New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-03-24
LIFE INSURANCE REoRGANIzAToIM.

INSURANCE COMMISSIONER RHODES ELECTED PREsi-
DENT OF THE JOHN HANCOCK MUTUAL
A revolution has taken place recently In the Johh
Hancock Mutual Life Insurance Company Oh DOS
ton Thus has been done so quietly that IL seems "
have attracted little attention in Ncw-lork, al
though the company has n State agency III thiS
city, and has fair proportion OF newborn DUST
ness and although the revolution has called 10 inc
presidency of the company Stephen H. Rhodes WIN
resigned the office of Commissioner of Insurance Oh
Massachusetts,, which he has held since 1874 III
order TO accept the position. The John Hancoch 10
purely mutual company, having no STOCK anu
permitting voting by proxy. Al eacn aii,iu',
meeting the policy-holders elect a Board OF
Directors and Finance Committee Aho
directors elect the officers of the COMPANY,
and il is the duty of the Finance Commlttee-Whlch
must consist of new members each ycar-to ex-
anime the company's books, and report on the man
ner IN which the business is conducted on the char
acter of the investments etc. Thus the manage
ment is wholly in the hands OF policy holders WHO
can rectify any wrong at once.
The last annual meeting was held at Boston, on
February TO- 1t had been rumOred among agents
and pol;cy-h0lders for several weeks PREVIOUSLY
that the resignation of the president, George morn
ton, would be handed in at that time, ana that ne
had bcen Indnccd to give it by attacks on ms Char
acter by the Executive Committee. Iheattehdahc9
at the meeting therefore unusually Iaree, anu
many went prepared TO defend vigorously ihe ciai
acteT of the president, who IL was OeIleVed ma
given valuable services IN STRENGTHENING Inc corr
many Al the meeting statements were made ny
agents and pocy-hOldeTs, and atfidavts were pre-
sented showing Mr. ThoTnonS loyalty 10
the company and his incorrnptihle ih'eRR
TIty in hs W nan StatH ogoUt presentcd an
affidavit to the effect that he knew ol quarter Vi
million dollars having been offered MI. ihorh'oil
to simply refrain from opposing, ne sGnclio w.
l,rt no had refused II Indignantly
AlinOn +. Mason made affidavit that FZV'uuu was
offered Mr.. Thornton by the NeW-JerSey Mutmil Oh
the same conditions, and was refused: MI hoIn-
toms general fidelity 10 the interests OF the COMPANY
was unimpaachcd by the directors VINO Hdd Oech
INVESTIGATING his character ana VINO had deter
mined 70 force him 10 resign; but charges "elS
made against his moral character bV George u
Hall a director and member of the Finance 'oIh-
mlttcr The Hon. Liyerus Hail. another director
SAID that he had been mixed up III TOO many othel
kinds of business. and had been untuthlul IN MS
the directors III relation 10 tDeih
that he had shown incompetence III inc aPrV III
ment Of agents. aud the directors had had To take
from him TINS function and bestOw 1t upon special
committee, and that he had too many insurance
schemes TO be safe. The presidents resignation
was then presented 10 the Board of Directors, and
three new directors were elected Daniel Ncedham,
National Bank Examiner, beng elected III MI
Thomions place by vote OF 90 to iOr thornton
The Board of Directors, al a subsequent meeting,
appointed Samuel Anterior, Nlce-prt sldent, 10 act
az president, and Samuel Wells, counsel, TO act as
lce-presIdent. The plan was urged at lhat tme "i
appointing prominent business man not connected
with insurance 10 the presidency, and0t making me
yice-presIjcnt the active manager; but u month
later March 10, the directors elected stephen IL.
Rhodes TO the presidency 10y unanimous, vote.
Sir Rhodes has been Comm sSlOner OF the MaSsa-
cbusetts Insurance Department since 1874, when
mo succeeded julius L. Clarke and has been noted
for his conservatism IN insurance matters. lie has
been con-p CuOUSiy strict III enforcing the utmost
re0ulrernents of the law, and has driven from his
State several companies whose TOttenncss was not
discovered IN their own States until few years
later Mr. RhodesS salary Will be 5000. arcdDc-
tiou from Is 900 given to Mr.. Thornton. The
change III the presidency gives great satisfaction to
pohcy-holdeIs. not excepting those who were most
strenuous III the defence of the tate president.