New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-21
TRUSTEES HARD TO GET
WANT NO REELECTION.
Insurance Arrangements Trying to
Select Official Tickets.

z1..,, 4ro,,hte and worry are being experienced
NV the Ynanagements of the mutual life insur-
anca companies in getting UP their official
t,o,-ots FOR trustees 10 be elected under the Arm
s,rone law. AS these tickets must be filed by
.ru1v Il. discussion has already begun on this
subisct Most OF the capitalists and bankers on
4ba boards OF trustees have decided II Is ssld'
that II will be impossible for them TO remain as
trustees under the new laws without a great
nersonal sacrifice. Others believe with Oscar ;.
Straus. that in the future more time will De re-
ou,red Of a life insurance trustee than can DC
given lv a man of other large interests
This means that many trustees in the Ne"
Work. life and the Mutual Life viii reruse 70
stand for reelection. For the very reasons 'l',
have induced these men to retire IL Will De 4Ounu
hard to get men of large experience IN hhailoi'i
affairs to take their places. Oficefs oL NO.
co,nnanies saw that between now and July II
they will have none too much time 70 cOnlPleIs
their tickets.
Although they have not communicated thelE
intention officially to the president II IS salu
that James A. Blair. George W. Perkins ana
Norman E. Ream have made up their minds not
tn remain on the board Of the New York Life
James Stillman, president Of the National City
Bank. is abroad, but he Is in the same position
as the others and. it is thought will not care to
hermit his name to go on the ticket for re-elec-
zion Robert J. Lowry. of the board is also
banker but 1t is not thought he will be atrected'
as his financial interests are not in this sectloh
of the country. There are others on the Ooaru
who have occasionally in the past, it is SAID
prohted by syndicate transactions where secur-
tiles have been sold to the company
on the board of the Mutual Life the local
bankers are George T. Baker, president of the
First National Bank; Charles r. Henderson, OF
aria II
Dickey. of Brown Bros & Co.; James Speyer'
Charles Lanier, Of Lanier & Co; Dumont
Clarke. president Of the American Exchange Ma
tfonal Bank, and Hugo Barring. The latter was
only recently elected. Dudley Olcot., president
of the Mechanics and Farmers Bank. Of Albany
and Theodore Morford, president of the Sussex
National Bank, Newton n. j., are also trustees
of the Mutual 1t is said that several members
of the board have already told President yea
bodv that they will not stand for reelection
hut the officers are careful that no information
of this character becomes public. The nominal
tions of trustees for the four standlnS com
mittees which will be presented at the meetns
of the board on Wednesday by President Pea-
body may give some line on the men that are
to remain AID by exclusion OF those VINO VIII
retire.
It can be said on the best of authority that the
proposition to sue the estate Of the late John A
Mccall, formerly president OF the New YORK
Life has been abandoned by the management
would demand such suit. Now the trustees
feel strongly that no such suit should be brought
on the ground that before his death he restored
a large amount of money to the company ana
that it might not be possible to recover any
money from the estate which he left 1t is said
that the proposed suit viii rot be mentioned at
all in the report of the Fowler investigating
committee, which will be completed in week or
ten days.
When Mr. Fowler was asked last night II the
report would recommend that any suits Of any
character be brought for the recovery of moneys
he replied: 1T is too early to give any informa-
ton on that point.
Emory McClintock, president of the Mu-
tuaI Life will sail on the Kaiser Wilhelm II to-
morrow. He had originally planned TO go direct
to France to try and get the government there
to modify its regulations making it compulsory
for the company to keep there the reserve on
its French policies. On account of the stampede
among the British pOlicyholders to go over to
the North British and Mercantile company. led
by d. c. Haldeman, Mr. McClintock will go
direct to London. He hopes 10 be able to reach
there in time to turn the tide II is said he is
bearing assurances that certain of the members
Of the old management. to whom objections are
made in London, will not be on the new man
40