The Providence news. (Providence [R.I.]) 1891-1906, 1906-02-01
Frederick Cromwell Resigns
and viii Retire March !.
PEABODY MAKES A STATEMENT
SAYS He Is Instructed 10 Act on Mr.
Choate's Decision Relative 10 !rrOssCg-
lions Against individuals

New York. Feb Whether the Mu-
-t,ai Life Insurance company will bring
suits against Richard A. McCurdy and
other persons In the old Mutual regime
60 compel restitution depends absolutely
on the decision OF Joseph II. Choate.
This announcement was made yesterday
afternoon in the following statement is-
sued by President Peabody, after the spe-
cial meeting Of the Mutuals board OF
trustees which was called TO consider the
Recommendations OF the Truesdale inves-
tgating committee:
''The report of the special committee
which was presented at the last meeting
OF the board was considered, and all its
xecommenda ations were approved except
the one relating To- certain claims against
individuals: as to them, the legal ques-
lions arising have been submitted TO Mr.
Joseph II Choate and the board has in
Utructed the president TO act In accord
ance with the opinion and views OF Mr..
Choate as regards any further action
The recommendations Of the Truesdale
committee were that an action be brought
By the company against the former presi-
dent to recover the excessive salary paid
him, against his SON. Robert II McCurdy,
10 recover what has gone to him I'm ex-
cessive commissions, against Louis a.
Thebaud and other members OF the Met
ropolitan agency firm OF G. n Ray
mond & CO. and against the Mutual trus-
tees who have profted through their par
tfcipation in syndicates In which the COM
pany was interested.
The recommendations OF the self-inves-
dgating committee were based on opinions
rendered by the committees counsel. d
Cady Ierrick. James B. Dill, Bainbridgc
Colby and William @. Choate. who held
thai the increase I'm President McCurdy's
Galary from 100000 to $4,000. as we'll as
the large commissions paid to McCurdy's
RaVmOnd r
not aufhOTfzed fn law.
AT yesterdays meeting OF the Mutual
company, resigned His resignation was
accepted and will take effect on March /.
The greater part of the meeting OF the
Mutual trustees was taken up In con-
eidering the company's annual statement.
which Will be given ont In a few days.
The directors OF the Equitable Life AS
surarce society held their regular semi
monthly meeting yesterday. This state
ment OF the proceedings was given out:
Henry Rogers Winthrop, who has been
financial manager and assistant secretary
OF the society. was elected treasurer The
resignation OF Senator Chauncey NJ Do
pew u8>l director OF the society was ac-
cepted President Morton submitted the
report OF the chartered accountants on
their investigation OF the society, the
main features OF which have already been
published.
"Mr. Morton announced that :hc society
had ceased TO write new business In Aus
tralia, Russia, Norway and Sweden. and
that IL will be the policy OF the new man
agement 10 withdrew from every ecSion
ofthe world whore IL is found that the
business cannot be conducted NJ a profit
TO the society"
After the above statement was passed
out IL was learned that each OF the Equit-
able directors had been asked 10 sign
receipt for his COPY of the public ac-
countants report.
1T was learned further that n batch of
lawyers bills for services rendered IN
the HYDE Alexander controversy. amount
ing to big sum. were held up by the
board. and special committee was Hp-
pointed TO decide whether or not the So
ciety should pay them.