| Show OFFICIALS WANT TO KEEP CONTROl President of Mutual Life Sen SenIs ls Circular to Policy Policy- t holders POINTS OUT MANY REFORMS 1 Says All 1 ll Practices of Doubtful Pro Piti a in Ju Hu c c Been iteen Prohibited Art Are Invited Iu New York July 10 The 10 The first gurIn gun gunIn gun gur In the campaign of ot the present controlling controlling con con- trolling interest in the time Mutual Life InS In- In S con control on company to retain more mOle ton ton- in the coming election of ur directors tore tors tors was fired I by Pr President Charles CharlesR R A. A Peabody this afternoon C when heS he lie S sent n out a letter a addressed to Li all al policyholders policy 5 holders holden calling attention aU to tt the fact fuel that under his administration which b began gal on OJ Jan 1 1 1 1906 OC and UHl 1 Is therefore therefore there there- 5 fore tore bix aix months old ol many ninny toms reforms have saved money to lo the policy policy- holders have been put Into int Int force He lie also alo leclar declares that he will wl gladly lally accept ac nc- LC- LC COlit un any ammy suggestions from coin ers ri r. r as ms to lo how the tIme com company pan be I run IUn In 11 part patt the I letter tt a says s 's There here has been beep a complete change changeS S of or tue tie executive u of th 2 com I eO an pany rany No Xo one who was as di or 01 O indirect reap tor for th Hie C conditions condi III- III tIina that existed in and jim r to tIle the 5 year al I 1505 05 remains In Iii th the or hc of oC the time company I tight Rigid I Imeta estimation In l iun MadeA Made inde A rigid and thorough investigation has been made of every department of time the company's business and ant every ever abuse o or Il extravagance detected through the efforts of the legislative committee the Trustees Investigating In S the time English and American firms of ofa a public accountants or time tho mana management manage ment of the tile company compan has ha been ben eliminated I and all ni practices and arid methods o of doubtful propriety have been I Revised la by-la by laws B and anti a code of or organization or- or g. g 11 have been adopted J prepared pro pre pared In collaboration with wih the trusS trus'S trustees trustees' trus trus- S f tees' tees investigating commission specifically sped sped- defining the duties ules and amI re responsibilities I of the th trustees and their various vari varl- I. I I ous committees and carefully limiting the time authority and dc ho responsibilities of oC the officers of the time various vail vari i ous Otis departments of the iho company's ser ser- r vice A revised system of ot accounts has been created amid an an accounting department organized on omi plans which c In insure ure a n complete audit and detailed record of the company's expenditures and alId transactions with wih proper propel verification tion Hon thereof before payment payment The rue board of trustees thus through Its ILs various committees es reaches the tIme arms of or Its Is authority deep down Into ever every branch of or the company's I tion ion Super Won ion A Assured J W II economy 0 of Ul administration m In n s ra ion on pro provision vision s on onha has lC been made f for r n regulated presentation preen presen ha tation tatian to lo time board of trustees and commutes of statements of or all al transactions trans trails l' l actions and comparison o of results obtained ob oh- tamed by hy ant the several everl officers an and de de- IC- IC i Under the advice antI and direction ot of i fon Joseph U. U 1 Choate stilts suils have S. S been commenced und and are arc now no pending pend ing against those hose charged by ly the re recent recent recent re- re cent Investigations as being responsIble responsible responsible ible for or the Iho waste of the company's compans S fun funds s through extravagance or 0 mismanagement mIlls mis management for the tIme recovery of oC the amounts so lost Eight new trustees of the hl highest hel character an and standing and residing In six different states slates of the union have been elected and as many lany more will wi be elected at nn an earl early date in place of those thos who have resigned or who will vili wi for various reasons do co so s. s I The Tue economies economics Introduced at nt tho the hom home olce by hy the time re reduction in number num num- S ber lel and n mId In price of an and em em- b by of man many suites of or offices heretofore used h by bythe bythe the company and by reduction In the I expenses of or the home building I are arc arc at the lie rate of per imer lieI an- an mum Tho The economies effected in the he medical cost of or agency managements management me lal examinations and revision rc work adv ad- ad v vet Using printing and anul stationery aggregating ag ag- per her annum these items alone among the economies put Into effect aggregating per pel- pel year or a a. gain of ur over for or each working day Gain Guin in iii Net ct Income I I Since Jan JaIm 1 I the time company's fun funds s deposited in iii banks nn and loaned I I on un collateral have hav been heen reduced over b by Investments maUe thereby Increasing the Income Tle Time The TimeA I A total gauL gain in lu net income from froni all al In InV Inv Investments In- In v vestments during six abc months mouths June Julie figures partly estimated have been In rn the recent Investigation ton by 11 the lie legislative committee the record rd of if bond and 5 se security evel every Joan every eveE bOll an t e every this tills of f any description e o of com company was wa before them an and not nol an pal item Item Iem among the Investments was dis lUS- cae credited The fhe integrity an and value alue o ot of le the tho company's assets W were le again von von- I S fled Hed h by the Investigation an and amid exam exam- mallen just completed by hy the English and American public accountants S whose certified statement of the sets as-sets 1 Dec 1 1905 Is in exCesS f f tho tue value shown on the company books S Other Othe reforms are are In iii progress anti and antiS S In contemplation co and it I is belen believed that lint the r results of ur the future futuro will wi b bI be I to the volley volley- entirely s satisfactory tOr holders holders If I thorp there rc a an any ammy suggestions will aid that can be offered which wi S f. f officers In enlarging upon ther tho the I your beneficial results accomplished the r t management l will wl highly appreciate your youL OUI operation co-operation co and will wl gladly re- re e eive such suggestions u No effort efort will be spared b by your our to ac- ac wi those things v will wi be beS bout S further nn and protect your you interests |
