New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-03
BOTH INGALLS, GOING.
ELDER PAYS THE S2S5, 900.
Giues Check and We'll Secured Notes
Cleveland Heads Rebate Court.

".
footsteps In addition to resigning the presi-
aonc, of the company, John A Mccall has put
TITO the hands of Thomas P. Fowler. chairman
~ the New-York Life housecleaning commit1ee'
lash and notes to make good the S25opoo Ham
uton fund He has sent 10 Mr.. Fowler nls
cbacL, for $4,000 and notes for the balance
emnIv secured. Shady Lawn. Mr. McCau
country home in New-Jersey. is understood to
ne the security for the notes
The Fowler committee. it is understood re-
ersed to accept Judge" Hamilton's offer to
-. IN 100000 pending a final accounting. as
a. u,as by no means sure that 100000 was all
that would be found should be turned back
into the treasury Of the company Mr.. Mccall
s1ures that not more than SSoOoO can possioIy
10 charged rp against him, when ali the money
s,iu due Hamilton from the company on ms
various liberal commissions and other sources
NJ income Is deducted from the bill. and he
has therefore, sent his check for that sum- Mr.
Mccall has said himself that he is a poor man.
.ba+ while he has had a large salary for many
,,aars he has lived we'll UP 10 it and has saved
little.
The announcement was made yesterday of the
.,-oroant of one Of the officers OF the Pruden-
tiai Life Insurance Company. Edgar b WaFo'
second president. said that he would resign
at the annual Meeting OF the directors next
week. He said that his action had been con-
a long absence this winter would make it i'm
,ossihle for him 10 give the attention to the
o4fairs Of the company that he thought tney
should receive from one in his position
Mr. WARDS STATEMENT.
u ave out the following statement:
II Is all my own choice. considerable alb
senca especially during the winter, is impera-
tiIa and I cannot believe divided attention
m business 10 be fair to the company or 10
the other officers. Therefore, take the couioe
OF retiring altogether
officers and myself. Indeed, 1t would De 81 .l
~ there were when we remember thaI the oLheI
senior officers, Senator Dryden ana Dr. waru
end have been together in the company @ slnce
1873 and all that time in perfect harmony;
Tbe u,orst of il all now is the severing of these
relations.
M ruccsssor to Mr. Ward has been suggested
"a uas the organizer of the PrudentiaPs legal
department
Mr.. McCaITs resignation from the New-York
Life was sent TO Alexander E Orr, ana most OIL
the trustees are still unaware except from news
paper reports, that the resignation is IN ex-
tstence The meeting of the trustees was cailed
bv John c. Mccall, secretary of the company
who of course was in his fathers connoence'
and called the meeting at his request No reason
for the meeting was given In the CALI ana lhe
tr1gtees gre still officially in ignorance OF the
h,,.,ness that viii come before them when they
get together to-day.
After Mr. .McCalI's resignation has been read
20 the board and acted on It will become
necessary TO select his successor It is not hkely
that a permanent president will be chosen at
this time, but a temporary choice will be made
10 hold until the annual meeting in April
Among those most talked of for temporary
president of the New-York Life are Alexander
F. orr. Norman B. Ream and Hiram r. Steele.
all oEobla Re2m
consider the affair. but Mr. Steele and Mr. Orr
are. both looked on as available candidates Mr.
Orr has expressed a preference for the selection
Of some other man for the place The trustees
believe however, that he can be persuaded 70
accept it himself
AGREE TO STOP REBATING
PaDI Morton president of the Equitable. re-
turned from Nebraska City Neb. where he had
heen hastily called by the injury TO JOY Nor
Ton his brother who was not seriously in
iured as was reported Mr.. Morton made yes
terday an announcement that the three big
companies the Equitable, the Mutual ana lhe
New-York Life have entered into an ironciao
agreement that rebating Of premiums must
cease. The penalty against granting one is to
he instant dismissal of the guilty agent
blacklist is to he kept by all three connanles'
and no man who has been dismissed from the
service Of one for rebatng can De elhpioSe0 -
either Of the others.
IN order to put their plan into erect tne
three companies have established rebate court
OF which Grover Cleveland is to be the presid-
ing justice, with a salary of $4,000 year.
contributed equally by the three companies
taking part in the agreement The late IhonlaS
B. Reed once held such a position as THIS MT
Cleveland II Is stated, has agreed to accept the
position. with the distinct understanding tha'
he is To be seconded in his efforts TO stop re-
batting by The officers of all the companies con-
cerned including Gage E. Tarbell. second VICE
president Of the Equitable called by Edward
H. S!ckles. Of Buffalo Prince of Rebaters
Mr.. Morton was the head and front OF TINS
plan. H has been working ever since ne loon
hold Of the Equitable to put reforms into erect
He went at the rebating evil as soon as he got
down TO work and evolved the court as the
most practical solution. Then he had to get the
other companies into the scheme for the bqui-
table could not compete with them for business
II they continued TO give rebates. 1t is undef-
stood that the New-York Life will issue report
in few days showing an increase all along the
line, especially in new insurance. and VIII
abolish rebating. Mr.. Morton is of the opinion
that if rebating can be entirely abolished first
years premiums can be reduced.
MR. MAYER RETURNS.
Attorney General Mayer returned yesterday
from the South, where he had taken his sister
for her health. He has taken no action IN the
courts yet against the officials of the Mutual or
the New-York Life but the testimony taken
before the Armstrong committee is now In ms
hands and is being examined carefully by his
assistants 1t is possible that before the end OF
this month he will file bills against officials OF
both comma nies