The Providence news. (Providence [R.I.]) 1891-1906, 1906-04-09
ONLY A
STANDARD OIL
FIGURE HEAD

New York. April ?-Samuel Untermyer,
counsel 10 the international policyholders'
committee, made public last night letter
which he has written 10 Thomas III. ID.
Borridge, the representative of the inter-
national policyholders OF London, relative
To Mutual Life Insurance affairs. In the
letter Mr.. Untermyer saws that Charles
A. Peabody is universally recognized as
1.-THE flgurehead" OF the Standard oil
group Of hnanciers.
He declares that the management Of the
Mutual Life does not intend to push the
suits which II has brought against ex-
President Richard A. McCurdy; that the
actions were instituted for the purpose of
anticipating and getting control OF litiga-
tion which they knew was inevitable as
result of the recent disclosures. A letter
was published Saturday, written by Mr..
Peabody TO the Mutual's general manager
In London. in which he denied emphatical-
ly that Standard Oil or any other fnan-
cial group had any control over him. Mr..
Untermyer's letter In part Is as follows:
Referring TO our previous correspond
ence. the following is my understanding
OF the facts with respect TO Mr.. Charles
A. Peabody, the recently designated presi-
dent OF the Mutual Life Insurance COM
pany. which you are at liberty to repeat
to the gentlemen with whom you are IN
negotiation on this subject:
''Mr. Peabody was. until he assumed the
office few months ago, member OF the
law firm OF Baker & Peabody. practicing
lawyers in this city He has never been
an active practitioner, but has always
borne reputation for unquestioned integ-
rity. His partner. Mr.. Fisher A. Baker.
is we'll known as lawyer and is highly
esteemed man.
"He is an uncle of George T. Baker. who
r. the president af4A-the- principal
OF the First National bank, which is gen
orally recognized in the financial world as
Morgan-Standard OIL bank by reason
OF the very close relations that have for
many years existed between that bank.
Mr J: p Morgan & Co, and the standard
has been for many years the chairman OF
finance committee and Mr. Henry II.
Rogers the chairman of the agency COM
mittee or the Mutual Life.
Mr.. Rogers is today the dominant fac
tor I'm Standard oil, and deservedly So
for he IL a man OF great ability and force
of character whose word may be relied
upon.
Mr. Peabody's firm are the counsel for
Mr. Baker and the First National bank
and their relations as such with the finan-
clal affairs of this group are very close
Mr. Peabody is not familiar with the in
surance business. Prior to his election
as president he had not come i'm contact
with the business I'm any form. not even
as counsel for an insurance company
THE suits begun under his administra-
tion against Mr.. McCurdy and members OF
the latter's family are not intended 10 be
prosecuted and for obvious reasons.
'Mr McCurdy. II pressed. may be un-
willing longer TO bear the burden OF re-
sponslblity and Will perhaps disclose the
knowledge Of his associates OF these tran
sactions. The policyhoders may we'll be
pardoned for questioning the motives OF
suits brought and controlled under such
auspices.
I'VE are satisfied that the suits were in
stituted 50 as TO anticipate and secure
control OF litigation which they knew was
inevitable I'm the light OF the disclosures,
either by the policyholders or by the at
torney-general, and 10 keep the suits out
OF hostile hands. They are hardly likely
TO vigorously prosecute suits which will
eventually establish their own liability.
'I am satisfied that further investiga-
tion. which the brief time allowed the
Armstrong committee did not permit will
disclose further grounds OF liability on
the pa rt OF. the present management But
these investigations must be made under
new. clean administration. In no way
allied with the management through
whose wrongs and neglect the policy
holders have already suffered SO heayily"