New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-02
MUTUAL CHANGE TO-DAY
PEABODY TAKES OFFICE.
McCaIPs Resignation Rumor Denied
MAY Be Forced Ont.

According to the programme, the Mutual VIII en-
ter on it's new life to-day Charles A. Peabody will
assume the Office and duties of president this
morning It has been some weeks since Richard
A. McCurdy resigned and. after a struggle be-.
tween the reformers and the ''smooth-it-over''
party the latter won. and Mr.. Peabody was chosen
for the new president In the mean time Frederic
Cromwell treasurer Of the company, has been
president pro tenn and has been getting things in
shape for the new president to take hold Mr..
Peabody has been winding up his law business
preparatory to devoting his Whole time to the
Mutual that is. all except what he has to give to
the nineteen other corporations in which he is an
officer or director and to the management OF the
Affairs OF William Waldorf Astor in this country.
Last Wednesday he was elected a trustee Of the
Mutual, and for some time he has been going
around to the Mutual offices frequently, getting
familiar with the way things and suggest
ing improvements while ever since he was che -
president he has been consulted all questio.
of policy that have come up and on good many
of the minor details of management.
This day sees, also, the end of Robert h Nc
Curdy general manager of the Mutual. That
means a $4,000 salary saved TO the poHcyholders.
One hundred thousand dollars more Will be saved
Mr.. Peabody He will draw $4,000 year. while
Richard A. McCurdy got $4,000 Young Mr. Nc
Curdys work will be done by Emory McClintock,
the actuary. who elected a vice-president at
the last meeting of the trustees. MI Peabody does
know anything about the technical side OF life
insurance, but he is to look after the general
policy and high finance, while Mr. McCHntock viii
take of the life insurance end.
Frederic Cromwell, who steps down from the
position of president pro tenn, will not sever his
connection with the company, as had been pre-
viously announced. He viii probably remain as
treasurer for a month so, and in fact his stay
may be prolonged indefinitely. 1t is stll MS desire
to retire from great insurance affairs but he
wishes TO help his friend MIR. Peabody to get used
to the machinery Of the Mutual. and he will stay
for that purpose until further notice.
One block down. at the Equitable Building, the
new year is coming in quietly but up at No. S45
Broadway, the NewYork Life quarters, there Is
something going on, If all sees and hears Is
true There was published yesterday announce
ment that John A. Mccall had resigned as presl-
dent Of the New-York Life. 1t was said that Mr.
McCaus written resignation was handed to full
meeting of the board of trustees last Saturday yet
yesterday two members of the Fowler committee
denied that such a meeting had been held And
one of them, when asked, rs the story that M
Mccall has resigned president Of the New-York
Life true?" replied with great emphasis mo, sir.
place next week. on Wednesday, but there has been
q special meeting called Tor to-rnorroW, me
The Fowler committee announced last week that It
was investigating the Hamilton statement, ana that
it would report the trustees when the investlga
VIII he made on WEDNESDAYS The member of the
Fowler committee before quoted asked last
night If the board would receive Mr. Mccall $ res
don tE,tfs-I Know " 'o---o' :" --'sS' ''''
Has Mr.. Mccall prepared his res1gnatonr
Il don't think he has" was the reply.
Augustus G. Paine, a member of the board of
trustees of the New-York Life and of the Fowler
committee, was asked yesterday in regard to the
report of Mr.. McCalps resignation He said:
There meeting of the board on Saturday
last. 1 have not been away from New-York, and
therefore 1 positive If there had been such
meeting think should have been there"
Clarence H Mackay another member OF the
Fowler committee. Is also in ignorance Of Mr.;
McCalrs rumored resignation Il have not read
the published report" he said yesterday, put 1
can say that I don't know anything about any
resignation of Mr.. Mccall"
At Mr.. McCalls house it was said yesterday that
he was out Of the city, having gone away over
the holiday. 1t has been generally understood that
he would be forced out Of the New-York Life, but
the impression has prevailed that he would hang
as long as possible-probably until the annual
meeting in April. Recent revelations, the state
ment Of Hamilton, and the attitude Of several Of
the trustees in regard thereto, have made it seem
probable that his resignation would be forthcom-
ing sooner than was at first supposed His failure
to make good by the first Of the year as he had
promised, the $235 900 given to Hamilton is dis
tinctIy against him. in the minds of many OF the
trustees The opinion expressed by one IN a
position to know that nothing would be done in
regard to Mr.. Mccall until the Fowler committee
had completed its investigation.