New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-29
RESIGN FROM MUTUAL.
Vice-PreadcntS GranniSS and Gil
iette and E. T. Gerry ont.

The Mutual Life trustees met yesterday after
noon behind doors guarded by three special pO-
icemen. All outsiders were kept from the corri-
doris Of the eighth floor and the trustees were
sent out Of the building by private elevators and
entrances, so that they might not be reached by
waiting newspaper men. There was no explana-
ton q the new order which is said to have
come from President Peabody.
The board accepted, with resolution of re
gret. the designations of three trustees, two of
whom were vice-pTesidents. Those who re-
signed were Vice-President Robert \. Granniss,
Vice-President Walter r. Gillette and EIbridge
T. Gerry, trustee. All of these designations were
forecast in The Tribune several weeks ago.
Mr.. Gerry's resignation is to take effect at
once but he said emphaticalIy that it was mot
prompted by dissatisfaction with or lack of con-
ddence in the earnest efforts of the present
board TO reform the company and to restore it
10 its former place in the confidence Of the pol
icyholders."
In resigning Robert A. Granniss wrote:
owing TO existing conditions in the company and
my own unwilIngness TO add to the difHcuties
"4ch attend satisfactory adjustment Of its
affairs hereby tender my resignation as a mem
Der Of the board OF trustees and vice-president
nearly t6irT Years have held ono s one If tS
vIce-presidents, and for twenty-one years of that
disseminating relations which have extended over
express my appreciation and thanks for the acts
OF kindness and consideration which have been
manifested toward me as an officer Of the company
The letter of DIT. Walter R Gillette read as fol-
lows:
Realizing the conditions envroning the affairs Of
trammeled in the selection II your officers here
with tender my resignation as trustee and vice
president Of the company, the same TO take effect
on the 5lst inst For fully thirty-six years have
yerv dSparimc9t Where had the bngo ~ a IT i l
II. eel mr.
that so far as my efforts have contributed to its
the companys service wish to express s&' s6
probation and regard 10 those OF my fellow work
gooa work. and assure them that I shall ever
hold our relations as most pleasant and grateful
ia my memory.
Tic Truesdale housecleaniug committee pre-
. scented its fourth report, which proved to be so
. voIun.nous that the committee was instructed
. 20 have copies printed and presented 10 the
j board The report is based largely on the find
ings Of the eighty accountants who have been al
work in the different departments of the com
pany for some time. It has nothing 10 do with
the answers Of the acquisitions recently sent IN
/ employees and trustees. The information that
comes from these acquisitions viii be the subject
. Of a fifth report
IL was said after the meeting thai the repor,
contained little Of a sensational nature. It takes
up the work Of the different departments. and
makes suggestions which VIII, iu the opinion Of
the committee, prevent future waste and ex-
travaRaace
The board meeting was unusually long. owing
10 The fact that "a bylaw recently adopted re-
quires that the minutes OF oil Of the committees
De read 10 the entire board. This is considered
an additional safeguard against eztravagance.
The board OF directors of the Equitable elect
ed John y. Beach. drygoods merchant. as "a
member Of that board. The impending !nsur-
anee legislation Al Albany was discussed, but
nothing on this point made public. II was
announced that the accounts OF three lawyers