New-York tribune., 1906-07-02
HARD TO FILL BOARD.
Men Of Prominence Dodge n. Y.
Life Trusteeships.

In addition 70 the final report Of the Fowler in
vestgating committee. which Is 70 be the principal
business Of the meeting OF the trustees OF the
New York Life Insurance Company this afternoon.
the makeup Of the ticket OF trustees 70 be present.
eo 20 the policyholders BY the management VIII
undoubtedly be on the minds Of all present
me work OF making up this ticket has Seen
placed IN the hands OF a committee consisting or
PRESIDENT Alexander E Orr. Jonn Clafiu ana
Henry c. Mortimer the senior trustees OF ths
board They have been at work for some time.
but Il IS not expected that they viii be ready 20
announce the ticket at the meeting to-day. As.
IN making up the list Of men who are to stand for
election as trustees. the committee has taken pains
20 consult with the other trustees frequently. t Is
safe to say that the ticket win be formally ratified
and nominated by the fun board when Il Is pre-
sented to that body by the committee
Inc next regular meeting OF the trustees comes
on Wednesday. July H. just week before the day
on which the ticket must be fled with the STATE
superintendent OF Insurance ana IN tha varfO14
onices Of the company throughout the world Ar
rangements have already been made, however for
forwarding the ticket by cable as soon as Il IL
named. 50 that It can be fled with the proper au-
thortzation Of President Orr In view OF this fact
It Is believed that IL win not be necessary 20 uor
nate the ticket before the next regular meeting
because OF the fact that many trustees are out
OF town in summer. Il ia hard 20 get a Quorum
There are at least four members OF the present
board who for various reasons win not be placed
on the new ticket. and IL Is understood that the
nominating committee having considerable trouble
in inducing men Of the required prominence and
financial ability to take their places. This Is due to
the fact that a whose interest in the bankins,
business IS such that he might take part directly
or indirectly in the profits OF underwriting syndi.
Gates cannot. under the law. the trustee OF
a life insurance corporation. unless OF course he
is willing to give up all such profits Again the
individual trustee OF insurance company in the
future will be expected to give Up OF his time
to the duties Of his t=usteeship than IN the past
This will deter many men OF large affairs from
accepting such a place
Another important question to be settled by the
New York Life is whether or not it will do as the
Mutual Life has done. and withdraw from France
IN view OF the new law requiring the deposit IN
French securities OF an amount equal TO the legal
reserve on all French policies. This problem is now
before the finance committee Of ths>bOard but It is
New York Life has business in France amounting
70 SaO00OO. which is slightly in excess of that OF
New York Life viii withdraw from France. al
though that step will not be taken without the
The date Of the meeting Of the members OF the
International Pocyholders' Committee for organ
ization. which has been changed several times has
t5a t@1y oeen es Set f9r G next mex Monday y samuel Tn
eeeq N inducing the manasements Of the New
york Life and the Mutual to furnish lists OF their
pOlcyholders to the committee before the latter
meets it is believed that formal resolution de-
Of the cornpa nies persist in their refusals the
n VA o s as use @ f1t 1 a strong
agement It will be pointed out that instead OF
falling in with the spirit OF the law giving the
polcyhOlders freedom IN comforting together for
the election OF trustees Of their selection the
present managements have done everything in their
power to hamper the policyholders in order to re-
tain control themselves
Officers OF the international committee declare
that the companies are mistaken II they believe
they get votes for their tickets through the
agents They express the belief that fully one
third OF the agents IN the field are secretly in
favor Of a change Of management Last spring
the New York Life succeeded in setting 129,O0O
proxies for the election which to have been
held in April This before any formidable
opposition had been organized said a member
Of the committee yesterday. I've do not believe
that they will be able TO get one=half that num-
Der OF proxies for the election in December