New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-09

4..oo, 80 tho cor,nany accepted the resignation
OF Robert n McCurdy. of the former president
Richard A. McCurdy, as general manager o. '',e
company to take effect December 81 AltnouSh ~
was expected that this meeting permanent
president of the company would De selec'eu "'
such action taken
The trustees met at the Mutual Life Building at
Nassau and Cedar SITS. at 1890 o'clock. There was
a f,,I attendance including Adrian Iselin. VINO had
been out of town since the Mutual pot began 10
boil OYER. After the meeting typewriter state
ment was given out by Mr.. Cromwell lhls state
noent declared that the question of choosing
raetdent had been put in the hands of 4 committee
Of trustees on Wednesday. These trustees "ere
Messrs Gerry. Truesdale, Clarke, Fish ana Jarle,
Yesterday this committee reported that IL hau
given The subject careful consideration but, IN we"
of the Importance of the selection, they had decloeu
IN ask for more time No nominations were made
and no names mentioned for the place
A resolution embodying the facts in the fore-
going and these additional clauses was adopted:
whereas question has been raised as 70 pres
dent the Of the Mutual Lie Insurance Company
might after 9pf the authority or the OF
the inquiries Of the committee appoih'eu O
20 resolved esgJ That the election of permanent
president Of the 1ua will have no effect whatever
in limiting the authority or the scope OF t ed
oeobeT 20 1893 Which Committee directed
to go with the matters which II mas SdTo lime
TO time heretofore
The letter Of resignation which Robert H. NC
CIardy sent to the board was not given out nor
was any mention made of the reasons he gave for
leaving the company. President Cromwell was
asked if any steps had been taken 10 cut OF the
commissions amounting something like $ufWO a
wear which McCurdy is receiving from the foreign
business of the company. Another reporter wanted
to know what was going to happen to the N4o'VOo
annual commissions paid to ex-President McCuroy >
son-in-law Thebaud, who recently resigned from
Charles H Raymond & Co.. managers of the MI
tuaPs business in the metropolitan district
'These are still open questions, said president
Cromwell. They have not yet been settleu- oy
the terms of the contract with Charles H. Ray
& Co. which contract expires on December 81
something might be due on renewals and old bust
ness These are questions to be settled hereafter.
Mr. Cromwell denied the report that Robert A.
Grannis and Walter r. Gillette, vice-presdents OF
the company had resigned or intended to resign.
.orhere is too much hugging to Wall Street,
commented Senator Bracket, in investing insur-
ance funds Wall Street has no for individual
mortgages They are too safe and stable wall
street makes it's profit out of shifty securities
securities that change in value at the manipula-
ton of one" ,.-.,..
ton Committee is not through with Mr; Ryan, ~
of the alleged sale of a burglar alarm trancnlse
BY the Mercantile Electric Company to tha New
gone into The Mercantile Electric is an offshoot
Of the Equitable and had capitalization or SUD
The franchise deal is supposed TO have occurred
several months after Mr.. Ryan bought the Equl-
3ahIa The new telephone company values the
Franchise at s125O0,OO0 and the Controller Is now
examining into its validity: President morton , on
that the stock of the Mercantile Electric still
owned entirely by the Mercantile Trust Company