New-York tribune., 1906-05-14
MUTUAL LIFE MAY LOSE BUSINESS IN BRITAIN.
NORTH BRITISH AND MERCANTILES PROPOSAL TO
TAKE OYER POLICIES OF S46OO0OOO APPROVED

accept such pOlicyhOlders without medical exami-
Mr. McClintock was asked If he knew any rea-
son why story Of that kind should be sent out. If
II were not true. He replied:
I can't imagine. There may be some truth in
IT, but If so, II is very unsound and extraordi-
nary speculation the part of the company. It
Is so utterly unheard Of in the history OF the
business that can't believe IT, even though IL Is
reported by The Associated Press
That Mr. Haldeman could take over much Of the
business Of the Mutual to another company Mr..
McClintoclS said was preposterous. He added that
he did not see how any respectable company would
engage in such an enterprise.
A week ago Mr.. McClintock had arranged TO sail
for Europe on Tuesday OF next week in order to
try 70 straighten out the situation in England
ana persuade the French government to reseind
some OF the restrictions it has placed Amer
lean insurance companies doing business there. He
said last night the news from London would not
hasten his departure Henry E. Duncan, jr., super
intendent Of the foreign department Of the Mu-
tual has been in London for some time trying to
pacate the British policyholders.
Mr.. Haldeman tried to get the support Of the
British policyholders in movement to make him
president Of the company to succeed Mr.. McCurdy.
Then he started agitation for the formation Of
British mutual company Of which he should be
president He got no encouragement from this
side that point.
Samuel Untermyer. counsel for the international
in the news from London. although he was not so
much surprised as was Mr.. McClntock. He said he
had been informed that the North British and Mer-
camille company was negotiating with the British
polcyholders but did not understand that the deal
had been closed. He said his association had been
endeavOring to persuade the British pOlicyhOlders
that their interests would be best by
manning in the old company, and that the complete
change In management which Il was hoped to bring
about over here would place the company on
sound basis. The postpOnement OF the pOlicyhold-
ers' election and the unwilngness OF the companies
to assist the association in getting lists Of policy
holders had discouraged and disgusted them in
London.
Mr. Untermyer expressed the opinion that the
business of the New York Life in Great Britain
would suffer the same fate if the present manage
ment of that company continued From what
he knew of the foreign situation. only radical
change of management in both companies would
satisfy them on the other side. He added:
We will not cease our efforts to keep the policy
holders in the old companies Ihe pain ls ihaae
doublv difficult however, by the cOnduct OF tne
existing management and their nslncere professions
of reform which intended to shield the gulIlty
and deceive the policyhOlders and are rlocuLeO
abroad.
DR.. Walter r. Gillette, former v1ce-president OF
the Mutual, will be placed on the stand again De
fore the special grand jury to-day. He VIII oe
asked as to the knowledge of the ofhcais or S tnS
company OF the workings Of the pipe Hne J@hIOusH1 @
IIysander w Lawrence & Coz Dy Whlcn Siul E;s1Ss
would of course be able to clear 1t all up put ~
is possible that his health viii not permit nm u
come from Ocean Grove