New-York tribune., 1906-05-15

summonses were served a week ago. Mr.. Oily
phant has already made appearance through
Bowers and Sands his counsel. Job 2. Hedges.
counsel for Mr.. Holden. has fled notice of ap-
pearance on behalf OF his client.
These suits show that the Mutual Life pur-
poses 70 hold not only the executive officers. but
the trustees well, Of the McCurdy admins
tration responsible for the extravaganza and
misuse Of moneys. The last report of the Trues-
dale committee. made public on March 81 said
concerning some of the financial transactions:
It (the conlmittee) is amazed at the character
OF some of these transactions and the apparent
indifference regarding these shown by those
officials of The company who were also trustees.
While your committee does not believe that the
chairman any member of said committee
personally benefited by those transactions,
nevertheless they have placed themselves in a
position 10 be responsible for the same, or at
least the chairman has certainly done so, and
your committee. therefore, recommends that this
matter be referred to the president, with power
70 take such action to secure an accounting and
restitution of the moneys disbursed is
FOUND possible.
AS has been learned by the insurance grand
fury, the padded bills Of Lysander W. Law
renee & Co. by means Of which Andrew C.
Fields is supposed to have obtained 100000 a
year for use at Albany. were passed by the eX-
penditures committee. In addition to this Mr..
OltptdnL LcbLUtu peLOAe lue AIAASAIOAB GOAA-
Inittee that as chairman Of the expenditures
committee he obtained $4,000 quarterly and
turned it over to the legal department as a
contingent fund. from which extraordinary ex-
penses were paid. There has been an impression
that the campaign contributions of the Mutual
came from this source. In all it was estimated
that 100000 was diverted to the legal depart
ment in this way.
AFTER ALL WASTED MONEY.
Although the complaints in the suits against
the members Of the expenditures committees
have not been drawn, it was said yesterday that
the suits would be for the recovery of all moneys
that had been improperly diverted or expended
through neglect Mr.. Olyphant is interested in
4he coal business. Mr.. Holden is president Of
the National Safe Deposit Company 1t was
said yesterday that as yet no suits had been
brought against Robert A Granniss and Dr.
Walter r. Gillette, former vice-presidents of the
company. but 1t is known that other suits of
some character are now under consideration.
The complaint in the suit against Fields, which
should be served next Saturday, is not yet
drawn, and every effort will be made to get an
extension of time. It is desired 10 embody some
OF the revelations of the grand jury in the COM
plant
BY the new bylaws and code Of organization
OF the Mutual adopted at the special meeting
the power is largely placed in the hands of the
president and the finance committee, which is
reduced in membership from ten to seven. This
committee three members OF which will cOnsti-
tu;e quorum. is to have charge of all the in
vestEnents and loans Of the company. is to SUI
pcrvise the securities and select the repositories
Of the funds.
The president has the power to appoint, sub
ject TO confirmation by the board, all the other
officers. except the vice-president In pursu-
ance Of this power the following officers were
chosen yesterday:
Second vice-presidents. DR.. Granville NJ.
White George 7. Dexter James Timpson;
financial manager, James Timpson; treasurer,
Charles H. Warren; actuary, Emory McClin-
took; secretaries, William J. Easton and William
r. Dix; general solicitor. James McKeen; man
Rger real estate department, William w Rich
ards; assistant treasurer, Stephen Smith; asso-
ciate actuary William A. Hutcheson; superin-
tendent Of domestic agencies George T. Dexter;
superintendent of foreign agencies. Henry f.
Duncan; medical director, Brandreth symonds;
purchasing agent Walter S. Sullivan; registrar,
GUion Trowbridge: superintendent Of policy
loans. Frederick Z. Mercer.
IN this reaTrangensent OF executive power Isaac
F. Lloyd and J. A Fonda, who have been second
snd third yice-presidents respectively. lose their
CoB;iGaod second page.