The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-02
EELTGHHENNG BISHOP NCADE.
INTERVIEWS COMMITTEES SAYs
HE DOESN'T KNOW TEE FACTS

AaAsa ~ - ~ ~ ~
ing. where He Can Ftnd Due why the
Mutual and New York Adntanistratien
Tickets Must Not ne Allowed % Win.
q. r. Scrugham, organisation manager
OF the international 'policyholders' com
mittee, gave out a statement yesterday
relative to tho letter written by Bishop
Charles G. McCabe to Judge Alton B. Parker
recommending tat the international COM
mittee indonse the administration tickets Of
the Mutual and New York Life manage
ments.
The statement points out In eject that II
Bishop McCabe had attended to business
as q member Of the international policy
holders committee he would know more
concerning the things he wrote about. II
also y
He cannot possibly know anything about
the affairs or condition Of the companies ex-
cept such transformation as he may have re-
ceiVed In his recent talks with Mr.. Buckner.
vice-president Of the New York Life. at the
company's ONCE and with Mr.. Peabody OF
the Mutual Life. at whose ONCE In New York
this letter was prepared.
It Is evident that the Bishop knows none
OF the facts In the possession Of the committee.
Is he. for instance, aware that the admins
tration ticket, which he advises his associates
to approve. includes members Of the old
finance and agency committees Of both these
companies. under whose ADMINISTRATION the
looting Of the ~policyholders ooourredi Is he
aware that all the three vice-presidents OF
the New York Life are part Of the old regime
under which the policyholders were plum
dered? Has he been Informed that the busi-
ness OF the New York 10 being directed from
the office OF J. p. Morgan h Co. and that Mr..
Perkins Is In supreme command with his
Nth - - ~ IL -. hNA
facJotump Has he inquired what suits have
been brought against Mr.. Perkins and others
Of the old finance committee for the vast sums
that were proven by the Armstrong COM
mittee to have been diverted7 Hal he read
the report OF the Armstrong committee con-
corning the men whose names appear on the
administrator ticket and their dealings
with the company? Does he know that the
members OF the Fowler and Trucsdale white
washing committees OF the New York and
Mutual companies arc trying TO reflect them
selves and that this will mean the death
knell OF all efforts at genuine reform and
restitution?
Tit committee meets on Thursday. and will
doubtless discuss the sugg estion that It To-
dorse the admin istration ticket. Bishop
NcCabe has not resignd from the committee.
II be will attend that m Getting. OF the executive
COMMITTEES meeting to be held on Wednesday.
hp u N " Vi Nuc WOIA VI WhpSu no -
not now informed ed. Perhaps he does not know
that the success Of the administration ticket
means the continuance Of Perkins. Kingsley
aud Buckner as vice-presideuts OF the New
York. and OF McClintock, Truesdale. Baker.
Juilliard, Henderson and the rest in the
Mutual. We believe he will find on inv esti-
cation that there is no hope Of restitution OF
reform IN such a programme, but that. too.
is a subject which the committee will deter
mine.
II the Truesdale Committee will produce
the suppressed sch edules referred to in heir
reports, but which II has been impossible
TO secure. showing the interest In the subsi-
diary banks and trust companies Of MEM
bers OF the old administration who are seeking
reelection and their connection with the COM
pany and the profits that they have made,
Bishop McCabe will be very much surprised,
II the companies will produce the full re-
ports and schedules OF the independent ex-
pert accountants who were employed at great
expense. there will be still more interesting
reading for the instruction OF anybody who
IN his innocence and credu lily has beenmls-
led by the officials OF the companies, who are
struggling to hold on to this property with a
desperation which can be understood only
by those who know what would follow a
change In management.
II is TO be hoped that Bishop McCabe, in
s'NoA VI NiAAANAbAAk hS ibc oHnONhuNNu
who did the work. and which he undertook
TO assist In doing. but was unable to do be-
cause OF his many pressing duties. will attend
Thursdays meeting and hear the true story.
We are satisfied he will be foremost among
the members to urge that the old trustees,
who have done so much TO destroy public
confidence. should be superseded root and
branch at the forthcoming election n
men put in their places who will enforce
restitution and inaugurate genuine reform.
II is not surprising that the companies.
with their vast subterranean influences and
their facilities for reaching in every direction.
should he able to mislead one Of the twenty
seven eminent gentlemen OF the committee.
The surprising part Is that they have ac-
cOmplished so little as the result Of their
many months OF continuous efforts. Every
day We hear OF men whom the committee
has asked to act "a trustees being approached
and discouraged because OF the fear OF in
JuTing their business interests by anita goniz-
ing these vast and far reaching financial
powers. The struggle Is q hard and bitter
one. but nothing can stop or discourage the
committee.