The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1906-08-10
QUITS INSURANCE ROW
seymour Eaton, Secretary of In
ternationaI Policy Holders
Committee, Resigns.
MUTUAL EXPLAINS ITS LISTS

President Peabody Says Company Does
Not Keep In Touch With Owners of
Paid Up Policies-WiII Not Appeal
From Justice Giegerch's Order to
File Correct List.
secretary Of the international Policy
Holders committee, sent the following
telegram Of resignation to Chairman
Richard Olney in Boston to take effect
Immediately:
When / accepted this position l be-
lieyed this movement to be righteous,
unselfish, public spirited and in the
best interest of the great body of poll
cy. holders l have been outspoken in
giving publicity to this opinion.
Il feel that now owe it to gou and
to the other eminent gentlemen whom
4 invited to serve on this committee, as
well as to myself and to the policy
holders, that be just as frank and as
fearless in expressing my present con-
yictions by prompt and positive res
ignation."
President Peabody Explains.
President Peabody of the Mutual Life
Insurance company. speaking of Judge
Giegerich's decision that the company
furnish correct list of its policy
holders to the state insurance depart
ment at Albany within ten days, said:
THE company has two classes of
policy holders. those holding premium
paying policies and those holding paid
hp policies. In the former case the
company has on record in nearly all
cases the correct postoffice addresses of
the insured This is the result of the
necessary communications in relation
to the collection of premiums. In the
case of paid up policies no necessity
has existed in the past for constant
communication with the policy hold
ers, and therefore there have been
many changes of address which have
not been reported to the company by
the policy holders.
'sThe list filed at Albany had in all
cases such postoffice addresses as the
company had in its possession, either
at the home office or at the agency
headquarters.
THE new addresses, required by the
decision to be filed. are the changes
which have been reported to the com
pany since the official list was pre-
pared. The only difference between
the company's present record and the
list filed at Albany is in these changes,
which has not come to the knowledge
of the company when the list was
fled
Surrender to Committee.
Although none of the conferees would
divulge what had taken place. it was
said after a conference In the Mutual
Life building between President Pea
body and Vice President McClintock on
the one side and Samuel Untermyer,
chief counsel of the International Pol
Icy Holders committee on the other
that the Mutual Life made an uncon-
ditional surrender to the policy holders
committee in relation to the lists of
policy holders and other questions in
dispute.
The Mutual Life also agreed not to
appeal from the decision of Justice
Giegerich in the Shook mandamus case
in which it was directed to furnish to
the International committee corrected
and additional addresses of policy hold
ers. 1t also was said that an agree
ment was reached that there should
be no appeal by the company from the
decision of Justice Howard in the su
preme court in Albany in the Shook
mandamus case to get the names OF
Judge Gray, General Tracy, Colonel
Shook and Harlow N. Higinbotham Off
the Mutual Life administration tick
ct, but this could not be confirmed.
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