The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-11

fNNsNN - " NH&AA1 ~ y IVY
3 Spare 30 Wsa't etaaa fep Resttcs
Ties tAaaTes ~ VyeaeHt management
heepian IN Csatfst ASU WeaAened.
Following the announcement ~ william
y HornbIower's resignation ~ q trustee
o. the New York life came thu s,atensns
yesterday that Opcas \. Straus, former
United statea Minister 10 Turkey. will re-
fuas 10 stand for reelection n tho oompany's
governing board. Mr.. StRus has boen .
trustee for many years.
Mr.. Hsraus, prior To Wednesdays NEST
ing Of tho New Yorh fdfe board Of trustees.
sent n letter 20 President Alexander Il.
Orr saying that he would not consent TO
run In the coming election. giving ~ his
reason for retiring that he did not feel able
to devote the amount Of time to the work
which the public requires. Mr.. Straus
when seen at his homo last night said:
have decided that l cannot afford TO give
the time even that ! have been giving 60 life
Insurance matters and do iustios 20 my per-
sonal Affairs and my other public duties. !
went into the board OF the New York Life
a rood many years aeo As a matter OF public
duty and have served there TO the best Of
my ability. I have performed In that time
a great many detailed duties. some even
that involved clerical labor hioh I ar not
accustomed to being called upon 10 perform
in connection with my other interests.
Now the public appears IN demand that
life insurance trustees shall devote twenty
Ave hours a day to their duties as trustees
regardless Of their other affairs. and ! simply
cannot see my way clear co do IL. As a matter
Of fact, IL would be impossible for q TO give
even as y uch time 70 the New York ife as
I have been accustomed to give In tho past.
40 that my only course was to announce we'll
in advance that l would not stand for reeleo-
ton. The class OF trustees In which i was
elected had some time to serve when the
Legislature passed the special act declaring
that the policyholders should elect entire
new boards Of trustees next Dece Der. l
deter ined, therefore. to serve out tho I'M
expired portion Of my term. which Will end
ith the election on December Is. and TO let
that ter mate my connection with the COM
pany.
Mr.. Strauss as we'll az Mr.. Hornblower's
name was included in the circulars which
the New York Life mana cement sent out
to the p~olicyholders before the passage
Of the Armstrong bills as among the trustees
who would be put up for reelection. That
was a possibility Of the annual cleo
ton being held on April II. before the en-
actment Of the reform bills.
There are six trustees whose terms
would have expired this month II they
had not been prolonged by. the Armstrong
legislati They are, besides Mr., Horn
blower and Mr.. Strauss, Darwin p. Kingsley,
vice-president, John Clafin. Woodbury.
Iangdon and George A, Morrison. 1t IL
likely that others will refuse to run before
the ele In December. The withdra wal
Of Mr.. Straus Ia bound to weaker the chances
of the New York Life management in the
coming election, for no was rega rded as
one of the strongest trustees on the board.
Further developments in regard to the
resignation came out yester-
day. It was lea rned that there has been q
difference Of opinion among the New York
Life trustees over the advisa bility Of push
ing the suit against Judge Andrew Hamilton;
President Orr himself, 1t il reported. stood
for some time against such action
and signed the complaint in the suit only
Ia wyers for the Fowler investigating
committee and others had spent several
hours arguing with him. There has been,
It Ia understood, a difference Of opinion
among the counsel for h Fowler com
mittee on this and other subjects. Mr..
has been the moving spirit
In advising the litigation both against
John A. Mccall and Hamilton, and 1t H. said
that many Of the trustees are dissatisfied
with the position in which they find them
salyea.