New-York tribune., 1906-06-28
GET TRUESpALE REPORT
Mutual Trustees Hare What Is
Called Final Document.

What It is believed will be the final report of
the Truesdale investigating committee OF the Mu-
| tua Life Insurance Company was submitted 10 ihe
trustees the company at the regular June meet
ing Yesterday President Pea body refused 70 make
| public the report the ground that he wanted to
give the trustees chance to digest it first
II is said that the report is n voluminous docu-
rlent dealing with the entire investigation OF the
affairs of the company including the revelations
brought out by the insurance grand jury. Presi-
dent Peabody, after the meeting, said that TO have
read the report before the board would have taken
from half an hour 10 an hour 1t was. therefore,
decided not to discuss il all. but TO have d
| printed copy TO each of the trustees. which he
/ could read at his leisure. Some accounts of the
meeting said that certain phases of the report were
taken up by the trustees. President Peabody said.
however. that the document would not be acted
on until the trustees met again. He might make
it public before that time, perhaps to-day. but he
refused to commit himself that.
The designations of Robert Oyphant, James G.
Holden and Charles E. Miller from the board of
trustees. handed in some time ago. were accepted.
These three comprised the old expenditures COM
mittee of the board, against whom suits have been
brought for an accounting and restitution of the
moneys alleged to have been msappropriated
through the o. ks of the committee. No other
designations We're received and no men were nomi-
mated for or elected to the board.
In reply to the letter of Samuel URtermyer
counsel of the International Pocyholders' Com
mttee. asking President Orr of the New York Life
for copy of the pocyholders' lists of that COM
pany. James II. Mcintosh, general solicitor, yes
terday a refusal of the request. Its
is follows:
This company will observe this law, both in the
spirit and letter. Less than this it has not and
never had the slightest disposition to do. and will
not do; more than this it has right to do
The reference is to the law requiring the mutual
companies To file lists of its policyholders with tho
State Superintendent of Insurance before
July Is. This is the law the passage of which the
company fought so hard at Albany. They stirf
hold that the law is mistake and contrary TO the
wishes of the policyhoders Mr.. Mcintosh writes:
To do more than comply with this law would
he as untustifabe as TO fall short of fully com
plying with it. For the law enforGes the dis
the consent of policyholders and against the will
tifying itself because it is so nominated in the
law The ground of justification however would
than the law requires
Mr.. Mcintosh quotes from the report of COM
mittee appointed % suggest changes in the insur-
ance laws in Massachusetts, which opposed the
making public of the names of policyhoders as
follows:
Such a publication would make it practicable
for INSCRIPTIONS men to put their agents the
boards for unworthy purposes. 1t would also sub
schent at 5he Suit Of dredtors who w par
sue every company in which their debtors in
sured, in the hope of finding policies not exempt
from taxation.
If the company should go outside of the law and
furnish list 10 Mr.. Untermyer. Mr. Mcintosh
CONTENDS. II would have to furnish a similar list
to any one applying and would not be able to draw
a line.
time is too short after July IS to the lists at
Albany, Mr.. Mcintosh refers to the amendment
the law proposed by the New York Life. which
would have made IL necessary for the mutual
panies to address and mail TO policyhOlders such
communications as should be given to them for
that purpose by any committee representing one
hundred policyholders. providing that the
communications were inclosed in envelopes and
stamped. Then he adds:
But you opposed this amendment You insisted
upon the law in its present form regardless of the
interests of the company the rights of the
pocyholders. You ought to be satisfied, therefore,
II this company strictly observes the law which you
favored
The date of the organization of the international
pOlcyholders' committee has been again changed,
to Thursday, July 12