New-York tribune., 1906-07-13
DO NOT AGREE ON SLATE
MUTUAL MEETING WARM.
STANDARD OIL Likely to Haze Way
DaU1es Denies Retainer.


Of the Mutual Life yesterday over the slate pre-
sented for the administration ticket of trustees
Some OF the trustees refused 90 agree 20 the slate
u Is also understood that some Of the trustees
at the last minute refused stand for reelection
The result was that the administration ticket
was not agreed on as had been intended
After considerable discussion in an attempt 70
persuade the obdurate members Of the board tnas
the slate should through the meeting adJournsT
until Monday az 1880 O'Clock. The ticket has TO DC
fled on or before next Wednesday, not only with
the State Superintendent OF Insurance. but IN the
offices of the company in every state and every
country In the world. The delay IN deciding on the
ticket means that thousands Of dollars OF the
policyholders money will have TO be used in tele-
graph and cable messages. Some sort OF an agree
rnent win have 20 be reached on Monday, anc there
are indications that the meeting will be a stormy
one II Is thought, however, that the element IN
the board which is supposed to be controlled by n.
H Rogers and the Standard OIL influences VIII
have It's way and that most Of the old members OF
the board win be put on the new ticket
After the meeting yesterday PRESIDENT Feaoouy
sent out word TO the reporters that nothing haa
been done and there would be nothing 90 give out
1t was learned however. that several OF the tFus-
tees expressed themselves fOrcbly in regard to the
Truesdale report and the policy Of suppFessing the
schedules and other information which was before
the committee. Some Of them objected TO the way
in which their names appeared in the schedules. the
original copies Of some OF which had been obtained
by the president and which the trustees were al
lowed to glance over Mr.. Truesdale was not pres
ent and it is understood that John w. Auchtncoss.
the other member OF the committee. made no at
tempt to defend the report.
James Speyer, former trustee, who was named In
the report as one of the trustees who was OF
campaign contributions by the company. issued
protest some days ago Yesterday Julien 7. Davies,
general solicitor Of the company from the death Of
Mr.. Short last fall until the recent appointment OF
James McKeen, presented statement 70 the board
regarding reference 20 him in the Truesdale re-
port which led to the inference that his law arm
had been getting Office rent free.
MR. DAvIEss STATEMENT.
Mr.. Daviess report said. in part:
1 am sure the board will give me attention while
state, as briefly as possible, the actual facts.
The statement IN the report is as follows; ,..s.u
office accommodations in said building. the rental
recent Years the ss same T has been paid semi
annually the sum Of $4,000 year for legal ser
showing details of services rendered have been fur
The inaccuracies in this statement are. first. that
the amount of $4,000 was apparently a retainer;
details Of services The facts are that the pay
ments referred to were IN no sense retainer. and
rendered ana after the services were rendered and
that bills showing details of the services rendered
were furnished the company every six months, and
have been ever since they were furnished. and now
understood IL the profession to be sum paid in in
which it is possible that no services ever will be
firm by the Mutual Life insurance Company in the
a2 St OF b @ Tsdr 1IS ey rer b seFees S
rendered We're as detailed as lawyers bills gen
general character Of the services rendered. and
named every specific case or piece OF business,
related. '''o'' '''' ''''0
Mr.. Davies added that on May l. 1902 the rent
of his offices raised from 1850 to sl5OOO and
he accepted the increase without discussion. Prior
to that, we'll following it. he said, he had
received $l5.OO0 annually from the company for
legal services. The insufficient and inaccurate
statement in the Truesdale report had done him a
great injustice. Hlr. Davies said. and he asked
that his statement rs spread on the minutes OF the
board. The request vas granted.
After the meeting till reporters asked Mr.. Davies
how It happened that the bills he rendered 20 the
Mutual to exactly $1,000 each year. the
amount of the rental of his Offices He explained
that he had an agreement with the company where
by for the many legal services he rendered he
should receive not less than S5YOl0 year. These
services. he declared were sometimes worth more
than that even $4,000 a year.
'Then the $1,000 was in the nature Of a salary2'
Mr.. Davies was asked.
mo. not that" was the reply because all
salaries have to be fixed by committee"
Mr.. Davies admitted that from the differences
drawn from the language of the Truesdale report
1t might be thought that he had been getting free
Office rent.
1T is all due the wording used in the report
which I suppose was written by the accountants
he added
President Peabody had a statement given out to
the newspapers in which he takes up certain of
the allegations in the statement of Calvin TomHins
vcepresident Of the Mutual Life Policyholders As
ISOLATION printed yesterday He declares that the
amount OF insurance terminated during the six
months prior to June 80 for all reasons other than
death or maturity of policy only $780, 4S3 In
excess of the amount so terminated during the
corresponding period Of 1905. President Peabody in
sists that the loss in premium income has been a
gain TO the existing policyholders as it has been
due 70 the policy Of the administration, which
write less business and at a smaller ex-
pense ratio than was done by the old management.
PROTESTS AGAINST STATEMENTS
President Peabody protests against statements
tending to destroy confidence in the company and
says that those who surrender policies do so only
at loss 10 themselves and gain to the company.
which givas less surrender value than the amount
OF the reserve held against the policy. He again
asserts that member OF the board responsible
for any committee.
1t is said that the Mutual Life, in It's efforts 70
get business in the face OF the revelations OF the
way in which money was squandered. is giving In
dueements 20 their agents far beyond what they
will be able offer under the law after January
It is understood that in addition 20 paying so per
cent Of the first years premium for business.
the agents now getting bonus OF $s a thou
sand which would about equal an so per cent COM
mission.
The New York Life announced yesterday that
Judge Horace H Lurton, who had been nominated
for a trustee of the company the ''administra-
ton ticket" had asked to have his name taken
from the ticket for several reasons, among them
the that the dates Of sessions Of his court In
terfered the greater part OF the year with the
meetings Of the board Of trustees The special
committee which was empowered to MI vacancies
eNo. -