New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-26
WILL FILE SUIT SOON.'
FOULER COUNSEL READY.
Acfion against Mccall Estate and
Hamilton 44zcaits U'M Probate.


is to bring against the estate of John A. Mccall /
and "J1dge" Andrew Hamilton will be filed !
toward the end of this week. The work Of con-
Quoting these suits was delegated 10 the Fowler
committee of the New-Yo life. and John @.
Milburn and ex-Justce William A. Keener the
counsel for the committee have been busy draw
ing up the papers. These are now all prepared,
and the actual beginning Of the suits now only
awaits some of the details of attending to the
affairs of Mr.. Mccall. especially the fling and
probating OF his will.
The committee felt that they were placed IN .
position Of great delicacy by the death OF Mr.. I
Mccall The suits might have been begun some
time ago If it had not been for that occurrence.
They have waited TO give the family time 20
make such immediate arrangements and disposfs
tion of his effects as might be necessary and TO
recover somewhat from the shock OF his death.
The complaints will now be served as soon al
the will is probated which. 1t Is eA---ad VIII be
done this week The suit against Judge" Ham
ilton waits upon the more IMPORTANT one asainse
the estate of Mr.. Mccall.
There has been much talk OF the forthcounina
resignation OF John C. Mccall as secretary OF
the New-Yorl< Life. and II would not be sur
prising If the young should give I'D his
place with the company, but IT can be positively
said that there Is no desire the part of the
Fowler committee and there has been no at
tempt by them to force Mr. Mccall out When
the elder Mccall resigned the members OF the
Fowler committee said that they could see no
reason why the son SHOULD leave the company,
but. on the contrary they spoke in praise OF his
| services. and their attitude remains the same
Charles F. Hughes. chief counsel for the Arm
| strong committee and one Of those most actively
engaged in the preparation OF the report OF that
committee TO the legislature. feels that ha
can take the rest which he long has needed and
Will leave the city to-day for some weeks. Mr..
Hughes had hoped TO be able to spend his vaca.
tOn abroad. and. in fact had made prepara-
lions for the trip. but he thinks now that 4. Is
too late for him to leave the country with
the pressure of business upon him. and he will
take his breathing spell at some resort near
thts city. Mr. Hughes has expressed himself IN
readiness 70 appear at Albany at the hearing 10
| be given on the Armstrong report March 9.
but he does not think that 1t will be necessary
for him to be there If he is wanted he thinks
that it viii be only to explain Of the recon-
mandations, and not TO make an extended argu-
| ment.
ARMSTRONG COMMITTEES VIEWS
From authoritative source learned yes
| terday the views OF the Armstrong committee
regarding the criticisms on It's report. The COM
| mittee holds that in most the criticisms
| are based on an inaccurate reading OF the re-
port and the recommendations. or on a too
hasty consideration 1t is felt that the committee
| will be amply able sustain Its position and
/ there is strong hope that the recommendations
viii be adopted practically offered 1t was
said yesterday that the idea of powerful in
| surance lobby TO defeat the report has been
| practically abandoned.
The committee feels that the most important
work it has done has been in regard to the cleo
| ton of trustees of the companies, although on
this IT has received the harshest criticism
| Fault has been found because the first election
| does not take place until next November Some
critics have said that the election should be held
! immediately and most have wanted them nor
/ later than sixty days after the law goes into
/ effect. The committee took this question I'D
| carefully and at great length. II felt that ths
elections must be soon enough To he or nrac
| tically immediate benefit and far enough away
| to allow of calm Judgment and selection, and TO
| allow Of an easy and efficient working of the
| machinery cs election At the same time IL was
felt that, if the public could not retain interest
| in insurance reform long enough 10 have an
| election of value. fl would be only a waste OF
! time TO make report.
/ In the majority OF life insurance companies
the trustees divided into four classes. one
! fourth TO be elected every year. and it would
take four years for the policyholders to put out
! the old trustees and get in a new set BY the
recommendations of the Armstrong committee
/ the change IN One-fourth Of the board of trus-
| tees would be moved forward three years one
| fourth two years and one-fourth one year while
/ one-fourth would be delayed few months Al
/ together, the committee feels that IL has ac-
/ celerated affairs remarkably.
/ Regarding the deferred dividend policies
| about which there has been much talk, the
| committee explains that it's recommendations
| do not attempt TO interfere with the contracts
| now existing between The companies and their
| policyhoIders. The present deferred dividend
| policies viii be carried out as written. but no
more will be written, and in the future all bust
/ ness win be annual dividend basis. The
| idea is that accurate accounting must be
/ made every year of the expenses of the COM
| pany and the surplus and how much is to be
| distributed in dividends. instead OF a guess at
| how much may be distributed under certain
conditions Those holding the present deferred
| dividend policies will know exactly how much Is
coming TO them when their policies are payable.
and those holding the policies will get q
| specified amount in cash paid up insurance
| In regard TO imposing its ideas on foreign
| companies, the committee feels that II would
not be right to regulate strictly the New-Yorlx
/ companies and at the time allow foreign
| companies TO come into this State and do bust
ness in any way In which they pleased II is
pointed out that Prussia found no difficulty in
| compelling the New-York companies to hold
only certain kinds of securities IL they wanted
10 do business in that country. There are GER
| tain of the provisions that necessarily apply
only to New-York companies such as that IN
regard 10 elections. but others cover all COM
panIes doing business in the State. such as the
I Of