New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-05
WOODRUFF A REF0RMER
TAKES INSURANCE HELM.
Succeeds Scott as President of ProUi-
dent SaUings Life.


night insurance reformer. He is to make
over the Provident Savings Life Assurance So
ciety. while Edward ". Scott, who has been the
president for nine years and recently made in !
teresting disclosures before the Armstrong COM |
mittee. retires TO the position of chairman of |
the board of directors. from which he will con- |
tinue to direct the affairs of the company
Mr.. Woodruff has been director of the COM
pany for about four years. holding nominal !
allotment of its stock, as have the other officers
and directors Now. in addition to becoming
president, he will also be trustee of the stock.
nearly all of which belongs to Mr. Scott. the re-
tiring president. and according to the agree
ment. the dividends on the stock will be turned
into the treasury of the company for the benefit
of the polcyholders.
These changes were not brought about with
out much discussion There have been many
meetings of the directors of the COMPANY since
Mr. Scott proved such interesting and VAL
liable witness in the insurance investigation. and
this plan has beer gradually evolved
Mr.. Scott proved a gentle victim The final
scene occurred yesterday. when Mr. Scott re-
signed as president and Mr.. Woodruff was
elected in his place No other changes in the
board Of directors the officers or the working
force of the company will take place it was said
last night. The statement of the change is ad-
dressed to the officers and general agents OF the
Provident Savings Life Assurance Society and
was read to them by Mr.. Woodruff at meeting
in this city last night. 1t follows:
Edwsrd w. Scott. who has for nine years. as
you all know. vigorously performed the duties of
president Of this company, has to-day resigned the
the board of directors have been elected TO sue
ceed hip, as president.
Mr. Scott has been actuated by his recognition
od fns o criticism f aimed at psrna
n Of he NlDiraJ =r0 ed
by the same spirit. have made declaration of
trust whereby the PaGvident Savings LIE A Assur
accrue or can be derived from the operation of
In the position of chairman Of the board of di-
rectors Nj scotts life long experience and knowI
edge of life insurance cannot fail to be of benefit
to the company.
Happily this organization has seen fit to EeorganT-
the life insurance business has been limited to- to a
pany T Thoroughly recognize the aroused public
Sentiment regarding this vital question and deep
to do ali in my power. in co-operation with the
other officers to strengthen ana upoaid tils great
organization
TROUBLE AMONG MUTUAL TRUSTEES.
While the Provident Life is undergoing these
drastic reforms the Mutual is preparing within
itself another convusion. which the trustees
are striving desperately to hide from the pubic
view The trouble arises over the fact that the
Truesdale housecleanng committee and several
of their colleagues in the board insist that the
housecleaning shall be real and effective. while
the rest OF the trustees want to smooth things
over and let the business along without
| more disturbance The reformers demand that
| they be permitted to hew TO the line regardless
| of who may fall
[ When the partial report of the Truesdale COM
| ntttee was put in last week it was announced
| that it contained only dry figures relating to
| actuarial matters and such things, and 1t was
To{I r1r-ifJ Ifc-
| cussiou. After the meeting last Wednesday it
| was said again that the report laid over
| But it has been learned that the report, though
| il consisted largely of musty figures, contained
| supplementary chapter that brought a
| fight at This chapter: it has been learned.
| implicated several more trustees than have yet
| been mentioned in doings that were at least
| equally sensational with any of those brought
| out by the Armstrong committee.
There has been heated discussion of these
| charges and in fact almost the whole of the
| last session was taken up in considering this
matter. The TruesdaIe committee has found
itself outnumbered in the board but il has not
given up the fight, and it insists that those who
were concerned in questionable doings shall not
be shielded. but that they must pay the penalty
OF their deeds. regardless of their places in
| the business and social world.
CHAMBER OF. COMMERCE ACTS
At the regular monthly meeting of the Cham
| Der of Commerce. yesterday afternoon Anton A.
Raven chairman of the committee on insurance
presented a report insurance matters in
which it was recommended that legislative ac-
ton should be taken in curtailing the form of
policies. or in requiring them to be uniform so
that in all cases the deferred premiums shall ac-
crue to the assured. and an accounting of then,
be made at stated periods; also that seni-an-
nual examination be made of all the details of
the appropriations of funds used in life in
surance companies.
The report closed with resolution protesting
against practices which have tarnished the good
name of financial institutions. The report fol-
lows, in part:
While deferred premiums may not be regarded
as an unmixed evil. yet the Withholding of them
forfeiture Of such deferred premiums seas 10 bs
an injustice to those who are not informed Of the
action should be taken in curtailing the form of
policies, or in requiring them to be uniform so that
in all cases the deferred premiums shall accrue
TO the assured. and an accounting of them made at
Attention is also called to the practice among
these companies 200 OF M issuing large policies TO
abuse of the division of commissions between
s,irance for practically nothing has been given
thus creating large death claims that have made
The nyes,igat ton has revealed spirit of sordid
div Erowng coMntrv enteTGg fntn [rT IN our m rap
activities. and has clouded the judgment of those
who have been the cUstodians OF largo and I'm
pertant trusts. causing them TO depart from the
we'll trodden paths of rectitude and high honor
which has heretofore characterized our merchants
and bankers; The very atmosphere of com
mercial life has become imrregnated with an IN
due desire for wealth and power To attain these
ends. apparently no means have been left unern-
ployed. Attempts have often been made 20 In
huenCe legislators. and large Of money have
been used to that end This has not been uD1t-
tended with the betrayal for personal gain or adj
vantage Of the high trusts which have been
Intted to them.
No restrictive legislation insure honesty OF
administration and enforce economy. These essen