The New York herald., 1879-03-13
THE GLOBE LIFE INSURANCE.

THE FREEMAN FAMILY FORCED TO SURRENDER
X THEIR STOCK IN THE coMPANY--wILLIAM
ALLEN BUTLER IN VIRTUAL CONTROL OF THE
COMPANY.
Tho Globe Mutual Life Insurance Company at tho
corner of Broadway aud Leonard street. which has
been for months past under the watchfuleye OF the
Insurance Department not only. brt also of its
numerous policy holders, was galvanized into
life yesterday by the resignation of every member OF
the Freeman family. including the president. Pliny
freeman. and the election in their stead of
new trustees and directors. This action was
brought about by the persistent endoavozS OF
the Attorney General of the State. who has
been in this city during the past few
aAyss and Who WAS Determined te DleAe = sssa4eny,
in more favorable position. il could possibly be
done without litigation. Should that have failed he
determined to proceed legally against the Free
taking the report of Assistant Superintendent
Mccall Of tho Insurance Department. the basis Of
his action. concilatory disposition the part Of
the freeman family. however, having become mani
fest on Tuesday, the first step taken the engage
ment of new counsel for the company. The gen.
tcman selected, Mr.. William Allen Butler. at once
set to work to bring peace to the warning elements.
Knowing the determination OF the Attorney Cen
eral not to stand any more triing he soon brought
the representatives of the Freeman family to terms,
and yesterday at full meeting of the Board of
Directors was held where everything previously
agreed upon was Endorsed by those entitled to vote
rHE PuBLIc.
This meeting held with closed doors. and nt its
conclusion Mr.. Lindsay, tho secretary, handed to
the Representatives of the press carefully prepared
statement which he desired ito so before the pub
lic." The report thus prepared stated that meet
ing of the Board of Trustees of the Globe Mutual
Lite Insurance Company was held at the O. ofse NO.
+. A. Freeman and John q. Freeman trustrees
offered and the resignation of Mr. Pliny Free
man as trustee. previously made. was declared by
the resolution to vacatc his Office president.
BOARD.
The following gentlemen were elected trustees
Gouvcrneur Tnlotson. in place of q. p. sheldon; G.
o. Francklyn, In place of ]. NJ. Freeman J. A. Ker-
nochan. in place of +. A. Freeman; T. o. French. in
place of Plny Freeman; Z. w. Corlies, In place of
The Board is constituted as follows:-George
Broadway; 9. ). woolsoy No Is West sixteenth
street: Appleton Sturgs, pier IL North River; q. e.
francklyn. No. Bowling Green; Gouverneur I'll.
National Bank; DIR. Sturgis No. 129 East Seventy
first street, J. A. Kernochan, Westminster Hotel L.
W. Corlics, No. 66A Pine street, j. e.. Holbrooke.
No. 3f5 Broadway; Richard Cox. No. $50 Broadway;
c. Seton Lindsay secretary.
The Attorney General and Mr. William Allen But
lcr the counsel Of the company, were present at the
meeting Of the Board
IT was stated that all the stockholders who had
been heard from asscntod to the proposed arrange
ment by which the stock is TO be placed in the GUS
tody OF trust company for the benefit of the Globe
Life Insurance Company, under such provisions as
shall secure tho permanent control of the affairs of
the company in the interest OF the policy holders.
The details or the transfer to be arranged without
delay and the Board of Trustees propose TO
enter at upon an administration of the Affairs
of the company a basis of economy and thor
ough scrutiny of every department OF the buspcss.
The HERALD reporter asked MIR. Lindsay the sec
rotary, to show him the minutes of the meeting
tina. he could copy the resolution declaring the presi
dcncy OF the company vacant, but the secretary de-
cncd to furnish copy of tho resolution or to sub
init the minutes to the inspection of the representa-
tives of the press.
INTERVIEW WIN THE DEPUTY surERSrENpESr.
Mr.. John A. Mccall, Jr.. the Deputy superintendent
of the Insurance Department. when spoken TO later
IN tho evening In regard to the meeting. reported
above, said:-"fhe Attorney General Will not now
proceed against ths company IL he Is satisfied that
every trncc OF frcemanism Ia swept out.
There several other gentlemen to 90 into
that Board il they be satisfied that the control
OF the company be given in trust, to be hold by
n trust company with all the powers attached. and
only to be returned to the owners OF the stock by
tic superintendent OF the Insurance Department
with the consent OF the Attorney General The
proxies have already becn transferred to William
Alien Eucr aud the stock itself is TO be in his pos
session twenty days. Mr.. Butler has the
controlling power OF the stock and the Board elected
to-day is mere temporary Board, with Mir. George
Lorillard its acting president Under the charter
there will be another election in ten days. should
the lrecmans not go with the delivery of the
stock the Attorney General will proceed against them
just as IL to-day's arrangement had not been made