The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-06-19
OIL TRUST GRIP ON
MUTUAL CLINCHED.
Rogers Slate Gives Standard
Control of Company's Mil
lions, Trustee Says.
Journa, Special Service.

Journal Special Service.
New York, June 19.-Despite the eff
fort Of President Peabody to keep .the
fact secret, ii has become known. thru a
prominent trustee Of the Mutual Life
Insurance company, that the big cor.
poration, with almost half billion OF
| assets, has passed into the hands Of
the hold Of the Standard Oh company
and its allied corporations upon the
property Of the 100000 policy holders.
At the last meeting Of the board Of
| trustees new bylaws were adopted for
the Mutual Life, which provided for
five standing committees, of each of
which President Peabody and Vice
President McClintock should be mem
| bers ex-offcio.
There was further provision that
the supreme authority in the company
should be vested in general commit
tee. to be composed of the president and
the vice president and representative
Of the five standing committees.
Rogers Famous Slate.
On the face Of things, each commit
Der of the general committee, but if
rumors be true the slate was made up
in the Standard Oil offices under the
! eve of II. H. Rogers. After the slate
had been completed the several commit.
| tees met, it is said, and simply ratified
the slate, the result being as follows:
George F. Baker, from the finance
committee.
Dumont Clarke, from the insurance
and agency committee.
| John W. Auchincloss, from the audit
ing committee:
estate committee. EE
Charles D. Dickey, from the mortuary
claims committee.
Between meetings Of the, board Of
trustees these men will exercise al the
CONJUNCTION with President Peabody
and Vice President McClintock. -
| Dummies in Equitable7
The evil which brought James H
HYDE g ownership Of the Equitable Lille
Assurance society into disrepute-that
of loading up the company with dun:
my directors-has been charged agalnst
Thomas F. Ryan ownership, OF the
FrankIin B. Lord, one Of the minority
stockholders and a lawyer Of high stand
> test against the naturalization plan de-
yised by Grover Cleveland and Pau
Morton and sanctioned by Mr.: Ryan
| The meeting was called TOT the pur
pose of giving the stockholders an op
portunity to vote on the plan, A two
! thirds majority Of the total capita
. stock of 1000 shares was voted IN favq'
,, Of the plan.
Under the new Jaw, directors as wei
, as stockholders Of the Equitable mus
5 vote in favor of naturalization to maxi
it effective. The directors have In
formally authorized the change, and Q,
wednesday will meet to give 1t thei
. formal approval. %F
No Dummies, Morton Says. =
t IF Mr.. Lords charge that a mum
= her of the directors are dummies is SUD
tanned, it is contended by some tina
the naturalization plan will be nullitied
= as some of the directors who authorized
t It are legally not directors at ak Law
: vers for The Equitable Life declare tina
j under the new law it Is not necessar.
for a director to be stakeholder, bu
;. merely policy holder, and that even /
!, Mr.. Lords charges were true, the mu
= tualization Of the society would not b
r illegal.
Bile, when asked If 1t was true that som
= Of the stockholding directors wer
dummies, replied: ."To the best Q
a nv knowledge and belief there Is not
~ dummy director in the Equitable Life.
Mr.. Lord also protested against Gft
yer Cleveland voting the Ryan stock, o
=, the ground that the trust deed was Inc:
! fective. Francis T. Lord and Franc.
Lord Seymour, executors Of the Dani'
Lord estate, Joined in the protest.