New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-07
pFp0RT MAY BE BURIED
preliminary One Of Traesdole Com
m;ttce Still Unpublished.

,.,i-oinary req sTt of the Truesdale house
,-,r,i+tee Of the Mutual Life lnsUV
*. ,-o,,,nanv will be taken UP st speei0'
III ~ tho Board Of trustees rext Wedhes-
acc'i-s ,,r+ 49, already been before the
~ nd has l>ec:1 the subject of no niue
-, It has rot been made puohc. anu
no faction which does not heleNe III ~
I'm. refo,r,a,ory measures which II reoo"i-
0fas, ON re brought around the public may
cecer see it. I'll, and
-, .or,rlete report promises to he an in'ereS'''ie
'. III. committee has the support Of some OF
.,,,,.anv's most influential trustees heaISN
.le s.,,,-resan, Fish The opposition IS SO faF
:! he learned. without definite leadership
zt5e,,+ Charles s. Peabody. it is said. Is op-
The drastic measures Of the housecIeah-
Py7 treasurer Cromwell and Vice-Presioent
--,-,is ere said to stand with him
.,.,.,,,eb Emory McClintock. the newly eIecl7N
..ei5ort and trustee OF the Mutual mas
'-.r.1,z- become the general manager o. ',le
.o,v position formerly filled by RooeI' l"
-, that title has not yet been given 20 nm
-. has already assumed the duties forn'eriS
e.-.orr,,ed by Mr.. McCurdy and has mace many
t.ee in the staff Ct The department II -
's hat several Offices commanding nisn sal
aries viii be abolished o.
-sr have taker, place in the supply depart =
heNeNe, -,a,. :, +ba reign Of I'll McCurdys was
-as5.f over by Andrew c Fields Haroi,
pas there under the Fields regime
LII holds lis off-a Here toe 'he 'oi'
h.cn 1essened and salaries GU dow.
TO-, trns. s-,rthy sources yesterday some
ia machinery Of thu new rebate cou-'
- bq5 bcel established by the Equitaoie'
-. ,fn,rat am the New York Life. with *
PRESIDENT Cleveland as judge. at a salaI- %
s,9Ooo year. was learned. Wher cas- q
.rsrec.e6 rebatinC is brought to the atteI'ioi
:. one ri the big companies the conpdsi! -
rn,cb The agen5 belongs viii investigate.
.,e company finds the case we'll founded ! ' ~
.bsn he presented to ex-President CleNelahc ~
enal action If the agent makes good ms ue-
fence with his own company i IS not iikeiy ina
he will have to appear in the new rebate court.
The penalty. as mas already beer announced
rir he instant dismissal from the company EN-
nio,ing him a permanent bar against re-e"i-
1Iovnlen, ii the other companies Of the big
Three" and criminal prosecution in states Where
insurance relating is against the law
Tirnoths Il Woodruff, The new president OF
n. Proyiden Savings Life Assurance Society.
srent several hours yesterday at the company
oa5ces Ho 346 Broadway and is waiting the
cl5lng 81 changes that Uill be made. He says
that he has gone into the insurance business
from purely philanthropic motives and that he
does not expect to profit financially The state
merit vas authorized yesterday that he had
placed All but 125 of his / 80 shares of the
Cspital stock of the company in the hands of
trustee Mr.. Woodruff said last night that he
had 50 trusted the stock that all the benefits
accrune from Il would 90 10 the stockholders.
He denied that he was his own trustee. but de-
clared that he was moi ready 10 give the name
Of the real trustee. 1t Will be announced soon.
The Insurance Press. published in this city,
has come out with a proposition TO divide the
life insurance into trusted units" and the idea
IS finding many supporters. It points out that
life insurance companies are growing so rapidly
that The people will never be satisfied to have
enc president OF one finance committee handle
from s1.0o0.000o0o 10 S2o0101OO0o Of asset
accumulation. The editorial continues:
Even though they would consent to this condi-
ton. they have no right % demand that one man
or one set Of men should assume such tremendous
provide means for the safest possible handling
accumulated and accumulating funds
{lon and It would probably De favorehly regarded
not then call forth needless apprehension. The
trouble borrower would not find 1t easy TO in
-ent ghost stories about .'o-a man power with
which = frighten polcyholders. The officers of
lie inSl1 ance companies. who have always been
Insurance men. first and foremost. and not fnan-
GERS would be free 70 push the sale of insurance
tyerr additional unit set aside would serve to
measure their achievements and would win for
TEN aPpreclatve applause. When they count into
The hands Of trustees $50fo0G00 of money those
Vho assume tho trust 81 looking after that sum
you'd ~ Z way, be trustees of their work as well
= uusteea for the poIicyholders. Policyhoders'
sgss WOULD ne eli q n ore basket. Either some
sgch plan mlst be adopted-ousiness machinery:
ITFNeTEed ana KEN busy an The product thereof
st aside II relatively sr-.aI units. = be admin
IzteFeo IS though eact were a separate estate-or
Us insurance companies must be limited 10
maximum 81 insurance 70 be carried and their
sEAa,F work brought down to small proportions