The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-26
TWO MORE TO LEAVE MUTUAL.
VICE.PRESIDENTS GILLETTE AND
GRANNISS TO RETIRE.

UWeu HIS Place 10 the Faet 1nat lie
Was McCurdy'S Doctor Says Outcry
Has Cost Company SIaS 900 900.
Walter r. Gillette and Robert A. Grunniss,
v~ice-presidents Of the Mutual Life under
the MoCurdy regime, have decided to re-
sign, 1t Ia expected that their designations
will be handed In at the meeting OF the
Mutual's trustees on Wednesday. They
will undoubtedly be accepted.
Ever since Mr.. McCurdy resigned there
have been repeated rumors that both DR..
Gillette and Mr.. Granniss would quit. DIR.
Gillette was Mr.. McCurdy's physician.
There nave been rumors. too, that DIR.
Gillette would be named as one of the de-
PENDANTS in the suit to be brought by the
Mutual's new regime.
DR.. Gillette, when asked yesterday If he
and Mr.. Granniss were going to get out,
said.
1t is true that we are both contemplate
ing such a step, and we are going TO act
soon. The newspaper attacks to-day seem
to be centred on the older men in the in
surance companies, and | believe that it
would be a good thing il they ceased to be
factors. Then the attacks might cease.
These attacks are hurting the life insurance
business very much, more than any one
realizes. | don't think hat any one indi-
vidual should stand between the company
and the interests Of its policyholders.
MY resignation from the Mutual has not
been requested. In resigning | would not
be serving any selfish interests. but purely
the interests Of the policyholders and the
interests of the Mutual. ! have nothing To
conceal and nothing TO he ashamed OF.
Everything that | have done in the thirty
six years ! have been with the company
has been in the interests OF the policyholders
and the Mutual and been directed toward
putting the company on a good foundation.
1T seems to me that imdging from ordinary
human standards | nave succeeded very
well. But we nave been Judged ex parte,
and had no opportunity for cross-examina-
ton. This is why We are reaping the xhirl-
wind now. The general public before long
will share in the harvest unless the clamor
now going on is speedily brought to a close.
Now that the cutlery has gone about as
far as | think it can it seems to me that the
public should be shown the other side of
the m~atter-the enormous damage that is
being done. 1t has cost the Mutua! Life
Insurance Company 20 far at least SIPS ,000.-
900. The smaller companies, however, are
the worst losers. The situation is very
bad. The new usine coming in Is a drop
compared to that going out. Life insurance
companies are often referred to as indie
structible. but remember that nothing set
up by human hands is indestructible.'
DR.. Gillette seemed to feel very bitterly
a story that he owed his place in the Mutual
to the fact of mis- having been Mr.. McCurdy's
physician and to having once saved Mrs.
McCurdy's life in a serious illness,
There is az much falsehood in that, said
he bitterly, "as if | had been accused of
picking pockets. In fact, / never knew of
Mrs. McCurdy's being seriously i'll. To
ascribe my position to such a thing would
be an insult to my profession
Mr.. Gillette said that he didn't know any
thing about the suits in preparation, or
whether he was to be named as a defendant.
As to the vouchers for legal expenses bear
ing his initials, he said:
Il merely o. KID things that had been
approved Of by the finance committee.
My initials didn't mean anything more to
the cashier than that they had been APP
proved by the proper authorities
Mr. Gillette said that as a development OF
modern American business life men of
large affairs had become accustomed to
lavish expenditures,
That has not been confined to the life
insurance companies" he said. 1t has
been the general idea to conduct business
that way. Now, the people want to go over
on the other tack. It's just as well, I guess.
We have been condemned, hoWeVer, 1or
doing something generally practised.'
Eice-President Granniss was at his home at
Morristown yesterday. He refused to say
whether or not he was going to resign,
but added that he might have a statement
to make later.
1t ia possible that when the trustees meet
on Wednesday the Truesdale self-investi-
eating committee Of the Mutual now consist
ing Of only Messrs. Truesdale and Auchin-
Gloss, will ha We a report ready. Mr.. Trues-
ola lie and Mr.. Auchincloss have been very
busy for several days trying TO get il ready.
II is understood that the Truesdale COM
mittee has decided not to Ia Ike any more oral
testimony and to rely entirely upon the
answers sent in by the various officials
and employees TO the regular form of requi-
sition with which every one was served.
The members Of the subcommittee of
the Armstrong insurance committee expect
to finish their work here on Monday. They
nave been holding daily conferences with
Mr.. Hughes, making certain changes in the
bills and going over the testimony taken
al the hearings in Albany. 4 member of
the committee said yesterday that the COM
mittee would probably go to Albany on
Tuesday and report to the full Armstrong
committee and that the amended bill Is
would be ready by the first Of next week.
Andrew Hamilton is expected to come
down from Albany either to-day, or to-
morrow TO renew his attack on the New
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