New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-10-10
THE MUTUAL FIRES CONTROVERSIES.

REPUTATION BY THE DIRECTORS OF ANY SCHEME
TO MAKE THE CONCERN A STOCK COMPANY.
The disclosure of the dssensions in the Mutual Fire
Insurance Company caused by the removal by the
Board of Trustees of Secretary T. b. Armstrong caused
much comment in insurance circles yesterday There
were no new developments in the matter, but future
controversy is confidently expected. John X. Waters
the new secretary, took charge of the Office and began
To familiarlze himself with the work Mr. Armstrong
good humorcd and with smile on his face, spent most
of the day in the Office giving what assistance he could
20 his successor. Neither he nor President Moen had
ANYTHING TO add TO their statements in yesterdays
TRlBUNr.
The directors who voted to remove Mr.. Armstrong
deny his assertions that they engaged in AN at
temrt to change the company into a stock concern.
John d. Cutter of No A East Fourte6 nth-st.. who
made the motion 10 retire Mr. Armstrong was asked
il he wished To cgly to the latters charges lie SAID
" hay, M occasion 10 speak on the subject. Those
who are cognzaut of the affairs OF the company VIII
see in the statements published ths morning a sum
yndication of our action Ia regard TO the story
that certain trustees who are named proposed 10 torl
a stock company and divert the profits OF tue Mutual
who knows these gentlemen VIII believe IL. IL
i fabrication ont of the whole cloth WIN the
selvclgo on But content to let time Nlhdlcit"
the wisdom of our action and the worhness Ot our
motives For myself, ! am Obliged 10 cur late sect'
tary for the compliment he pays me personally l. *
no doubt true that when get on the scent OF anything
which conceive TO be wrong | am not 10 be deferred
from its pursuit by intimidation. hattery lose or
fatigue We have had numerous instances OF late years
where a trusted official has been found wanting, while
d whole board of dTccOrsmcn of honor and integrity
each of whom in his business had achieved success
by wise control and keen oversight ol every detail
wake Ip 10 the tact that while the wool has gently
obscurca their official oycigh the public has trusted
their institution because such eminent ana honorable
men compose ed the BOARD of directors.
More than six months ago determined, Tor rly ,
sclf to discharge the obligations which | conceived
myself to be under in accept ing seat in the board so
that neither policy holder investor could ever re-
proach me tor neglect: failing o support, to resign
NY own interest in the securities and rolc'S OF 'nS
Mutual Company ia probably large a. any ones ana
wmle in .al have said Iand done ! have had my own
interest In vicw the obligations of my official trust
have been hundred fold more influential with me-.
Mr. Cutter did not charge any malicasance against
Mr. Armstrong. Ho'snid, however, that he would not
as trustee consent 10 the employment OF any ohclal
whose business methods he would not permit III the
conduct of his own business hen asked if the move
mcnt against the cid secretary pr'saged The retirement
nt Sir Mocn as president he shrugged his shoulders
and made no positive reply.