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Show USIHG POLICY-HOLDERS1 Ceil 18 III ELECTIOB New President of New York Life Accused of Unwarranted Use of Funds. NEW YORK, March 19. Samuel Untcr-mycr, Untcr-mycr, counsel for tho International Policy-Holders' committee of the Now York Life Insurance company, today sent a letter to Alexander 13. Orr, president of the New York Life, protesting In the name of tho policy-holders against what he terms the extraordinary effort holng mado by the officers of the company to , obtain proxies for tho annual election to be held earlj In April. Mr Untennyer's letter explains tho objection ob-jection of the committee, and declares that no election tihould he held until legislation leg-islation affecting the Insuranco business Is passed. Addressing Mr. Orr. Mr. Unlermyer says that, as the representative of upward up-ward of 6000 policy-holders In the company, com-pany, he haa been Instructed to protest In their behalf "against th extraordinary uso being made by you, and your ofllccrs of tho agency force of the company, who arc being pressed Into the service of soliciting so-liciting proxies for tho re-election f yourself and associates as directors, at enormous expenae to the policy-holders. Whipping Agents Into Line. "I am Informed." the letter continues, "that within the past few days you sent out from your head olfico to your entire agency force throughout tho country telegrams tele-grams urging them to collect proxies. "I have before me one of a number of printed letters and circulars Issued from your head office, signed by the cashier of tho company with in accompanying form of proxy addressed to policy-holders, Inclosing a biography of each of the directors and officers whom you seek to re-elect, Including yourself. "This proxy Is to Messrs. John Clailln, Oscar S. Strauss and Clarence II. Mackay, of whom biographies aro also Inclosed, printed at the expense of tho policy-holders. Using Policy-Holders' Money. "If these documents have been sent to every policy-holder, the cost to the company com-pany of postage alone would bo about &J0.OC0, and the cost of printing as much , inore. How you justify such expenditures, expendi-tures, to say 'nothing of the manifest Impropriety Im-propriety of such action at this Juncture, I fall to understand, ' "These' documents are cohllng. to us in great numbers from Infuriated policyholders, policy-holders, with tho request that our com- , mlltoc take some nctlon to. prevent you thus wasting" the money of Uie policyholders policy-holders In the attempt to return yourself tt office." |