for direc-
tors, thirty-siX for the Mutual Life and
twenty-four for the New York Life.
The foregoing and the grave
abuses Of trust that gave rise to such
legislation made necessary the organ
ization Of your committee. Neither
the committee nor its general counsel
will accept any compensation for their
services. Our nominees will be repre-
sentatives OF every section, as far as
possible, but under the law one-half
Of each board must be residents Of
the State Of New York.
1T will be no part Of the duty of
this committee further to investigate
the wrongs and abuses, some of which
have been exposed by the recent leg
islative investigation and by the IN
quisition Of the grand jury. which Is
still under way Within the brief time
which the Armstrong committee was
able to devote 10 that phase of their
investigation 1t was impossible for
them TO touch upon the administration
of the subsidiary banks and trust COM
panies or to go besond the mere sur
face Of the abuses which were uncov-
cred.
Suits to Recover Money.
Certain suits have been begun to
recover moneys claimed to have been
appropriated, wasted or lost. and 1t is
charged that other suits should be
commenced. The further investigation,
the prosecution of such suits as have
been begun, and the commencement Of
further suits. If any, for restitution,
will devolve upon the new manage
ment. Those matters will constitute
no part Of the duty of this committee.
1t Will rest with you to determine
whether such efforts to secure restitu-
ton can be prosecuted with greater
freedom and justice to you by the d.
rectors under whose administration the
acts were perpotrated. or directors
named by them, or by a new manage
ment which has had no connection
with and Is under no obligations to the
old officers.
When from the names which we
now invite you to submit to us for con-
sideration we have nominated candi-
dates for directors. we shall have dis
charged the responsibility resting upon
us. The election OF these candidates
will be entirely in your hands The
directors now in power have nom
mated or will nominate for each COM
pany weat is TO be known as the ad-
ministration ticket, the machinery of
which they now control through their
possession CT your property to defeat
your candidates and elect themselves
| or their nominees.
LAS your representatives I'm this