The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-06
TIE MUTUAL TURNS TOCHOATE
INVESTIGATORS ASK HIM
SERVE As COUNSEL.
He Reruses to Accept Until He Knows More
OF Their PurpOses-Speyer ResIgns
From the BOard-McCurdy and Hyde
Under Pledge to Return II wanted.

FN
When Joseph II. Choate returned to hia
offices In Wall street yesterday after an
absence Of several days he found awaiting
him the request of the Mutual's ~self-investf-
eating committee that he serve as counsel
for the committee. Mr.. Choate notified
the two remaining members OF the COM
mittee, William H. Truesdale and John w.
Auchincloss, that he would like to have q
talk with them before returning his answer
Mr.. Choate, 1t is understood, proposes
to find out the exact conditions in the oofn-
mittee before accepting any retainer.
The meeting has been set for to-day. Its
outcome will be most important, both for
the Truesdale committee and the manage
ment of the Mutual Life. Those who are
conducting the company's affairs are de-
pending on the acceptance of Mr.. Choate
to restore the confidence Of the public
in the committee.
Should Mr.. Choate refuse to serve, IL
would be a hard blow to the Mutual's in
side reorganizers. Mr.. Choate was re-
tanned several weeks ago by the Mutual
as advisory counsel in the suits that have
been brought against the McCurdys and
Raymond Il Co. The acceptance Of Mr..
Choate also would exert a strong counter
influence against the movement that has
been started in England in support Of the
Fish policyholders' committee.
Two more designations from the Mutuals
board of trustees were announced yester.
day. They were those of James SpeyerS
head of the banking firm of SpeyeY & Coz
and Dudley 0lcott, president of the Mo-
chanics and Farmers Bank of Albany.
Neither would say anything yesterday az
- II lA l-.I H. =
from the beginning of the trouble in the
Mutual as among Stuyvesant Fish's SUPP
porters.
Mr.. Olcott mailed his resignation ON
Saturday. This was the day that tbs
Truesdale investigating committees modi-
fed requisition, which omitted all inquiry
in regard to the trustees personal trans
actions, was made public. Mr.. 0lcott
joined the board in 1880.
This makes seven trustees who have
resigned from the Mutual Life since the
insurance scandal started. TIL other five
are Elihu Root, Rufus w. Peckham, Richard
A. MoCurdy, Robert Il. McCurdt, Stuyves-
ant Fish and Ef1n CHAM B. Morris, It 10
expected that there will be other resigna-
tons in the next few days. Cornelius
Vanderbilt is one Of the remaining trustees
who is said to side with Mr.. Fish, 1t has
been reported several times that he was
about to send in his resignation. He re-
fused yesterday to say what he will do.
Work in organizing the international
policyholders' committee, which Mr.. Fish
is to head, is being pushed fast, and a de6-
mite announcement Of its personnel will
be forthcoming in a few days. 1t was
said yesterday that many prominent mel
have pledged their support to Mr.. Fish.
The selection of a prominent German rep-
resentative and a representative from
France has been left to Lord Northolfffe-
Sir Alfred Harmsworth. Tn committee
intends to send a representative to the,
hearing before the Legislature OF March 0
to ask that the recommendation regarding
the annual elections of the mutual com-
panies be altered. The recommendation
names November is as the date on which
the terms of all the trustees shall expire
and new boards be elected. The Fish
committee wants the State investigators
to set the election several months earlier.
They argue that the -postponement of the
elections until November is will give the
management Of the company too much Of
an opportunity to entrenoh itself against
outside attacks.
The following letter Is quoted In the
London Review as having been written by
President Peabody to In English policy.
holder:
DEAR SIR. I received your letter OF De.
cember 20. and thank you very much for
your thoughtfulness. 1t relates to q matter,
however. in which / have no interest. The
statements In the newspapers. as to my con-
nection with the Standard OIL Company.
are nothing but the dreams Of sensational
journalism or the malicious products OF
those who wish to injure the company,
have never had and have not now any con-
nection or interest In the oil business.
am glad you have thus given me an oppor-
tunlty to contradict the erroneous reports.
Very truly yours. CHARLES A. PEABODY.
James Hazen HYDE as well as Richard
A.. McCurdy, placed in District Attorney
Jerome's hands before sailing for France
a signed pledge that he would return to
this country at n time that his presence
might be required in connection with the
affairs of the Equitable Life Assurance
Society. 1t was said yesterday that IL
Mr.. Hyde had not aoceded to District At
torney Jerome's request some action might
nave been taken to prevent his leaving the
country.
There was a meeting Of big life insurance
agents in this city yesterday, at which plans
were announced for the attendance of the
agents at the public hearing in Albany on :
March 0. The New York Central will run a
special train, leaving the Grand Central
Station early in the morning. A special
rate also will be made for agents. 1t Is ex-
pected that several hundred will go to Al
bany to back up their protest against the
recommendations curtailing the expenses
of the companies. There was a meeting
yesterday between the committee repre-
senting the smaller New York companies
and the committee Of seven appointed to
represent the outside companies. 1t is
understood that the outside companies'
representatives accepted the programme
adopted at the meeting in the Mutual Life
Building on Saturday without any change,
Attention was called yesterday by an in
suranoe lawyer to what he regarded as a
discrepancy between a recommendation
made by the committee and the actual bill
introduced in the Legislature. The COM
report says: