New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-03
FISH-NO WHITEWASH.j
ASSOCIATES say SO.
Lord NorthcLfe Asked to Help
Clean Mutual Life.

There remains doubt that Stuyvesant Fish.
president of the Illinois Central Railroad Com
pany who recently resigned from the board OF
trustees of the Mutual Life Insurance Company.
Will head a policyholders' committee OF interna-
tional scope which will go into the affairs Of that
company without whitewash brush Mr. Fish
has not yet given out formal acceptance. but
his associates. in speaking for him yesterday,
were certain that his decision had been made.
So definite are the steps which have already
been taken toward the formation of this interna-
tiOnal committee that It is possible forecast
least portion OF it's membership Lord North
cliffe chairman OF the British Policyhoders'
Protective Association. has been asked head .
the British delegation. which would probably be
represented by counsel during the actual In .
vestigation A cable message nominating repre-
sentatives OF the French and German poIicy-i
holders ia expected at any time
1t is almost certain that Effingham p. Morris.
whose resignation from the Mutual board was
accepted with that OF Mr.. Fish Thursday. will
be one of the active members of the COM I
mittee. James Speyer. Dudley Olcott and Cor
neus Vanderbilt stand ready to resign IL "a
said with authority. and likely 20 array
themselves the investigating committes'
| against President Peabody Samuel Untermyer !
D. Cady Herrick and the attorneys who resigned I
from the service OF the Truesdale committee are
1
mittee
II now seems likely that the Washington ag-
gregation of Mutual policyhoIders and those
brought together by Thomas W. Lawson. OF Bos- 4
| ton. Will Join with the Fish committee. John De !
Witt Warner. counsel for the Washington COM
mittee. spent yesterday in the Capitol and In
Philadelphia discussing the situation. There 10
some objection to the past records of some OF
the hackers of these older movements. but in q
desire TO do the most good for the Mutual IL is
likely that this objection will be overruled. In
order to give the COMMITTEES free hand however,
it IS likely that Mr. Fish will insist on all proxies
being without strings.
Mr. Fish's friends and advisers made y,ig,rous
denial yesterday of the story circulated in a.
morning newspaper that in order to bring the
Illinois Central fight TO an end he had ap-
preached what Is known in Wall Street as tb,
Standard Oil clique. The alleged proposition!
was that ne would draw back his opposition to-
the present management and investigation OF ths
life insurance company II the others would dol
the same in the railroad fight. II was stated
that the proposition hinted at was realIv deli
cately made to Mr.. Fish when the Standard OF
people saw breakers ahead for their pet iDs,lr-
ance company
OUTSIDE MOVEMENT HAS EFFECT
That the movement on the part of the poIfcv-
holders for an outside housecIeaning is already
| beginning TO have it's effect on the Mutual man
| agement was shown yesterday when Mr. pea
| body Issued copies OF the modified reouisitiorl
! which the Truesdale committee had made upon
| him for information The chief difference be-
tween the modified requisition and the blanket
one filed on December % which President Pea
body rejected is that the remaining members OF
the Truesdale committee seem TO have lost in
tereSt In the trustees and their former financial
fractions with Mutual Life money or as partners
Of the company. II is along these lines that Mr.
Fish considered the investigation most neces-
sary' and because II seemed doomed be side
tracked he resigned from the committee
Practically all of the objections which Presi-
dent Peabody made to the blanket requisitioa
have been sustained in the recent one The in
vestgators no longer demand "a statement ON
the date of last dividend payment. giving such
date of the individual holdings OF interests OF
any trustee or officer of the Mutual Life COM
pany' in the subsidiary banks or trust COM.
panies in which the company is Interested Ths
new requisiton no longer requires detailed In
formation regarding company rentals to small
individual tenants Such information Mr. Pea
body declared was not in the company's hands
and was almost impossible 10 procure
The letter accompanying the new requisItiors
reads In part
Referring to your letter Of the 18th inst re-
garding communication from committee to-
December 26. 1905. IN which was requested for.
the use of committee information relatfvai
to variety of matters pertaining TO the affairs
or the Mutual Life Insurance Company.
Our committee has carefully noted your views
as expressed in said letter and the auestiorsl
you raise as 10 the wisdom and desirabiIitv OF
undertaking TO procure the information desired
in exact manner specified in our letter above
referred TO.
While 1t is not our purpose in any mannes
or degree TO limit the extent or scope OF our in
quirteS and investigation of the affairs OF tbs,
Mutual Life Company. defined in the reso-
lutions appointing and empowering our commit
Tee we recosnlze the force OF your objections
10 the methods OF procedure indicated in our
letter and will endeavor to meet your views an,
thls respect as far as we feel that we can con-
sistently do
The accountants appointed bV our co,,r,t.-o.-
have been checking the books and accounts OF
the company during the last three months ana
tnelr work has TO an extent been done with a
view or checkins and verifying certain or the
figures and data called for in our letter oP re-
above named date They advise us that they
expect soon 10 make US a report certain OF
theSe matters Thereafter. should further In
formation on these particular matters seer, 20.
oe necessary or additional explanation regard
lals @ mem seem desirable from any trustee. off,
Ger OF enploye or the company, we will at once
make request therefor I'm such specific form, az
VIII enable you TO procure IL as quickly and S,,II,
as possible.
The new requisitiOn follows the lines oT +ha-
made by the Frick committee on the Fouitabl.
officials last April There is a particular re-
quest regarding terms of leases in the con,nanv.x
office buildings to relatives OF officers or trus-
tees The rental accounts of the home Office OF,
Nassau street are TO be especially inquired into
Losses sustained by the company OF mora Than
slo'Ooo IN the purchase or sale of real estate IN
loans thereon. and In the sale and depreciation
OF securities made the subject of speciaI
inquiry.
NC~Ur