New-York tribune., 1906-06-20
MORE MUTUAL MEN OUT
TWO TRUSTEES RESIGN.
OIyDhant and Miller We're ON Otd
Expenditures Committee.

Rohert Olyphant and Charles F.. Miller. 1t was
learned yesterday. have placed their resisha-
ttons as trustees of the Mutual Life insurance
Connany in the hands of President Peabody.
These designations. with that of James Z. Holden
announced In The Tribune yesterday. make
clean sweep Of the old expenditures committee.
which passed the false and padded bills that
furnished the yellow dog funds.
The designations will be acted on at the mex.
meeting Of trustees on the last Wednesday of
the month, when IT Is possible. trustees to sue
ceed them will be nominated. Mr.. Olyphant Is
the third oldest living trustee In point OF service
of the Mutual. having been elected In 1873 ne
is a member of the firm of Ward d oiyphah''
miners and shippers Of coal For many years
this firm supplied coal for the Mutual Lie Buho-
ings an average of five thousand tons year
being used Their contract terminated on May
/, when they refused to bid for another year.
AS member of the expenditure committee M'.
Olyphant presumably passed on the bills OF
Ward & Olyphant.
After the revelations OF many false and padded
bills passed by the expenditures committee 1t
was generally believed that It's members would
resign. Although it is conceded that the mem
bers of the committee were deceived In the
character of the bills, it held that they
should have exercised more in their work
1t has been stated that when Mr.. Olyphant was
asked to become chairman of the committee
which place he held for a number of years, ne
told President McCurdy that he had little time
and asked that his work be iightened by having
one of the executive officers 20. K" the bills
before they sent to the committee. This
usually done by DR.. Gillette
Summonses have already been served on Mr.
OIyphant, Mr.. Holden and Mr. Miller in suits
brought by the Mutual Life law department for
an accounting of the moneys paid out through
the expenditures committee and restitution Of
such moneys 1t can be shown were illegally
paid by reason of their neglect
Mr.. Miller is a lawyer and has been a trustee
of the Mutual Life since 1888.
j. Lynch Pendergast said yesterday that the
report that he would succeed Mr.. Holden as
trustee was a mistake. He has been elected
president of the National Safe Deposit Company
to succeed Mr.. Holden. who has resigned that
office also. The National Safe Deposit Company
is a subsidiary corporation of the Mutual Life.
Mr.. Pendergasts old position secretary and
manager of the company is now filed by Ferdi-
nand ]. Claussen, former cashier. John A.
Fonda has resigned vice-president OF the
company. and has been succeeded by Theodore
W. Morris Mr. Fonda is connected with the
Mutual Life, and second vice-president until
that office was abolished by the new bylaws.
There will be a meeting Of the directors Of
the Equitable to-day, when the amended charter,
Dy NOlb o. tNe Oh
day, will be passed. 1t will then be presented
to the State Superintendent OF Insurance and the
Attorney General AT the last meeting OF the
directors, when the amended charter. which pro-
vides for semi naturalization, was proposed.
several of the directors raised objections TO the
proposition. They argued that the plan which
provides for the election by the policyhoders Of
twenty-eight of the ffty-twO directors, would
fail in its avowed purpose to give the policyhold-
controlling voice in the company On the
other hand. it was said it might give some
schemers in years to come the chance TO get a
voice in the management on the ground of serV-
ing the policyholders.
The Cleveland trustees will meet tomorrow
when, it is said, they will make nominations for
several vacancies in the directorate.
1t was said yesterday that Johannes Kempr
former Mayor Of Berlin. would be member or
the committee in that city formed TO represent
the German policyhOlders of American life in
SuranCe companies, in addition TO the men
named in the cable message from Berlin pub
lished yesterday. This committee Will partct-
pate in nominating directors of the Mutual and
the New York Life companies as an ally OF the
international policyholderS' committee
Negotiations have been opened with AmbasSa-
dor JusSerand in Washington to get his Coop
Grafton in inducing ex-President Loubet Cash
mir Perier, Baron de CouTcey and other men Of
equal prominence TO act the French policy
mittees have been organized and have selected
representatives to the central body. meeting
will be held in this city. 1t is said on behalf
of the committee that men representing between
5000 900 900 and $500 10000 will be arrayed
against the financial interests now In control OF
the companies in the coming fight for their man
agement.