"The Mutual Life Insurance Company was organized upon the theory of the men who introduced it at that time that it was a great beneficent missionary institution. Profits were not thought of, were not dreamed of. It was not the object to declare a dividend to a man: it was not the object that he should carry a policy of $2,500 or £3,000 and pay the premium of $19.28, or whatever it might be, and then at the end of the year get $7 and go home and spend it for cigars and billiards. The object was to insure as many men as possible and to pay them at the time of their death, and not during their lifetime one penny."

Esiánku: image the trustees of the Marul atting scer esante

res the sizes in bid Mr. MOCUMIT ME THAT med his associates that they had a tabored together for the media purpose of making the MuLa... Da non beneficent insurCONCH TEN DOCERY in the world” And again, when referring to the plucked poort-bolders be said:

I assert that it has been conducted for their benefs and for their benefit alone.”

reached the question of influencing public It was not, however, at the President legate that be shone as an humorist parezcence. On this point he said:

I think also that a great reduction should be made in all expenses for legislative purposes. Indeed, for the future my view is that the defeat of proposed legislation hostile to the interests of the policy-holders should be left to them."

If Mr. Rogers had been in a mood to have enjoyed genuine humor, we imagine he would have highly appreciated this piece of drollery, as he and his friends of the "inner circle" and of the finance, auditing and agency committees remembered Section 56 of the Insurance Code. It is probable, however, that the gentlemen of the “inner circle" known as "my trustees" were not in a frame of mind to properly appreciate the artless humor of President McCurdy. A preliminary report was to be read and to go before the world that was not calculated to strengthen the position of those who were bent on

New York City, with a statement of who authorized such leases and when and through whom each was respectively made.

Fifth: Also a statement of all the loans of any kind since January 1, 1900, excepting loans on policies, made by the Company to any one of its employés, and a statement showing who authorized the loan, by whom the loan was negotiated, to whom it was made, in what form made, for how much, how it was and is secured, and what the rate of interest and evidence of indebtedness are and have been. If any such loans have been paid, date of pay, ment, to what person paid and by whom paid.

"Sixth: Also a statement of all dealings since January 1, 1900, of any kind, by which any broker or brokers, or firm, corporation or individual has sold to or for the company any stocks, bonds or securities or property of any kind, including all the so-called underwritings and syndicate participations by the Company-and here give the name of the broker or firm or corporation or individual-the property sold to or for the Company, what the Company paid or received for the same, to whom it made payment, by what authority it was authorized, and

what became of the property, underwriting or syndicate participations.

"If in any way any employé (including officers and trustees of the Company) received any compensation or benefit from any such transaction, please state who he was, what he received, for what he received it, who paid it to him and what officer

of the Company authorized such compensation or benefit to be given him.

"Also a statement of all underwritings or syndicate participations of or made by or for the Mutual Life Insurance Company from January 1, 1900, to October 1, 1905, either directly or indirectly, in its own name or in the name or names of other cor

porations or individuals; also a statement of the underwriting, interest or participation, direct or indirect, of every officer or trustee of the Mutual Life in the underwritings or syndicates above re

ferred to.

"If in any way any officer or director or trustee or employé of the Company has by reason of and because he was in such relation to the Company

received from or because of any such transaction any money or other thing of value, or any money or property of any kind belonging to or intended for the Company, give his name, what he received, when he received it and from whom he received it. "Seventh: Also a statement showing in detail the losses, if any, to the Company since January 1, 1900, on any property of any kind, real or personal, purchased by it, giving the names of the persons who sold the same to the Company, the sum for which the property was so sold to it and paid for by it, when it was so sold and who on behalf of the Company authorized the purchase and sale or either.

"Eighth: Also a statement showing any transactions of any kind other than designated above, by which any officer, trustee or employé of the Company has received money or other valuable thing from or by reason of his connection with the Company, outside of and not part of his regular salary or compensation. If any such there be, give the details and the names of the persons."

The committee further requested that copies of the letter be transmitted to all

officers, trustees and heads of departments, and that notification be sent to employés to facilitate the collecting of the data.

In view of the general corruption that cropped out at every turn in the investigation conducted by Mr. Hughes, we can easily understand how real must have been the terror of some officials of the company. That they shrank in dread from the results of an honest investigation such as Messrs. Truesdale, Auchincloss and Fish had solemnly pledged the public and the policy-holders was clearly demonstrated by future events.

Clearly the time had arrived when a man was needed for the presidency acceptable to Wall-street interests and one who could be depended upon to hold up the committee and put a quietus on its action if it could not be driven from its brave stand for honesty and moral rectitude by such pressure as the Standard Oil Company so well understands how to employ.

Among the men considered for the presidency of the Mutual Mr. Charles A. Peabody was altogether acceptable to Mr. Rogers and those who were bent on putting a stop to the thorough-going investigation that the committee had undertaken and which in the opinion of the committee, up to December 26th, demanded the proceedings indicated in the requisition.

Mr. Peabody had been a personal friend of Mr. Fish, the member of the committee whose aggressive honesty and fearlessness had so alarmed the criminal rich and the Wall-street contingent. Mr. Fish had "made him," as the saying goes. Mr. Fish had introduced Mr. Peabody to Mr. H. H. Rogers and Mr. George F. Baker of the "inner circle." Mr. Peabody was the personal counsel of the latter. He was a prominent director in the Harriman Union Pacific Railway Company, which the Standard Oil group controls. In short, he was the man of all men to serve the double purpose of supplying the company with a respectable figurehead and

The requisition, it will be observed, did not stop short at the McCurdys. It sought to bring to light all facts relating to criminal or illegal acts, whether committed by men who were to be the scapegoats or by others who on investigation might prove to be fit wards for the State. It is difficult to imagine any reason why honest trustees or officials should have shrunk from the only kind of investigation that by any possibility could satisfy the more thoughtful public after the revelations of corruption, graft and criminality brought forth during the Armstrong investigation.

From the sending of the requisition of December 26th the relations between those who favored an honest investigation and those who were bent on a whitewashing report became more and more strained. That the new president was in accord with the Standard Oil contingent was obvious from his actions, and it soon developed that Mr. Truesdale had shown the white feather, as without the consent of Mr. Fish or Mr. Auchincloss he had told President Peabody that he need not comply with the committee's requisition at that time. This change of front on the part of Mr. Truesdale, of course, may not have been due to the opposition of Mr. Rogers and the Standard Oil contingent to the proposed thorough investigation, and no pressure may have been brought to bear to make him go completely back on his deliberate action recorded in the memorable requisition of December 26th. But there are certain facts that will obtrude themselves

in the reader's mind when he seeks for a plausible explanation of this astounding change of front. He will remember that Mr. Truesdale is President of the Delaware, Lackawanna and Western Railroad, on the board of which sit such men as William Rockefeller, James Stillman, President of the National City Bank of New York, better known as the Standard Oil Bank, John D. Rockefeller, Jr., and George F. Baker; and, as Mr. Bullock pointed out in THE ARENA last month, "it needs no demonstration that men of this caliber do not sit in corporations for nothing, and they compel obedience from all in their employ, whether as presidents of their great railroad systems or as footmen on their carriages.

Whether pressure was brought to bear in a more or less brutal manner or not, whether a delicate hint was thrown out, or whether some other and less obviously probable explanation may account for this astounding recreancy to the avowed purpose of the committee in its investigation and to the course decided on deliberately and maturely before the signing of the requisition of the twenty-sixth of December with the approval of the distinguished counsel, we, of course, cannot determine. Certain it is that Mr. Truesdale deserted to the enemy and was followed by Mr. Auchincloss, leaving Mr. Fish to battle alone for the honor of the company and the good faith of the committee.

Mr. Peabody's failure to act with reasonable promptitude on the suggestions of the committee as outlined in the fourth preliminary report, issued on December 27th, in which the committee had urged that action be commenced against Richard A. McCurdy to recover excess of salary paid him, against Robert H. McCurdy to recover excess of payments, and against Charles H. Raymond & Company to recover any excess of payments or allowances made and to annul contract, at length called forth a memorable letter from Justice Peckham of the United States Supreme Court, dictated on Feb

ruary 12th. Justice Peckham was at that time a director in the Mutual and he viewed with amazement the dilatory policy of the company since the election of Mr. Peabody, especially in view of the fact that the McCurdys were said to be preparing to fly to Europe. In his letter Justice Peckham said:

"I see that it is publicly stated that Mr. McCurdy is preparing to leave for Europe, to remain indefinitely. I think it would be an inexcusable mistake for the Mutual Company to permit him to leave this country without the commencement of an action against him in the name of the company, to recover back the money he may owe it. The Attorney-General might properly find fault that the company was not itself doing its utmost to reclaim the money wrongfully obtained by Mr. McCurdy, the chief delinquent in the case. As you may suppose, I take the greatest interest in the matter and I feel as if an action ought to be commenced before the departure of Mr. McCurdy for Europe. Does it not so appear to you? The Board, at its last meeting, as I understand it, gave authority to the President to commence any action which the counsel advised, and such counsel advised as to Mr. McCurdy that an action could be maintained against him.

"Surely no further delay ought to be had, which might result in Mr. McCurdy's departure without action against him. I

write your Committee because your action

carries great weight, and I hope it may be

in the line of urging the immediate commencement of a suit against Mr. McCurdy."

The strained relations that had developed in the committee by the deflection of Messrs. Truesdale and Auchincloss from the course agreed upon and maturely marked out by all their number before the development of hostility on the part of the Standard Oil and Wall-street elements, were the talk of the Street during January and the early part of February. One man, however, seemed to have re

mained in blissful ignorance of any friction, a man who one would suppose would necessarily have known all about it. But Mr. Charles A. Peabody, the new president, seemed by some strange fatality to have become affected by the inexplicaable ignorance that was the most conspicuous characteristic of the former president, Mr. Richard A. McCurdy, when before the Armstrong committee; for in the New York Herald of February 11th appeared a most astounding interview with Mr. Peabody in which the new president of the Mutual is reported as saying:

"As to published reports of dissension between members of the Mutual's investigating committee, I have no knowledge whatever except that derived from reading newspapers. I am not a member of the Truesdale committee, but I have never been informed of any serious disagreement between its members.”

And again, in answer to the question: "Is it true, as reported in banking circles, that the investigating committee, under pressure, was persuaded to withdraw requisitions made by it for information bearing upon the actions of members of the company's finance committee?" Mr. Peabody is reported as replying in these words:

"That is not true. I do not know

whence such reports emanate, but I do know that every request for information made by the Truesdale committee has been promptly complied with. Certainly

neither members of the Board nor I have the slightest disposition to limit the scope of the committee's inquiries in any way, but, on the contrary, it is our desire to cooperate with it fully.

"If the members of the committee today will make any request for information bearing upon members of the finance committee, or any other individuals, or having to do with any department of the Mutual or any phase whatever of its business, I will see to it that the organization's