New-York tribune., 1906-02-24
MIR. FISH QUITS MUTUAL.
Continued from first page.

| quarters II tho supply VIII De iouho suiiciehl
for the demand. And 1t is thought that the
| mandatory nature of insurance company invest
| ments may make considerable difference in the
| ability of savings banks to keep up their pres
ent rates of interest If the price of bonds goes
| up the returns will correspondingy decrease.
the income of the savings banks will fall off, and
| with 1t the interest rate to depositors.
| Another question of prime Importance to the
| financial district is that OF the control of the
/ trust companies which have heretofore been the
| creatures Of the insurance companies. and whose
value has rested so largely In having the i'm
mense power OF the insurance companies behind
them. 1t was said yesterday by man of un-
| usual prominence in Wall Street that a re-
| suit of the Armstrong committees recommended
tions the control of these trust companies would
| be found TO rest in the hands of one man, and
| that their power would be found to equal that
| heretofore held by the great insurance compa-
| MES Thomas T. Ryan suggested as the man
who would be likely to control this tremendous
financial combination. The Morton Trust Com
pany. the Equitable and the Mercantile 1t was
said would be almost certain to be found as one.
and ultimately probably, the Morton would abb
sorb the other two These institutions. II was
said need not fear the withdrawal now of their
insurance backing. for they had become so
powerful that they could well stand alone.
Although the officials OF the large insurance
ground attempts would be made TO defeat in
surance legislation. 1T may be said that steps
were taken In this city TO organize one of the
most powerful lobb1es ever sent to Albany. The
executive committees of the Mutual Life. the
New York Life and the Equitable were in ses-
sion and discussed the Armstrong committees
report IN all its bearings. Warned by the sur
face indications yesterday, the members OF the
Armstrong committee and their friends are pre-
r,olra 2 IN Ihan fOr
the Insurance lobbyists from the time they ar
rive there until they have been driven out. AS
semblyman Prentice. member Of the commit
tee, said that he believed the report particu-
larly the recommendations bearing upon politics,
would be adopted by the Assembly without
any decided opposition In his opinion the fight
would come in the Senate. Senator McCarren
said that he thought most of the proposed bills
would be passed.
WILL NOT DISCUSS REPORT.
On the plea that he had been too busy To read
the full report of the Armstrong committee and
would not have time to do until tomorrow,
Charles A. Peabody. president of the Mutual
Life yesterday declined TO discuss 1t. Speak
ing Of the provision compelling the insurance
companies to get rid of their stock holdings he
said the Mutual Life had a fine line of stocks
for investment which it had required many
years to get together Little difficulty would
be experienced, he said. in marketing them If
the company should be compelled to do
Have you heard OF any concerted action on
the part of the large insurance companies to
oppose the recommendations of the Armstrong
committee?"
NO" said Mr.. Peabody, "I haven't heard a
word on that subject. But want to say that
whatever attitude this company takes toward
the report. It will be done openly and avowedly
and whatever have to say about it will be
said openly and as an expression Of the opinion
OF this company"
1t is known. however, that Mr. Peabody is op-
posed uncompronisngly to the enactment Of
any legislation which will compel his company
to get rid of its stock holdings. No special
meeting of the trustees had been called. he said
to consider the report or any other phase of the
Mutual Life's business In the Mutual Life
Building, however, the report was practically
the sole topic Of discussion One Of the most
prominent officials of the company said:
The company would make much less money for
Fecommended We're Carried OUT No dificuity woud
be experienced in getting rid of our stocks, they
investors would be only too glad to obtain In fact
the Mutual Life stock holdings. and they would be
only too glad TO have the legislature compel us to
put them on the market.
81 have been reading the report. but haven't
Of the New-York Life. THE subject will not be
taken up by the trustees at their meeting to-
day, and cannot yet express opinion"
1t was denied that the special meeting OF the
New-York Life board was held for the purpose
of considering the report, and after the meeting
ii was asserted that only routine business was
transacted, and that the resignation of John C.
Mccall the secretary. had not been called for
After a long consultation with the executive
officials of the Equitable Life at which the
report of the Armstrong committee consid-
cred, Paul Morton, the president, gave out this
statement:
hse thus 1 had 9 ont TO Te% Tead fhs Of %
certainly most able and exhaustive document and
Ther wIa Tn o s reason feel bo1nd o Tespee
~ tbeir conclusions Notwithstanding that / do not
agree with them in some OF their Iecommendations;
This is all have to say in regard to the report at
present
MCLINTOCK DISCUSSES. CHANGE.
Emory McClintock. actuary for the Mutual
Life, and acknowledged by members OF the Arm
strong committee and others to be one OF the
foremost life insurance experts in the world,
said in discussing the report:
can give one very strong impression which was
n me 9bS by % adE & OF fas
69ctate afd the pocy forms dividend Conditions and
expense limitations for Companies organized by
Insurance contracts and the internal management
of life INSURANCE companies has been confined to
There is no logical reason why every State should
but there is every reason why State should med
die with the contracts or internal management of
quires only slight knowledge of past efforts in
that direction, sometimes heedlessly made by this
realize the amount of discord and confusion which
is se e 20 e6pans of all the States accord to
the one system enacted by the legislature OF New