New-York tribune., 1907-12-27
MUTUAL RESERVE HIT.
Pohcyholders Get Temporary Re
straining Order-Ihe Outlook.

The polcyholders of the Mutual Reserve Life In
surance Company gained a victory yesterday, when
Judge Ward, Of the United States Circuit Court
handed down opinion restraining PRESIDENT
Haynes and other officials of the company from
voting certain proxies in their possession to change
certain bylaws of the company for thirty days
William Hepburn Russell, OF counsel for the policy
holders said last night that he was satisfied with
the decision. II believe that it Will give US sum-
cient opportunity" he said ito lay the matter
properly before the policyholders Of this company
and that Is all ask In concluding his opinion
Judge Ward said:
The restraining order heretofore granted is con-
tinued until an order be prepared and entered re-
quiring the respondent to mail to It's members at
least thirty days before the date Of adjourned
meeting a notice that the meeting called for De-
cernber 10 has been adjourned to the date dxed as
aforesaid. because the notice originally given was.
in the opinion OF the court, too short to AFFORD An
opportunity for sufficient deliberation especially
with reference to amendment of Sections and
of Article of the bylaws with reference to liens
Heretofore imposed on the assessment policies
Mr Russell counsel for the policyholders. yester-
day received the following letter from Amos NJ
Morgan a policyhoIder of Bethany. Mo-:
1 want to say aword in reference 70 the way they
ago 1 took out a policy of 5000 in the Chicago
Benevolent ASSOCIATION and carried Z gn5ll saeY
Association, Then they sold out 4 to the Mutual "a,
would only give me ST. 0oO so after fussing and
policy. So / cancelled my old policy and they sent
me one n of theirs sss Tns were muoh
About year ago got letter from the secre-
taIy Camp that 4 had 7 better , take out as am NEW
founded thunderstruck- 4 was very poorly. yet
me. II don't know what to advise" i wrote 70
them and tried to get an p OF wnar nsa
So made UP my mind to do their bidding. a.
7 wrote a bitter letter. what might be called
bitter letter from an elder H. IL the presnyteris nan
other policy and sending it TO them I paid them
nearly 500 in assessments in , sexsn years c ana n
s6 81. in February and august last and d IN n Fe6gu
more win have paid out si5 and my policy only
s27 So I will be the gamer Of slss to quit it now
assessments I paid about $50 year for fifteen
years in my first company about s4s year IN En- my
year in the Mutual Reserve for seven wears. So "
old cripple nearly seventy-fve years old Willis
insurance is a great blessing and benefit to many
it has had the reverse effect on me-
Mr. Russell made the following statement last
night:
In response to the inquiries from Judge Hatch.
counsel for the Mutual Reserve as 70 & wnst me sne
controlling proxies are sent to it and what Its pol
ts tfs S1 sommttee 9 ~ at New Orleans that vii sdvs
that the following Representations be made TO pol
mittee will pursue to be sent out by circular IA
connection with the notice OF the adjourned meet
First-The policyholders' committee. IL they have
sufficient proxies TO do so. VIII vote against ana
defeat the adoption Of the proposed amendments to
the bylaws
Second-They will recommend to the management
and Join with the management IN the selection OF
a competent and impartial board OF auditors. with
high class actuary adviser to examine into the
affairs of the company. ascertain the trIIo status
and condition OF each policyholder and policy and
when ascertained, Immediately report the same =
each member with specific figures showing the ex-
act standing of the accounts of the company with
each policyholder. and the exact amounts charges
against his policy as lien on the books OF the
company at present
Third-That If. the result of such examination
II seems to said examining board possible TO suS
gest plan by which an abatement can be made N
the amount policies as to make good any m
nairuent deficiency that may exist In the assets
of the company. then this course snaA De recorn-
uended for adoption to the members.
Fourth-That the continuance in the manage
nenr of the company of George d. Esldrtdge as It's
actuary and for a long time past It's controLinH
spirit must be brought to an end ana tnaI ,ne
noIicyhoIders. through their committee, snau pc
entitled to name such members OF the board OK
trustees OF the company under all the circur,-
stances be fair. proportionate representauon
for the poicyholderS represented oy the commit
tee and the persons named shall. at the coming
election in April, be chosen directors OF tne COM