New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-10-09
INSURANCE TRUSTEES SURPRISED.
SUDDEN REMOVAL OF AN OLD SECRETARY
ACTION OF THE MUTUAL PIRE INSURANCE W."
PANY-CHARGEs BY MR.. ARMSTRONG

ACTION OF TIE MUTUAL PIRE INSURANCE Co"-
PANY-CHARGEs DY MIR. ARMSTRONG
There is n lively internal war among the
trustees of the Mutual Fire Insurar ce Company DONG
business ut No. 15j Broadway, which cumna'eu ScSo
dav I'm resolution adopted by the board by close vote
discharsing p T. Armstrong as secretary ana appone
in his stead JOhn Il. Waters. The company Is ono Vi "o
most widely known OF the insurance cOncerne 'na' "
conducted on the mutoa principle and Its board Oh
tees includes some OF the most prominent men in the uty
goods mporue, tea and other trades The dlscnarscu
secretary was the organizer Of the company ana In IN
surancc circles was recognized to have contributed largely
TO its success 1t is claimed by him and DIS ifiehuS t
his removal is part OF scheme when mas lor t5
tho conversion of the company into stock corpora'o
by which the new stockholders to profit largely Ut ho
oyrcnso Of thc pocy holders No charges affecting the
integrity of the old secretary made by the trustees
who voted for his removal but his business methods nave
been criticised and his treatment OF some OF the luseeS
is said to have been personally Objectionable to them'
The company was organized in June. 1882, with SUB
scrptions toward the capital amounting to S2oO'ooo
which are receivable for premiums and which bear per
cent crest in cash and 10 per cent In scrip ahhuay
After the payment these charges ana expenses anu
losses the Profits divided each year among tue pocS
holders william A. Wheelock formerly president oil the
Central National Bank. temporary president uh''l
October. lss1; since then Edward 4. Moen the wire
merchant has filed the place. Tho trustees are Dc
sides Mr. Mocn Mr. Wheeiock, and exsecretary
Armstrong, follows: Edward Hill, Aaron carter
William d. sloane, Barton ". Van NOorbis. OF the Man
haitian Iron Company George W Allen. William NJ lia-
stcd, John L. scaries, jr, g. VI. Nichols, William d.
Cragin David Il. Morse, George L. Whitman, EoDer'
Funger George L. Poasc, John L. BOariman, Robert
Wells. William II. Pau,ding, John ID. Cutter eoth NJ
Miliikcn. William Lyal, Frederic L. COuuert
T. :. Higgins. William H. Lee, :. Il. Lcsher' Z. l.
Reynolds. c. II. Tenncy I. W. Deyoe, = stein, John
CIahiu Henry ADegg j. VI. Valentine. Eberhard Faoer'
George C. Clarke, Adolph Hermann. William b. Thorn
and H. l.. Picrrcpont, IT, OF NcwIork; John Field OF
Pniadcphia and Thomas Dcford. the big leather mer
chant OF baltimore.
President MUcn WAS seen last evening at his home
No. II West F,;y-secondst In reply TO inquiries he
said: rcgrot exceedingly tho action OF the board OF
trustees, which consider hasty and !-adyised do
not think that II would have been taken If some
Of the members had given the matter sufficient
thought. There arc 40 charges against
Mr. ng and his accdunts arc perfectly correct
lie has devoted himself to the company night ana day
and II i argcy through hi- eHettons That II has en-
Joycd 50 great prosperity lI' "3fh iot u mas 1cSn SO
ssduous that MS cycssht has been Affected think
that the trouble from his offending some OF the
trustees personally 10y Bis abrb impu'Tc ways ILcy
Thought that lac running the company to suit him
self nave never had any friction with HIN. aud u
pr-r lie should wait 20 have Large freedom III tho o.
ice. 1hc resolution for bis removal Wa surprise TO
mo and - many OF tAc trustees aud those who |
voted Tor acted IN manner which would Indicate that
they had Lelt previous conference ABOUT the mater.
rnud he carried MI Armstrong; services To the com
many were almost Invaluable Il VIII be extremely dif
,ut to select any man VINO can hll his piAc" - ac-
c.pirbly a, nc did no discreet or diplomatic
enough. or | 40 not think The difficulty ""ud have |
occurred. There no harsh l-uguage uscd at the |
botri meeting, bat those VINO 'olcd 70 I,'aI Am were
surprised nt tie Offering of tho rc-o.u;On.'
ne di-chugct secretary Wa more emphatic than Mr. |
Mocn IN his statement of Tie situation Talking viih
IuErNL reporter al MS nome lA't cNr"'i = MI Arm
strong SAID There Is 30 more propr aus or'uCcc-ui
lire Insurance company Ia lhi' country h'' thr Mutual:
for 1t through my management No started wuh |
the Irft Year our ,.yt. wcrc 79-- the year after
75Il,"o' 4ni i"i INC ,.'s. ,'', 'l.N. J.l, o"'
prout- 60 premiums. calculating up"n the > stem aP
pied ny other hrc nsnt.nre com@ni',' from |
R 70 80 80 '' 80 l ed from 20 prr cent Ia I-Ii To- - Ina
l--l and - - u ~-5. have got 70 down 10 about ono
tuI the average percentage oi l ic Diner 'oHItics
IN f,e United states. This attack rIuu ne comes from
INV refusal to l'ui nysclf to 7rh"Hc. The mrn who
are working against me want Ia make ia" company |
a stock concern, freeze out The scrphodcis |
aud keep large share OF the Pront at now 20 10 the
policy for ia" new 7i"c6h"!lrr- out ot ihr
whole numuer Of vote, cast against me at the 'oiI
meeting only wAs cast bJ man WHO has been al All
c,lyr IN caa.r, OF the pt.y and hc rrs to sue
coed Mr. HOth aS pre- Ii'nt oI "r L'N 'nuP"h), I'"
Mr. Iastcd, OF ld,tcd, liduse & Co. Inc leading men
TgDgrr Pcasc sloane, and Curtor And uaht here let
me that tutttr ls man yud can't have dii'r
My enemies last spring invited superintendent mccall
to Investigate affairs IN the hope "f finding s'nc
m ,, rau,u,ftcr ni,nut,d 10 ruir.yor
To- bring about this stock scheme, but IL !
lllcd lamcutanly and was discharged H. disgrace !
Inc ouly Inirs tGey have made auy prctcncc Of bring
ins aeainst re wcIe ,onc oyyrn,urauc,- which
c.crk responsible, and when discovered Lcoro
committee, winch has been sitting Tor three |
days In iuNcsugdtlns NY management. ana
minor matters involving !
no wrong doing "aa perfectly thundcr7truck when In
tu-lay's meeting the resolution Was INTRO.
ducrd Tor iny removal Tho trustees who voted Tor IT,
/ am told. into the meeting after
holding a c.,Gcil, at Dclmonicos. shall not move 70 he
r,u,'aicI bat shall certainly take means tb cniIgtcn
those trustees who voted against with only tilc
of tnc case before thcr.'
1hcre were twenty eight trnstcca present at ester
days meeting, oi whom sixteen y"tcl 10 remove Mr.
Armstrong and twelve against Iho meeting hpplrh'u
for two wcc- John L.. Waters, the NEW secretary, II
snll forty years o.I lie formerly member OF the
silk importing az NceOL FJrticr Gfu,r ~ 60. lie
now manager oT the LIoyd-, An Insurance a--"ridnn
siACcu houscs, with capital of SB1OOO
Mr. NHtcrss salary sad To he fixed at sum consider
ally lcss than that ell Dy Mr Armstrong.