New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-14


100000 and President Paul Morton. of the
Equitable. $4,000
The action of the Mutual trustees was largely
cut and dried, owing to the appointment of g
nominating committee last week in which the
several alleged factions in the board of trustees
were represented. This committee was COM
posed of Elbridge T. Gerry, William H. Trues-
dale who has led in the movement for a gen
eral housekeeping; St1yvesant Fish, Dumont
Clarke and James y. Jarvie
There was much difference of opinion as to
the best man to steer the Mutual Life out of
the insurance storm which is raging about it
and other companies. Powerful Wall Street
interests were at work in opposing directions.
At one time and another seven men from differ
ent parts Of the country. including Leslie NJ
Shaw, Frederick Cromwell and Mr. Peabody,
were under discussion. Over Sunday the bal
ance fell in favor of M. Peabody and Wall
Street believes that the Standard Oil interests
were responsible for it. A. any rate, on Monday
the nominating committee buried their hatchets
and decided to present Mr.. ePabody's name
The board Of trustees mot at the NTu+1,sI ifa
Building at 1890 o'clock yesterday and the
resolutions OF the nominating committee were
read. George S. Bowdoin, of No % Wall-st.
who is director in the New-York Central Rail
road and a trustee of the New-York Life In
surance Company, Immediately moved its reso-
luton Tor new president and the thirty
trustees who were present so voted.
On motion Of Elbridge T. Gerry. that portion
of the resolution referring to relieving Mr.
Cromwell Of his duties as president pro tenn.
was adopted and the thanks Of the board ten
dered to him
The board then proceeded to act on the
vacancies caused by the resignation of
Elihu Root and Rufus w. Peckham. by nom
mating Charles A. Peabody and Emory NcCln-
took Both Of the nominations under the bylaws
went over for action until the next meeting of
the board.
After the meeting the members of the board
left the building, refusing to discuss the action
taken Mr.. Cromwell had nothing to say except
that he would continue housekeeping until the
first of the year.
When seen yesterday afternoon at his law
office, No 2 Wall-st., Mr.. Peabody said that he
expected to accept his election as president of
the Mutual Life when he received word that he
was elected.
"You can say for me that will be independent
in my administration of the affairs of the COM
pany." he said Il will not be in the hands Of
any faction If factions exist. It is too early for
me to say what I will do. what measures I will
take. 1 really know nothing about the affairs of
the company, and I might better ask YOU men
Of the press what should be done than to try to
tell YOU"
Mr. Peabody was in good humor declaring
that 1t was novelty to be interviewed. as his
life work up to the present time had been almost
entirely In the courts. except for brief service
as Assemblyman from q New-York district He
said that he was satisfied with the salary Of
$4,000, and that the work of the Mutual should
have all his time and attention.
It is not believed that the election of Mr. Pea
body will put any brakes the work of the
Truesdale housecleaning committee. In fact,
the board has already passed resolution that
this operation was not to be interfered with no
matter who was elected. This resolution, 1t is
said, was insisted by the reform faction
headed by Mr.. Truesdale.
Mr.. Peabody, in a circular letter to the policy
holders OF the Mutual Life Insurance Company
Of New-York dated December 13. 1905, says:
I have this Gay been appointed to be president !
d the Mutual Life Insurance Company of New
directly with the poIicyhoIders of the
administered No privafe interest dontrois this
company, and I enter upon the discharge of my |
iuties as the representative solely of the policy
holders, chosen unanimously by their elected rep |
,esentatiyes' the board of trustees. The new adj
ninistratlon STANDS pledged to economy to lawful
Methods and to reform Of existing abuses. Much |
pledges. and all viii be done that is necessary to
ully redeem them The board of trustees is har- |
oany possesses financial resources far beyond it's |
liabilities Lapse and surrender of policies mean |
ears Of thrift: Polcyholders urged TO
inue their policies in the company, and not to |
withdraw from it ask Of our constituents that |
hey will give me and the board Of trustees fair |
rial and judge US not in advance but by results !
I take the Office conferred |
With a full sense Of the sacred nature of its |
ana of the obligations l owe to those
Who intrust to the officers and trustees of this |
ompany provision for widowhood and orphan
ge. CHARLES A PEABODY.
Charles Augustus Peabody born in Manhat-
an April II, 1885, and has lived elsewhere.
Is father was the well known lawyer Of the same
,anne a native OF New-Hampshire. and was gradu-
ted from the Harvard Law School back in the SVs
Mr. Peabody was prepared for college at the
,olurnpia Grammar School and entered Columbia
With the class Of $50. He YVES most active
,ndergraduate being captain OF his class base
all team and president Of the Columbia College
thletic Association, the first organization OF its
ind in an American college. He was an officer
the velocpede Club of which William A. Duer
vas president and Brander Matthews treasurer
"a was member Of Sigma Tau and grand mar
hal Of his class day celebration. He took part
!, the meetings of the Philoexian Literary Society
m was a member of Delta Psi fraternity. AFTER
in 1869 with the degree of A B. he
oot the Masters degree. and after two years
t,,5v I'm the Columbia Law School he received the
agree OF LII D. He a member OF the
1,roni committee OF fifty, which had charge OF
he details of removing Columbia to It's ne" quar-
ers on Morningside Heights.
Mr. Peabody has practised law in this city since
g admission the bar In 1871, Of late IN partner
hin with Fisher A Baker. the brother OF c'eoise