Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-06-20
Standards Hold OH the Mutual
Life Strengthened by Ac-
ton Of Trustee
COMMITTEES ARE CONTROLLED
Five Standing Committees Are Said to
Be Under Control Of Representa-
tives of the MonopoIy-Dummy Di-
rectors Claimed to Exist in the
Equitable.

New York. June 2O.-Despite the eff
fort of President Peabody to keep the
fact secret, It has become known, thru
a prominent trustee of the Mutual Life
Insurance Company, that the big cor
poration, with almost half billion of
assets, has passed into the hands of
ed the hold of the Standard OIL Conn
pany and its allied corporations upon
tie property of the 100000 policy hold
ers
A. the last meeting of the board of
trustees new bylaws were adopted for
the Mutual Life. which provided tor
five standing committees, of each Of
which President Peabody and Vice
II, sident McClintock should be mem :
hers ex-officio.
There was a further provision th't;
the supreme authority In the company
should be vested in general commit
tee TO be composed of the president
and the vice president and represent
Rogers Famous Slate.
On the face Of things, each commits
tee was to meet and elect it's own
member of the general committee. but
ii rumors be true the slate was made
up in the Standard Oil offices under
the eye Of III. II. Rogers. After the slate
had been completed the several COM
mittees met, it is said, and simply rati-
fled the slate, the result being as fol-
lows:
George +. Baker. from the finance
committee.
Dumont Clarke, from the insurance
and agency committee.
John w. Auchincloss, from the audit
ing committee.
Charles r. Henderson, from the real
estate committee.
Charles ID. Dickey, from the mortu-
airy claims committee.
Between meetings of the board OF
trustees these men will exercise all the
powers of the board itself, acting in
conjunction with President Peabody
and Vice President McClintock.
Dummies in Equitable?
The evil which brought James H..
Hydes ownership of the Equitable Lite
Assurance society into disrepute-that
of loading up the company with dunn
my directors-has been charged against
Thomas f. Ryan's ownership OF the
Equitable at meeting of stockholders.
Franklin b. Lord, one of the minority
stockholders and lawyer of high
standing, made the charge in formal
protest against the naturalization plan
devised by Grover Cleveland and Paul
Morton and sanctioned by Mr.. Ryan.
The meeting was called for the purpose
of giving the stockholders an oppor-
tunity to vote on the plan. two
thirds majority of the total capital
stock of 1000 shares was voted in favor
of the plan.
Under the new law, directors as well
as stockholders of the Equitable must
vote in favor of naturalization to make
it effective. The directors have in
formally authorized the change, and on
Wednesday will meet to give it their
formal approval.
No Dummies, Morton Says.
If Mr.. Lords charge that number
of the directors are dummies is sus-
tanned, it is contended by some that
the naturalization plan will be nullified,
as some of the directors who authoriz-
ed it are legally not directors at all.
Lawyers for the Equitable Life de-
clare that under the new law it is not
necessary for director to be a stock
holder, but merely a policy holder, and
that even if Mr.. lords charges were
true, the naturalization of the society
would not be illegal.
Paul Morton, president Of the
Equitable, when asked if it was true
that some of the stockholding direc-
tors were dummies replied: "To the
best of my knowledge and belief there
is not a dummy director in the Equit-
able Life"
Mr. Lord also protested against Gro
yer Cleveland voting the Ryan stock,
on the ground that the trust deed was
ineffective. Francis r. Lord and
Francis Lord Seymour, executors of the
Daniel Lord estate, joined in the pro-
test.