Show TIN Or Organization to l of Great Importance I tan tance e Formed in ill New York t r RICHARD OLNEY LEADER Im I'm POM C of or 4 Is 10 lo Unable 1 1 of or Mutual II Ce Com Companies l. l to 11 iI O Vote on tin Directors New York July 9 One One of or the tile most distinguished bodies of men over I CI gath gather er erell cred eil to together under ono ono roof albeit not lInt much In point of If numbers met Illet Ii in hi the Astoria Waldorf-Astoria Astoria hotel today for foi or the ilie purpose of organizing the International Policy Holders association an organization tha that has for fOl Its Is avowed object the tile from flom the thc helm Held of or Insurance of every person per who has OY e been responsible either directly or SI in in- in directly for Cor the abuses in tile the insurance Insl ance field and the Iho substitution there for COl In tile boards and executive of the big Insurance companies or oJ mc men pledged cd to lo carry cairy an on ill tho the affairs of those mammoth corporations to the c Interest of the policy holder alone alon hlo tho time today loday alms primarily pu- pu marily mally to secure control of the hoards boards of directors of or the tho New York Life and Mutual Life Lie Insurance companies companie al nt the Iho coming coining elections the first t fl-t to be held under the Ar Armstrong law Jaw passed by hy the tile last legislature thC they will wi later their scope and go o after the theother theother other companies Il It I had been expected expect expect- c ed that Judge e George Geore Gr Gray Cray of ot Delaware Dela Dela- ware a member of the tho federal Judiciary Judici c- c ar ary would be lIe elected circLed chairman of the committee at Its Is toda today but hul J ho el decided that he lie could COUl not give the Ow lo to the thc position H ifon and another can can- n- n was selected Olney for ft Im The Tue officers elected at the InitialS initial S meeting hireling this tills afternoon were were- Richard ll Olney of Massachusetts Jas chairman Governor J J. J Frank Hanly of I Indiana vice chairman halman Former Judge Alton Alon B B. B Parl Parker er of f New Ne' York Governor J. J II 11 I. I Johnson Johnsn of f Minnesota Charles Emory of Pennsylvania Gr Governor S.W. S. S j. j S W. W of Pennsylvania Governor Henry Roberts of Connect Connect- spit A A. A M. M r Shook of Tennessee Tennesee I II W. W of oC Illinois executive com committee 1 i tee Finance committee Thomas B. B B el of or f Pennsylvania F F. W V. V. V hals of St. St Louis Lotus Samuel Newhouse c of Salt Lake Utah Ulah Chief counsel Samuel of oC N Ne N Av York Secretary S Seymour mour Eaton of C New NewYork York I i Manager G. G R. R of oC New ew S 'S York S. S The policy holders adopted an ad address address ad- ad ac- ac dress s to lo the Iho policy holders hollers of thc he New NewYork ew I York ork Life Lifo Insurance and the 2 fo Insurance company which is in part t. Jut as follows i Purpose of Or At th the tho request of or policy holders and committees representing policyholders policy policy- 1101 t. t holders in your our companies Ii In the lie 43 t United States Stales a and amid 11 foreign countries Iho tho undersigned have consented to act acta's a a a's as aa a committee lo to represent your OUI Interests in interests interests In- In under the name of oC the tho international inter inter- national Policy Holder committee and ane herewith submit for your OUI consideration consid the following statement of acts These two Insurance companies are ar mutual companies that is Js to lo say the they ae are owned h 1 by their ther hold policy hold ers s. The enormous accumulated CIS as- as lets of over o cr mo represent the premiums that you ou have hae as policyholders policyholders policy policy- holders paid The law Jaw requires thai lInt the policyholders policy policy- holders of a mutual company compan shall elect from am among themselves directors who Vile shall shail be he responsible on to all nh al policyholders policy policy- holders for the time Intelligent and amid anc faith falth- management ful-management of the tw company's affairs af af- af- af fairs fairs In the tho actual voting as the lie law formerly stood it was practically un- un PoSsible ihle for fOl the policy holders holders scat- scat throughout holt the world to lo vote vole In 1905 after lie Iho 1915 even agitation began hegan heran he- he gan ran there were 2528 votes cast mainly main main- ly Jr proxies in Iho tho two companies out nut I rf holders a a total of or over 1 policy policy- Proxies i 1 U. U Up It I nl gradually became a f recognized custom among the thc s to secure e e through a agents proxies made out nut to tho the president or 01 some other of oC he company upon UI he I delivery of the lie p J In this wa way the voting power waw grad gradually ly transferred fio from in I the I e policy holders to lo a few of or the executive tive centered in II New York At Al the list last session i of if the lie Je legis legis- ls- ls S lature lattire of the tho state stale of New lew York the the stale thai lint Issued the charters of these two companies there was as enacted a a. law thai lint gives to policy holders holdel's their heir actual voting rights right The law Jaw strikes r at the very fry toot root of the lie evils evIl complained com corn of U II I cancels all al previously Issued proxies and provides plo that thal an any proxy given In advance of October 18 IS 1 1905 Of shall hal be le void II It I fixes the tue late dale lor Jm the Iho election of or directors Jt It l gives to the policy holders hollers th tho privilege of or nominating their thel own cand candidates and the thc Ji right ht to vote ste Ote h by ballot as aN in ordinary ordiS S m nary ry elections and tC to to record that thal vote ute I h by m mall l. l We e e emphasize the thc fact that io now Jow is Js g the time only opportunity for fU obtaining oh- oh complete control of If f your Our prop prop- eI te at ono one election as hereafter under till the 1 law a. only half one the tho di- di 11 4 S z J can cn be ie chosen in any one ope Ole year f I of or Organisation To 0 secure tile the benefit of oC such uch law Jaw It H is 15 ls nc necessary ary that the or more more policy holders should organize Into hio such working force as us to secure cule harmony harmon or action acton In tho the selection of off f- f candidates m for Cor directors When hen from flom tho the names that lint W we vc noI now no I invite you ou lo to to lo us Ug for consi lk l fr k a I lot ve VC we have nominated candidates iS lor fl directors we shall have discharged the lie te 1 resting upon pon us UH TheaL Tho The aL election electon of these candidates will wi bo ho in iii your our hands As At your your- your rep rep- r cH I In this campaign we wo ad adt advise advise ad- ad vise be you oti Ol to 0 fr disregard rc ard the tho influence I hat nal will vIll wl be i In bought ought to beat upon you u 1 by the local 11 paid agents and to exer- exer t r in this a as at In other OUN matters your OUI Independent and Individual al Judgment i in Iii tho the choirs choice of tC men mer who shall hal from t this time forward act cl us as trustees 0 of your hu Insurance savings I. I J O of Campaign It I Is not nol the purpose of or this ibis move move- o m J nt to lo disturb the actual working of these e two to compan companies lee except so o far as It I may bo be necessary lisp to lo correct the abuses that are re the i direct result of oC mismanagement at atit atlie l ie le executive centers conters t The Tho expense c of this campaign must it be he borne borno h by tho the policy holder It I V.- V. l c costs cosh over o cr to place a n circular In iii tho th- hands of the tho policy I Committee on finance will wi have I char charge o of oC all ni receipts and expenditures expendi turns tures and see Hee that lint contributions J ic from frunt policy holders aro are expended ex ex- In their Interest At Al the thu th conclusion conclusion con con- elusion of the campaign a detailed ex- ex penso account will wi be rendered Should the policy holders give gl e ox- ox to such a a desire this com corn will wi endeavor to lo form Corm a 0 perma vernia- h bent nl policy holders organization aton Tin Tho nominations 0 of en fo for fOI directors will wl be made madu as soon as pos pos- bible and a list of the names nales sent to every ery e member of this association |