New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-27
INSURANCE HEADSMEET
Il SECRET CONFERENCE.
Peabody, Orr, Morton and Dryden
Go OUer Situation.

An important conference or insurance mat
ters was held yesterday afternoon at the office
of Paul Morton, president of the Equitable Life
Assurance Society, in which the presidents and
actuaries of the Equitable the Mutual and New
York Life Insurance companies, the Prudential
Insurance Company of America and possibly
other companies took part The meeting was in
tended to be a secret one. and those who at
tended agreed to give out statement
garding the discussion. An effort was made
first to deny that such conference was being
held. and when that failed. TO belittle it's i'm
portance by declaring that It was just an in
formal gathering.
President Charles A. Peabody of the Mutual
and his actuary. Emory McClintock were the
first to reach Mr.. Morton's office after the
luncheon hour Then came Vice-President Buck
ner of the New-York Life and that companys
actuary Rufus a. Weeks It was understood
that Vice President Buckner represented Presi-
dent Alexander E. Orr, who is not a practical
life insurance man. When United States Sem
ator John F. Dryden, president of the Pruden-
tiaI, appeared, the real Importance Of the con-
ference was realized. Actuary vancise and Sec
ond vice-President Tarben. of the Equitable,
Joined the other officials. and several hours were
spent in discussion.
''Sinlply talking over the weather" said one
of the officials as he left the meeting room.
You may say we talked over the latest piece
of hction' answered another.
'.Ey that do you refer TO the Armstrong insur-
aace repo-rs.' askei Tribune reporter.
Nothing to say said the ofncial. hurrying
away.
Messrs. Pea body and Morton refused to discuss
the conference. Mr. Morton. indeed. was not
quite sure whether or not there had been a
compromise.
It is learned on good authority, however, that
the officials went over the entire insurance situa-
tion. They discussed the matter of Limitation
of business if the Armstrong recommendations
get a permanent place on the statute books.
The question of policy forms also came up and
the actuaries were consulted on the matter of
standard premiums under the conditions
which will shortly confront the companies.
It could not be learned definitely II the officials
talked over the question of sending representa-
tives TO Albany TO fight the Armstrong recon-
raendations when they come up for discussion
March 9. After the conference President Morton
issued the following statement on the Equitable's
stand in this matter:
We have made no criticism Of the Armstrong
committees report. If after carefully dgestng the
report find that disagree with any OF the con-
elusions reached by that committee. We will say so
We will not have any representative Of this so
ciety as member OF the third house IN Albany,
mitted to appear there against insurance IegisIa-
ton. We think the committee is entitled to great
credit for its exhaustive work and We will he glad
70 conform TO any laws the legislature in it's wis
dom sees fit TO enact.
At the Criminal Courts Building three Of the
officials of the Mutual Reserve Life Insurance
Company, including President Burnham. were
the grand jury rack. Ex-Assistant District
Attorney Rand appeared as their counsel As
sistant District Attorney Mott appeared for the
People and examined the witnesses On advice
OF counsel they refused TO answer a number OF
questions. They to return TO the grand jury
room tomorrow. and it is understood that Mr.
Mott Will again ask them questions If they
still refuse IT is possible that an official order
compelling them to answer will be obtained
They may still refuse to reply by declaring that
such answers would tend to incriminate them.
1t is understood that charges of larceny and
possibly Of forgery have been laid against GER
tain officers Of the company The grand jury
was looking into these charges when the off,
cials were subpenaed. It is not likely that anv
indictments will be handed down before Wednes-
day.
The tangled affairs of the Mutual board of
trustees remained unchanged yesterday Four
friends of Stuyvesant Fish, who are expected to
follow his lead-Cornelius Vanderbilt Elbridce
T. Gerry James Speyer and Dudley OicoIt the
president OF the Mechanics and Farmers Bank,
of Albany-wOuld not say yesterday that they
had sent President Peabody their designations
Mr.. Dudley said that his resignation would
depend on future developments. At the Office
of Cornelius Vanderbilt the impression vas
given that he had practically resigned. Messrs.
Gerry and Speyer refused 10 discuss their Prob
able course
Wall Street held persistent rumor yesterday
that William Waldorf Astor about to take
hand. indirectly. in the Mutual situation.
Charles A Peabody is his legal representative
in this country and Stuyvesant Fish is his per-
sonaI friend The Astor interference is said to
be on the ground that Mr.. Peabodys insurance
business is taking up too much Of his time and
that he will soon be asked TO choose between IL
and the Astor estate management
When asked about the report yesterday after
noon. President Peabody laughed and said that
he knew nothing Of it.
Delaney Nicoll. attorney for the McCurdys
and John S Wise who will represent Thebaud
and Raymond, said yesterday that they had not
vet been served with copies of the complaints in
the suits which the Mutual trustees are 10 bring
on the advice OF Joseph II. Choate. The legal
department Of the company stated that il was
Continued second %