New-York tribune., 1906-05-03
POLICYHOLDERS TO RULE
MUTUAL WILL NOT B4LK.
President Peabody Ready 70 Step
Out IF Not Endorsed.

President Peabody OF the Mutual Life Insur-
arce Company said yesterday that the present
administration had no intention of obstructing
she efforts OF the policyholders 20 express their
opinions I'm the coming annual election. BE
said that he personally was ready 70 step down
and out If the policyholders decided in the elec-
zion that they did not wish him TO remain at the
head Of the company.
IAN the standing committees will be remod-
elled both as TO their personnel and their du-
ties" he said. ''The bylaws will provide that
thest committees shall be elected by the board" !"
rs there any intention to vest in the presi-
dent of the Mutual Life the extraordinary pow
ers which have been conferred upon President
Morton Of the Equitable Life by the new bylaws
that company has just adOpted?"
NO understand not. and, anyway, am not
a One-man-power president
.sThe international policyholders' committee
has sent 70 you letter asking you to supply to
Il one OF the printed copies Of your policyhold-
ers list to enable it TO work expeditiously in
the canvass preceding the annual election. Thus
lar Il has received no promise from either you
or Nlr Orr, OF the New York Life, that you viii
do so. Have you reached any decision as to
what you intend 20 do in respect 10 that?"
'T received no letter from the international
poIIcyhoiders' committee. I did receive letter
from Nrr. Untermyer. and acknowledged its re-
ceipt- But am not making any promises two
or three months ahead OF time. have no OBJ
lection 90 their having list OF our pOlicyhold-
ers They may have access TO the list by COM
ing 70 this Office or going 90 the Office Of the
State Superintendent OF Insurance"
But that is just what the pOlicyhOlders' COM
nittee wishes to avoid" Il was suggested. ut
wants 20 obtain 8rom you a list which IL may
have for the exclusive use OF its clerical force
in SITS correspondence with the pOlicyhOlders."
We'll IL that list is printed I haven't any OBJ
5ection TO any policyhOlder having copy OF IT.
Anybody can have a COPY as far as I am con-
cerned. viii not throw any Obstructions in the
way Of Mr.. Untermyer any one else. but
certainly shall not give such lists except TO par
ticular persons or associations. Everybody will
be treated alike. But, as I said before. I am
not making definite promises two three
months ahead"
ATr. Peabody was reminded that Senator Arm
strong had introduced an amendment TO the
new insurance law providing that the annual
elections Of the mutual insurance companies
be held on December 1S next, instead or on
November 15 He said:
L consider that a useful and wise amendment
am doubtful whether It would be possible to
get the policyholders lists ready by June 10
We are straining every nerve now to do II. We
have had as high one hundred men ana
women employed the work"
The new bylaws of the Mutual Life have been
framed by joint committee, composed OF Presi-
dent Peabody, Vice-President McClintock, Julien
T. Davies. William P. Dixon, Charles D. Diclkey,
William H. Truesdale and John ". Auchincloss.
They abolish the positions Of vice-president for
gnerly held by Robert A. Grannis and DR.. Wal
ter R. Gillette and reduce the powers and SAL
ary OF the treasurer who will be elected to sue
coed Frederic Cromwell It is reported that
CromwelYs place Mr.. Timson is now the as
Eistant treasurer.