New-York tribune., 1906-02-28
ROGERS THE CHAIRMAN.
ON AGENCY COMMITTEE.
Ne1c Mutual Probe Planned
Jerome to Take Wh0lesaIe Acti0H.

sions among the trustees Of the Mutual Life
Insurance Company and in the self investigating
committee of that company have Ied To tre
promise Of further and searching official In
vestigatiOn OF the affairs Of the company. Tns
prediction is made In conservative quarters IN
the financial district that there has been seen
as yet only the beginning Of tn revelations Of
the operations Of high finance" It is freely
said that MIR. Peabody's position in the Mutual
IL rapidly becoming untenabIe. and his resigna-
tion at any time would create no surprise.
According to the announcement made yestsr-
day, the five States. Kentucky. Tennessee. Wis
consin Minnesota and Nebraska. that have been
conducting an examination into the affairs OF the
New-York Life are about TO ask the New-Yorl<
Insurance Department TO join them in an exam
ination of the Mutual The foreign commissions
ers have power only to examine the books OF tbe
company, but the New-York department. can ap-
point commissioner to hear oral testimony.
An examination OF the books only would bs
rsrcical 1t is felt. and the only way 10 get
at the real facts in the case would be through
the taking of oral testimony
One of the most interesting subjects OF exam
nation would be the contracts made with the
various agents. Including those ny which the
McCurdy's. Louis G.. ihebaud and the Rayrnonds
made such immense sums Henry H Rogers
was chairman OF the agency committee Of the
Mutual. whose duty IT was 70 make all agency
contracts. including that with Raymond & Co
When the TrUesGaIe committee made its repore
recommending that suits be brought against the
McCurdys Thebaud and Raymond & Co, il also
said that suits should be Instituted against 9TH
ers, but the only suits brought have been those
named
The Truesdals committee early IN it's career
also called ON President Peabody for an investl-
cation CT the relations of the trustees to tbs
financial affairs of the company. 1t be-
Heved that such an Investigation might disclose
facts which would lead to further suits. But for
some reason Mr.. Peabody refused to make tho
investigation. Stuyvesant Fish then tried tc
have the committee make the investigation itself
of the individual trustees. but the committee
fused and Mr.. Fish resigned from IT and stimuli
taneOusly found himself facing a fight IN the
Illinois Central, with the powerful interests OF
the Standard Oil and E. H Hartman combined
against him for the control Of the road
UNTERAIYER INQUIsIToR.
In the discussions yesterday of the forthcorl-
ing investigation it was said that Samuel Unter-
myer would probably be the counsel who would
conduct the examination of witnesses. Mr.. In
| termyer has had large experience IN similar
/ affairs. and has an enviable reputation
| cross-exaniner. 1t said that. although
/ investigation has already been made OF the New
I York Life it would probably b. found advisabie
| TO call several of the trustees and officers Oe
/ that company to the stand.
/ In such an investigation it would not be pos
sibIe to call TO the stand any former officials Of
! the company. The NIcCurdys would thus escape
| examination. and as the only officials who could
be examined would he those who were in offcs
at the time Of the investigation. many resigna-
| tions are expected in the next few days.
District Attorney Jerome is preparing to try
to indict every official of the big insurance
panies who shared in any of the syndicate tran
sactions or who profited in any way through his
connection with the companies. He intends to
try to have them indicted on the charge OF grand
larceny. Assistant District Attorney Mott will
have charge of the cases before the grand jury.
| There was brought down from Albany yesterday
a big box sealed in many ways. which was said
TO contain reports 10 the State Insurance De-
partment OF the New-York Life. the Equitabls
and the Mutual
The February grand Jury finished its investi-
cations Of the Mutual Reserve yesterday. Dis
trict Attorney Jerome will not ask the present
grand jury hand down any indictments. but
will leave that task To the March grand Jury.
which convenes next Monday. Much of the IN
formation has been obtained from officials for
whom indictments will be asked. and HIr Jerons
wants to avoid the possibility of similar condi-
tons arising to those which obtained IN the
HummeI case. Frederick a Burnham president:
George Burnham, secretary, and George D. Ed
ridge vice president of the Mutual Reserve
avaiIed themselves of their privilege yesterday
and refused TO testify further before the grand
jury on the ground that their statements might
tend 10 incriminate them. The complaints on
which the indictments will be asked were made
by James d. Wells. a former interpretations oe
the Mutual Reserve. and at other times in chaygs
of the Canadian agencies.
The Mutual Reserve issued a statement yes
terday In regard TO it's withdrawal from Mis-
souri, in which 1t said that the action was oc-
casioned by the expense 10 it Incident TO an ex-
animation by the Missouri insurance depart-
ment.
To OPPOSE PAY CLAUSE.
AT the annual business meeting OF the Lifs
Underwriters Association Of New-YOrk yester-
day a resolution was adopted TO send TO Al
bany a committee Of five to oppose the recon-
mendatI0n OF the Armstrong committee in regard
TO the pay OF agents.
John g. Milburn. OF counsel Of the Fowler
committee Of the New-York Life. left town
yesterday to be gone until the latter part OF the
week On his return II Is expected that the suits
against the Mccall estate and Judge Andrew
Hamilton will be begun.
w. H. TruesdaIe said yesterday that the va
cancy on the Truesdale committee made by tho
resignation of Mr. Fish had not yet been filed.
nor had counsel been appointed 10 succeed James
r Dill. William G. Choate. ex-Judge u. CaSv
Herrfck and Batnbridge Colby resigned. John
: Wise said that he had not yet received ths
complaints In the Thebaud and Raymond suits.
and counsel for the NCCurdys said that tive
complaints had not been received IN the suits
against their clients
Fx-President Grover Cleveland was IN town
III 0F