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

TO bear upon you by the local paid
agents and to exercise in this, as In
any other election. your own independ-
ent and individual judgment In the
choice Of the man who shall from this
time forward act as the trustee or
your insurance savings.
IF you, as policy-holder, VIII intel
ligently exercise this personal choice
and do what you can to so instruct
your Immediate friends who are policy
holders that they shall not be mis-
LED by the efforts OF paid agents. the
success OF this campaign In your in
tercst Is assured.
1T is not the purpose of this move
mcnt to disturb the actual working or
ganizations Of these two companies, eN-
cept SO for as 1t may be necessary to
correct the abuses which are the direct
result Of mismanagementa at the execu-
tive centers.
The expense of this campaign must
be borne by the policy-holders. 1t
costs over s50, 900 to place a circular in
the hands of all poicy-holders.
"A committee of finance VIII have
charge OF all receipts and expenditures
and Will see that all contributions re-
ceived from policy-holders are expended
III their interest, AT the completion of
the campaign a detailed expense report
Will be rendered.
Asks Contributions.
Under these conditions, and I'm the
full belief that this movement Is ono
OF the most important which has ever
been instituted in this country, your
committee feels free to urge you as
policy-holder to forward to the secre-
tary such voluntary contribution Qrom
81 upwardD as you may consider 1t
your privilege to make.
should tho policy-holder give express
2i(n 70 Hl1ch dnairp this
Will endeaVor to form a permanent
policy-holders' organization, which Will
have the following for its objects:
'A,-To maintain q vigilant supervi-
sion OF the conduct of the business of
the companies and to make an inde-
pendent audit of their books through
chartered accountants employed by tho
organization.
B.-To require the annual distribu-
tion among the policyholders of tbs
dividends TO which they are entitled
and to prevent as far as possible the
undue increase of the vast accumula-
tions which are the prolific sources OF
temptation to mismanag and
waste.
"C.-To furnish the benefciarIes OF
| the policies which mature by death or
| otherwise, a means OF aScertalning
| whether the sum that Is being offered
by the company Is the full amount to
! which the benef1claries are entitled. or
| whether they must take what is offered
and have no practical redress or way
OF ascertainlng what is due them.
Would Check Extravaganza.
"D.-To prevent the payment to the
| officers of the companies of eXorbltant
| salaries, the use OF the company's
! funds for political purposes and In the
| corruption of legislative bodies.
'E--TO see to it that the S33 600 600.
| or thereabouts, Of stocks OF banks and
| trust companies which the companies
are required to sell within five years
are disposed OF to the best advantage
| of the policy-holders.
| ITO advise you from time to time
| concerning the candidates for directors
| that are presented for election by the
| admlnistrati ton. and, II necessary TO
nominate opposing candidates and to
| endeavor to restrict the operations OF
| the companies to the legitimate scope
| OF the insurance business.
THE Legislature Of New York, after
| thorough investigation, followed by the
most startling exposures OF the meth
| DDS Of the officers and directors in the
| conduct of the affairs of your compa-
| MES. in substance and effect has de-
clared these directors to be unfaith-
| full trustees Of the great interests
committed 10 their charge, has legis-
4
upon the policy-holders to choose new
| directors.
The nominations for new directors
| by this committee will in due time be
submitted to the polcy-holders'
1t was decided that when the COM
| mIttee adjourned 1t would be at the
| call Of the chair. which was empow-
| cred TO call q meeting any time after
| ten days notice. The immediate work
| TO be done Will devolve on the execu-
tive committee, which is expected to
| hold frequent meetings In New York,
| Philadelphia and elsewhere. The com
| mittee has until September 18th to file
the names for directors to be voted for
| by the policy holders. The administra-
! tions Of the two companies are required
| by law to file their nominations, with
| a list OF policy holders. before July 18
| The voting Will continue from October
IS until December IS, when the polls
| will close.