Los Angeles herald., 1906-07-18
STANDARD OIL
MAGNATES QUIT
ROCKEFELLER AND ROGERS
LEAVE MUTUAL
Latter Explains Just Why Such Action
Is Taken and Incidentally
Scores President Pea
body
BY Associated Press

BY Associated Press.
NEW YORK, July 1.-THE commit
tee of trustees of the Mutual Life In
surance company appointed to nomi-
nate a new board of trustees to be
voted for at the annual meeting of the
company in December. made its final
report today, and In doing so disclosed
the fact that Henry H. Rogers and
William Rockefeller had withdrawn
from further connection with that
body.
In seeking from President Pea body
the cause of this action on the part
of the Standard Oil interests Mr.. Pea
body gave out a personal letter from
Mr.. Rogers, upon which he said he
would make no comment. In this letter
Mr.. Rogers said:
when the troubles came upon the
company l felt it my duty as a trus-
tee to stand by and do anything l could
of service to my fellow members and
poicyholders. L believe l have rendered
some assistance.
Denies Accusation
"The statement has been frequently
made that l caused your election to
the presidency of the Mutual company
No one knows better than you how
false this is. You know that 1 had
DuC I0e SilEnJpSL ACQUAINTANCE W Nlti
you before your election; that l never
exchanged a word with you respecting
your candidacy, nor was in any sense
the inspiring cause of your selection.
Apparently the people who are most
active in their hostility to the present
administra ton are using the fact of
my connection with the Standard Oil
company as a ground for criticism.
while this is a sufficient reason for
my refusal to be a candidate or trus-
tee. since no one has a right to put
such large interests in jeopardy for
the sake of achieving a personal vindi-
cation, it is yet true that, aside from
the relations of Mr.. Rockefeller or my
self. as policyholders and trustees,
neither the STANDARD Oil company nor
anyone occupying an official position in
that corporation has ever in the slight
est degree had any business or any
other relations with the Mutual Life
Insurance company; and in the case
of Mr.. Rockefeller. who is now absent,
his policy matured some months ago
and was paid, and he therefore is no
longer a policyholder. He wishes to be
relieved from any further service as a
trustee.
Defends Rockefeller
"If one imagines that the Standard
VII COIllIdllN VI any VI ll0 blllNti = nav
prOfted out of any relation to the Mu-
tual Life Insurance company he must
be strangely ignorant Of the facts
Neither Mr.. Rockefeller nor myself
has been identified with any under
writing scheme, nor have we been en-
gagged in any business affairs with the
Mutual company by which we have
been the gamers. on the contrary, we
have given business to the Mutual and
oil; mil N-h
have largely benefited"
In giving out a list of the> trustees
nominated by the committee it was
announced that acceptance had not
been received from all the candidates,
but it was said that few or no refusalS
We're expected.
From a source of information that
should be authoritative it was learned
that President Peabody would not be
a candidate for reelection in the sense
that he would make any effort to sue
ceed himself. The full ticket is as fol-
lows:
John A. Auchineloss. George F. Baker,
Hugo Barring, Charles Brown, Dumont
Clarke. Frederick Cromwell, Cyrus Cur
tis, Julien T. Davies, Charles D. Dickey,
William P. Nixon, H. Rieman Duvall,
George Gray, Charles r. Henderson,
Harlow n. Higginbotham, James n.
JARVIS, august II. Jullldru, Nlllldm ii.
Lambert. Charles Lanier, Sir Hiram
Stevens Maxim. Emery McClintock,
William C. Mcmillan, George P. Miller,
Theodore Morford, Thomas NJ. Mulry,
Charles A. body, Emil Oscar Phil
ppi, Henry Phipps. Alfred NJ. Shook,
Leroy Springs, George C. Rand, Louis
Stern, Henry w. Taft, Benjamin F,
Tracy, William *. Truesdale, x. Nick.
Twombly and Cornelius Vanderbilt.