New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-25
MORE MUTUAL MEN OUT
r VANDERBILT RESIGNS.
Mr. Fish Refuses Big Offer for
Illinois Central Stock.


Morris as a trustee Of the Mutual Life Insurance
roulpany which was announced yesterday. fol-
,ovine that OF Stuyvesant Fish the designations
- three more OF the trustees are now In the
hands OF President Peabody one Of these is
oornelius Vanderbilt Soon after Mr. Fish re-
armed as a member OF the Truesdale committee
). received letters from four Of the trustees ex-
-,ssiue sympathy with his position and offering
nact IN concert with him. Mr.. Morris.has fol-
aved Nr Fish out Of the company. and Mr..
vsDderbilts resignation will soon be announced.
Nr vanderbilt IS one of the men who have been
,ske6 10 become members Of the Truesdale
,onmsttee and have refused In giving his rea-
cons for his resignation Mr.. Morris has confined
,.-,sef 10 she statement that because Of absence
s-arl the city he was unable 10 keep in touch
with the affairs OF the company and take an
sctive part in its direction. 1t is known. how
e,er rhat Nlr. Norris is In close touch with Mr.
rssb and has been in thorough sympathy with
,ir, in the course he has taken. Mr.. Fish knew
~ Nr Aorriss intention Of resigning before the
lsrter's letter was sent 10 the company.
Mr.. MORRIs's STATEMENT.
~ Morris gives a striking illustration of how
,bs affairs Of The Mutual were managed when he
saws. IN speaking Of his resignation:
To show how impossible il is for any one living
Iorr1srV As the Mutual. until the names were
frors n out fn The investigation ! did not even
nov Ea9g Nr ,' Fie5s or Mr Hamilton Their names
were never mentioned at any board meeting. and
PsEs5 PsH heard OF 'a'' OF 's' ''-''' % ''' CUM
The whole trouble in the self-investigation of
.be Mutual and the situation that has been ex-
uosed by the resignation of Mr.. Fish and the at
tack on him through the Illinois Central was
preciuitated. il is learned. through his refusal
70 sign a report Of the Truesdale committee
whitewashng the trustees OF the Mutual Ihls.
report was prepared before the request was sent
70 Mr. Cromwell, when he was acting president
Of the company. Tor detailed Information in re
gard 10 the financial relations OF the trustees
with the company. M Fish was asked 10 sign
the report and be replied. in effect:
This committee IS not a whi-ewash.ug committee:
rh-re had been any W-ronelolns. While ana con
WINGED that The trustees If The Mutual Life Ins-r-
anCe Company are honorable men, ana j am per-
fecuy willing 10 sign d paper saying that lLtuk
sayiuE mar they have uot been guilty Of any II
these things lu regard 10 which wholesale charges
have been publicly made
II was after this that the letter was sent 10
NJ Cromwell asking him 10 get statements
from The trustees in regard 10 their financial
dealings with the Mutual This letter was
signed by Mr. TTuesdale and Mr.. Auchincloss
as well as Nr. Fish. Subsequently Mr.. Peabody.
who had become president Of the company. re
fused 10 furnish the information. and suggested
that the committee apply directly 10 the indi-
vdual trustees. When this reply was received
from Nr. Peabody. Mr Fish, al the meeting of
the Truesdaie committee held on February j..
introduced a resolution saying that in compli-
Enoe with the suggestion made in Mr.. Peabody's
letter the letter be sent 10 the individual trus-
tees
The minutes OF the meeting of the Truesdale
committee Of February - last then continue:
The above resolution having been entertained and
vote being had. Mr. Fish voted Aye Mr.. Irles-
1Ir EucHlncIoss gave as the reason for his vote
thar he had no Objection 10 sending such a letter
Of the trustees. naming him. but was unwilling 10
SEND i C-r 10 the board Is q whole.
M TTles5ale objects to the action contemplated
by The proposed resolution, as he believes that the
sh5aId h. more 5fr--t and speciac. both as 10 the
iniiHiduaLs 70 whom same should be sent md as
10 me Information requested.
H. further believes that this committee, in send
.le OUT "a -6-asuet' inquiry. which il form and
substance Uas prepared for and used by another
c0mFaHy -a= Conditions OF which were essentially
III r-s-I.--. re 4rr.frti and empowering it, nor
Guy should ao
The minutes Of this meeting are signed by
w. H Trues5aIe. chairman: John ". Auch-
incoss" and -Stuyvesant Fish"
MR. FISH THREATENED.
Al the meeting Of the committee on February
IL NJ. Truesdale and Mr.. Auchincloss merely
recorded their votes against the resolution. The
Statement 0f the reasons for their votes was an
afertboulht and was inserted in the minutes
later o- their written reauest. The minutes Of
subsequent meeting show that on that occa-
sion the minutes OF the meeting OF February ID
were reread With The reasons for the votes in
serted and were then adopted the minutes
Of the meeting Of February u. These amended
mir. rich, Nth
that he sign them as a member Of the commit
i'e and be did So
The whitewashing report IS still in the hands
q the Truesdale committee, waiting until some
one shau have been found 10 take Mr.. Fish's
place ana foin Mr.. Truesdale and Mr.. Auchin-
coss iu signing 81. When Mr.. Fish refused 10
siga II and give the trustees a clean bill Of
health without a statement from them that they
had not joined IN any practices charged, the
Illinois Central situation was used as lever TO
compel him 20 fall into line He was threatened
with being ousted from the place he has held
10Y many years as head Of the Illinois Central
tysietn and coupled with this was an ohef 10
ouy him Of The alternative was gwen 10 MN
% submit quietly 10 the inevitable 10 permit te
EhlleWashlng report 10 go through ~I'iIou'
cainor or disturbance. and step down ana Out
with millions added 10 his fortune by the puT-
chase q his Illinois Central holdings at price
iar above their market value. or 10 De thrown
--.'-lh'-e Al ne ptie-sASA AA 7~~-'--@6 -
Mutual AFFAIR.
Ar Fish replied that he could not sell his II
Anois Central holdings and get out Tor thaI
houlQ be selling out the public, nor could ne
stay and hold his peace, for that would be prac-
Isng deception the public by giving ms con-
tent 10 a course OF action which ne dld mol De
4sVe - be right He said that he would stay
Sho light and that they were welcome 10 throw
nm out II they could, but he would give them
mighty hard tussle first
II is reported from Morristown that Edcnara
a McCUrdy and Louis a. Thebaud, his son-in-
.eN, have everything In readiness 70 start on
1er European trip next week. All the great
Elore 81 ElIF valuable heir