The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-03
THE new DEMANDS ON MUTUAL
PERSONAL TRANSACTIONS or
TRUSTEES NOT INCLCDED
Unless They Are Also Officers Further
ReduisitiOn 10 Be Made n Necessary
Employees Getting Over ~ 900 Must
4 Tell Of Outside Deals and Relatives.

" President Charles A. Peabody Of the
Mutual Life Insurance Company gave out
yesterday the new requisition which the
two remaining members of the Mutuals
Misunderstanding committee, William H.
Truesdale and John w. Auchincloss, have
made on him for information regarding the
~company's affairs. This requisition takes
the place of the one which resulted in the
retirement Of Stuyvesant Fish both as a
member Of the Truesdale committee and as
o trustee of the company.
One Of the chief objections made by Presi-
dent Peabody TO the original requisition was
that 1t called on him to act as a medium Of
communication between the investigating
COMMITTEE and the trustees Of the company.
He contended that he had no authority to
question the trustees in regard to their
personal affairs. Mr.. Fish insisted that
the terms of the original requisition should
be complied with. 1t was said that the
Information desired might have resulted
In the bringing of suits against members
of the board. r
, The new requisition contains no specific
demands for information regarding the
personal transactions of trustees not
officers, but it contains this statement:
~ 's WI VIII
mittee have been checking the books and
accounts of the company during the past
three months, and their work has to an extent
fbeen done with n view of checking and verify
Ing certain of the figures and data called for
in our letter of the above named date, Decent
] Der 20, the original reQuisition.' They adj
wise us that they eXpect"soon to make lis a
report on certain of these matters. There
after, should further OF these
I particular matters seem to be necessary or
additional explanation regarding them seem
desirable from any trustee. officer or en-
ployer of the company, We will at once make
request therefor in such specific form as Will
enable you TO procure it as quickly and fully
las possible.
The new requisition also says:
Our committee would also like to inquire
, whether a full record Is and has been kept
showing the purchases and sales OF all securi-
ties by and on behalf of the company. the
dates OF the purchase and sale thereof. the
parties from whom bought or to whom sold,
prices paid or received, and whether such
record is in shape so that any trustee of the
company or any officer whose duties may
require IL can at any and all reasonable
times fully inspect same and learn there
from n full history of the company's trans
In securities.
AtSo whether similar record is at all times
Nent ana Is available for similar inspection
~ w wv h'uiiS - ~ iiih va DS
collateral. showing the parties to whom such
loans were made, the amount and description
of the collatcrals held, the rates of interest
paid to the company and other details.
The original requisition asked for these,
among other things:
A s%tatcmen of all DEAN gs since January /,
1900, of any kind by which any broker or
brokers or firm, corporation or individual
has sold to or for the company any stocks.
A~-I- - 49,, - -. -. -. . -, l..-l
including all I he so-called underwriting s and
syndicate participations by the company.
If in any way any employee, including
officers and truste es of the company, received
any compensation or benefit from any such
transaction. please state who he was. what
he received, for what he received il, who
paid IL TO him and what officer of the COM
pany authorized such compensation or benefit
70 be given him.
Also a statement of all underwriting s or
participations of, or made by or
for. the Mutual Life Insurance Company
from january |, 1900, to October ]. 1905,
either directly or Indirectly. in his own name
or In the name or names OF other corporations
or individuals; also a statement of the under
interest or participation, direct or
OF every officer or trustee of the
Life in the underwritin gs or syndicate
to.
The Truesdale committee says in begin
ming its letter to President Peabody that it
carefully noted the views which he had {
expressed and the questions which he had
raised "as to the wisdom and desirability
Of undertaking to procure the information :
In the exact manner specified in the orig
NAL letter. The letter continues: ,
While it is not our purpose to in any manner
DR. degree limit the extent or scope OF our .
and investigation of the affairs Of l
The Mutunl Life ConnnDV 40 6nnnad In tho '
appointing and empowering our e
we recognize the force of your
to the methods of procedure in 1
in OUR letter and will endeavor to meet
your views in this respect so far as We feel n
that we can consistently do so. :
Here follows the first para grst,h quoted 3
lbove. 7
The committee asks that each officer I
Ind employee in the general Offices of thu q
company who, on October 1, 1905. was in the !,
of the Mutual and drawing a salary :
II s., 900 a year or over be requested to
yive information at once in regard to the
GLOWING questions:
1. Have you now or since January, 1900, Il
business relation with any other COM
amy or corporation In which the Mutual
ife Insurance Company has any interest as
stakeholder or otherwise? If so what is II
r has been your connection and with What b
ompany. how long have you been so con- v
ected, at what salary or other compensa- n
ion, by whom was it fixed and by whom .,
and who appointed YOU? -
2. Are you related. either by blood or
marriage. TO any trustee, officer or head Of .
department of the company? II so state Z
and to whom related. Also state whether Il
have any relatives in the Mutual Life c.
II so who and in what offices are a,
hey employed and the relationship TO your al
3. Are you employed in any way outside A
he Offices of the company in connection -
rith any work or in the performance of W
duties other than those pertaining to ID
he affairs of the company? II so how and ol
hen and by whose direction and how long u
you performed such outside duties? a.
4. During the period since January, 1900, TX
as any money of the company been loaned V
you other than loans on policies of in n
If so al what times, the amounts n,
'aned, the security given by you for the re
anne and have any such loans been paid
fully IL not how much remains due on -.