New-York tribune., 1906-07-11
PEABODY PLEADS CAUSE.
Sends ont General Letter-Unter-
myer Replies Vigorously.


rresident Peabody of the Mutual Life yesterday
sent personal letter to the poiicyholders OF the
company reviewing the first six months OF ms
administration and reporting progress on the
redemption of his pledge TO economy ia"fui
methods and the reform OF existing abuses"
Samuel Unternyer. counsel Of the international
E,olicyholders' committee, makes the Peabody let
ser which he cllaracterizes campaign doeu-
nent,' the occasion for scathing attack on tAe
present management of the company. II was put
in the form OF a letter TO President Peabody. he
tells the latter that it will cost $4,000 to place the
''nisleadng statement" he terms It, IN the
bands of the poIicyholders. He protests against
this continued waste of the policyholders money
ana says he has sent a protest 10 the Supeilh-
tendent Of Insurance, with the request that ne
forbid this latest form Of diversion of the assets
After taking issue with every material statement
IN the Peabody letter in complimentary fashion,
AIr. Untermyer finishes with the following
In conclusion permit me to suggest that if by sheer
force e gi fe from M 6 10 SO 600 of the
polieholders money in disIi5uting TINS IN
common fairness you ought at the same ne ue I9 ~
- bs.-a v,snte5 Il o,7r own expense in sufficient
quantities AS both letters could be disrieuted TED tO
the policyholders' version Of your panegyrlc on
yourselves would cest the policyholders hothihs'
MR.. PEABoDY's LETTER
President Peahody's letter is as follows:
To the Policyholders On December 10, 1905
was elected president OF your company, a1a On & 5a
IN which the administration was pledged TO
ing abuses asking YOU give me and the board
OF trustees fair trial and Judge us nor IN & a
Of the office on January J. 1905 an9 & SIX mon5nS b{
should make report to you Of the progress so far
made in redemption OF the pledge then gayens s the
executive officers Of the company no one VINO was
that existed in and prior to the year 1895 remains
IN the service Of the compa--H. .,.. -,
been made of every department OF the conlpany's
tSTon t @ eort Of the legislative Committee the
trustees investigating committee. the E1ghsh ana
agement Of the company has been emlnaded, ana
Third@Reysed bylaws and a code OF organization
have been adopted (prepared in collaboration with
5esnne he dutes ana responsihilites of the trus-
tees and their various committees. and carefully
limiting the authority and defining the responsibility
the oounpany's service A revised system OF ac-
ens oreanized on pians which insure complete
audit and detailed record of the company ex-
tion thereon before payment The board Of trustees
fbus fhrTIieb its various committees reaches the
arms OF its suthority deep down into every branch
OF the eoTapsnys organizatien- -, -
FourthETe insure efeieney IN seFylee ana ana G ec9n- On
LegnteI 20 tlis u di 81 sn5
comparison Of results obtained by the several Off
Fifth-Under tfe advice ard direction Of Joseph
pending AGAINST those charged by the recent in
Testigations as being responsible for the waste Of
management for the recovery of the amounts so
sixth-Eight new trustees Of the highest char
acter and standing and residing in six different
many more viii be elected at an early day in
place OF those wh9 have resigned or who will for
seventh-The economies introduced at the home
cflcers and employees by REIMBURSEMENT Of many
s1l5es S OF 9inces heretofore used by the company
nc nee o1llong are st the rate Of S5l5Go per annum.
sgement, medical examinations and revision work
sss a. peg ahnm bsa snd S,a5oneLy' aggIesate
u year. or gain Of over 5000 Tor each Working
Eighth-since January l. 1906 the comnsnv's
have been Tednced Sl7 10000 by investments
gain in net income frog III nf The total
sz Eae1ths fJuno figures partly estmated) has been
Niath-Tn the recent investigation by the leeisla-
and every security Of any description Of this con
kPaas Has before them, and not an item among the
yalue Of the compaDy's assets were again verife5
q BY ne English ana American public 9oea9e
ants, whose certified statement Of the assets De-
shown on the eompany's books. U9
fo ana II is believed that the reslis "a n fc%Gntenpia On
Eil be entirely satisfactory the polIcyhoiders
which would aid your oicers in enlsreine pen
ssnsgeens viii highly ap5ryoisf safeo9mRlshed 2a the
Forts % i,l % sSarse seGelye i such Suggestions No
those thinps TTbieh ri, III. VlceIs 10 accomplish
your interests. anu PiOuect
SAYS OLD OFFICIALS REMAIN
Mr. Untermysr in addressing President Peabos,
takes up the latters letter paragraph bv mar.
graph Referring TO the formers statement that
mo who directly or indirectly responsible
for the conditions that existed in or prior TO the
year 1896 remains in the service Of the counpanv,.
Ar. Untermyer says: THE finance and agency COM
Tnittees were responsible for OF what you DO
itely call the conditions that then existed" Then
he says:
44cCurdy AZ $4,000 year in 1901, and kept Il at
that amount by way OF giving him a pension which
they were prohibited from giving him under the by-
laws, were George T. Baker. Augustus ID. JuiIliard
and George G. Haven. All Of them still direc-
tors; the first two, presumably by way of reward
Tor those services, have been made members OF the