The sun., 1905-11-12
MUTUAL 'SSELF. INVESTIGATION
APPOINTED TO GO
INTO BUSINESS DETAILS.

They VIII Call on All Subsidiary Companies
to Produce Books and Records and
VIII Also Examine Into All SyndIcates
No Light Yet Thrown on Fields.
The Mutual Life Insurance Conpany's
self-investigating COMMITTEES has chosen
James B. Dill as its counsel. The plans
for the committees work were made public
yesterday in a resolution empowering
Haskins & Sells, the committees expert
accountants, with authority to enter the
Mutuals Offices and go through its books
and records.
| The accountants are empowered to make
complete audit Of the company's accounts
| for the two years ending December 81 ,
! 1905, including a verifcation in detail of
the company's assets and liabilities. They
are instructed also to examine into the
| company's affairs for the present year up
to the latest date practicable, and to ap-
point capable appraisers to go over the
company's real estate and other property
owned by the Mutual or held as collateral
for loans.
The accountants are authorized further
to make a complete examination into the
companvs other investments, determining
under which they were made. They are
empowered too, to make an examination
into the company's income and expenses
for the year 1904, giving not only state
ment Of the ratio Of expenses TO income
but also the cost Of handling the old bust
ness and of procuring the new
The investigating committee instructs
the accountants further to examine into
hA al tl
and its trust companies. banks and other
subsidiary institutions, and to ascertain
what the relations of the Mutual officers
trustees. employees or agents have been to
these companies as stockholders or other
wise. The resolutions give the accountants
the unusual power to call upon these sub
sidiary companies for all books. records
and accounts necessary or proper to COM
plete their understanding Of the existing
relations The Mutual Life has no authority
in law to examine the books of its subsidiary
but the fact that the committee
is going to call upon these companies to
produce their books. if deeme necessary.
indicates, it was said yesterday the spirit |
with which the investigators are going at |
their work. The accountants are instructed |
to 60 thoroughly into all the company's !
anu lHlO UDe par
ticipations in them of any officers, trustees
or EMPLOYEES. 1t is authorized to report /
on the methods of keeping of the COM
pany's accounts and records, to examine
into the organization and administration
Of the company's affairs and to suggest in
what ways the present organ iZation and
administration and the present system Of
accounting may be improved. The ac-
countantts are authorized further to call
before them any or all officers of the com
pany and to examine them in regard to
matters bearing on the investigation
The committee, which is composed of
William H, Truesdale, John, w. Auchincloss
and Stuyvesant Fish, has spent more than
two weeks perfecting the plans for the
that the work would be pushed along with
out delay. 1t will pro- ably he a matter
Of several months tefore the committee
will be in a position to make public the
results CT their examination. Whether the
committee will make a demand on the
management of the Mutual to summon
A. c. Fields, the Mutual's superintendent of
supplies and legislative supervisor, tack to
explain the conduct of his department to
he legislative investigating committee
has not been learned yet but it is known
hat at least one memter Of the Mutuals
is strongly in favor Of making
call upon President McCurdy either to
produce, Fields or satisfy the State investi-
gators that he is really too i'll to appear as
/ witness by disclosing his present where
bouts and condition.
1t was said yesterday that the legislative
committee has run on to another batch of
,ouchers for payments made in the supply
under Fields's supervision Sew
ral Of the vouchers already brought out
AVE not heen explained and to all appear
noes never will be explained until Fields
limself is in the witness chair 1t was
aid that Matthew c. Fleming; associate
ounsel to the legislative committee, and
senator Armstrong, the chairman of the
were both in the Mutual build
ng yesterday looking up matters connected
With these new vouchers.