The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-29
MORE MUTUAL TRUSTEES QUIT
r.. r. GERRY, n. A. GRANNISS AND
DIR. GILLETTE RESIGN.
Understood That Gerry Doesn't Like rues.
dale Committees Questions President
Peabody FRS Haldeman-WiH
Keep English Reserve II Law Requires.

ance Company, ElDrluRe j merry, ROBERT
A. GranniSs and DR.. Walter r. Gillette,
resigned at yesterdays meeting Of the
board. NJ. Granniss and DR.. Gillette also
resigned as vice-presidents of the com
pany
Mr.. dierry had been a member of the
board for a good many years and ever
since the scandal began in the Mutual,
without taking sides with any faction he
had H,een one of the trustees who have
urged a complete reorganization Of he
company's affairs. Mr.. Gerry gives no
reason for retiring. but it is understood
that me is disposed to resent, along with
several other trustees who ave never been
under suspicion. some of the searching
ouestions contained in the recent Truesdale
retIuisition. In his letter of resignation
h& says;
desire TO state very emphatically that
my resignation is not rompte by any dis
, satisfaction with, or lack Of conhdenc e in,
the earnest efforts of the present board to
reform the company and to restore II to It's
former place in the confidence of the policy
holders,
Mr.. Granniss resigned in a letter to Presi-
dent Charles A. Peabody. He said.
Owing to existing cond itions in the COM
pany and my own unwi llin gness to add to
the dim Culties which attend a satisfactory adj
justment of its AHA IRIS, | hereby tender my
resignation as a member of the board OF
trustees and "a vice-president of the COM
pany, to take effect the Slst inst.
For nearly thirty years | have held ONCE
as one of the vice-presidents and for twenty
one years of that period lhave had the honor
to be a trustee.
In disseminating relations which have
eytende ed over so many years of active bust
paa, Ifa I Ipsira 70 eSnrpEE my unnrpCiatiOn
and thanks for all the acts of kindness and
onsideration which have been manifested
toward me as an officer of the company.
DR.. Gillette in his letter TO Mr.. Peabody
said he d ,sired to leave the president un-
trammelled in the selection of his officers.
and added:
For fully thirty-six years | have given my
conscientious endeavors to advance and con-
serve the interests of this company in each
and every department where l had the honor
and privilege to serve il, and am proud to
feel and know that, 80 far az my efforts have
contributed to its success, | have been a
willing part.
In leaving the company's service | wish to
express my appreciation and regard TO those
of my fellow workers in its ranks who have
been with me in the good work and assure
them that | shall ever hold our relations as
most pleasant and grateful in my memory.
Resolutions Of regret relative to the re-
firing trustees were adopted. Mr. Granniss
and Mr.. Gillette were two of the strongest
members of the "McCurdy old guard in
the Mutual. 1t is possible that they may
be involved in litigation, which the company
will bring to recover campaign contribu-
tions and moneys paid over into "a con-
tingent fund
The Truesdale investigating committee
---t - ~ 1901 -~--r LH-@l ---nIx,
on the findings of the committees public
accountants. The report was not read ,
but was ordered printed and will be dis
tributed among the trustees later and made
public. 1t deals largely with technical
questions regarding the c%ompany's manage
ment and contains no new disclosures.
In an interview after the board meeting
President Peabody answered some of the
statements which have been made by d. {.
Haldeman, the Mutual LIES mana ger in
England, who resigned a few days ago.
Haldeman has said that he resigned be-
cause of his lack of confidence in the present
mana cement Of the company. Mr.. Pea
body said that he had not heard what Mr..
Haldeman wants, Or why he is dissatisfied.
He was asked whether, in view of the present
agitation in Parliament, the Mutual Life
was going to deposit funds in England for
the protection of the British policyholders.
Il don't see any more occasion for the
Mutual life to deposit funds there said
Mr.. Peabody. than for the English COM
panies doing business in this country to
deposit funds here. | don't see why we
should deposit funds there unless we are
required TO do so by the Ia VS. of England.
We are here; we are doing business and We
are solvent. | will say, however, that we
will do everything within reason that can
he suggested forthe protection OF THE British
policynOldsr."
Even to the extent Of depositing funds
over thcre?'
HNo. ,T -, , SO o,,f,ol IN, tho |, us &C
Great Britain to do it. We have nc idea of
Withdrawing from Great Britain. We are
going to remain there and build up our
business
Mr.. Peabody was asked whether Mr..
Haldeman had made any demands Upon
the company's mana cement for representa-
ton on inc boa I'd of trustees for the British
policyholdcrs or for the maintenance OF a
reserve fund in England. Mr.. Peabody
said he had not.
'Mr.. H5ld.m4n,' continued President
Peabody, did suggest that the British
policyholden should have at least one
Enelishmsn On the beard, but the English
contract holders have not designated whom
they would like TO have represent them on
the board. | presume that If the British
policvhcldeS nhouId designate an accept
able man for trustee, the board would be
very glad to agree on his election
Mr.. Peabody declared that there was
no regulac association Of policyholders
in England. There was" he said, "a
meeting Of twelve pollcyholders there and
that is all.
Mr.. Peabody said that he had never
received but one letter from Mr.. Halde-
man and it had been answered at once. He
did not NOV of any cause which Mr.. Halde-
man had to say that his letters were not
nswered promptly 10y the company. Mr..
Peabody said that it was easy enough to
eay that sentiment demanded that the
company should maintain a reserve fund
in England, but he mad never heard Mr..
Haldeman make the suggestion that the
company ought to do this until it was re-
quirei by the laws Of Parliament,
The board of director of the Equitable
Life Assurance Society held a regular
monthly meeting yesterday. John y.
Reach &C the lcTt-Wcllcr Company was
elected a director.
II developed yesterday that william r.
Hornblower il not the only lawyer whose
bill for services rendered in the Hyde
Alexander controversy has been held up
by the Equitable directors. Mr.. Horn
blowers bill was for S45 600. One of the
other bills held up is that Of former Su-
preme Court Justice William NJ. Cohen,
which is for SO, 600. Adrian II. Joline
also has a bill in the lot for SIS. 900.
These three lawyers were retained by
James ". Alexander on behalf Of the So
Ciptv yhan ba antpraI uDOn his CaInTninn