New-York tribune., 1907-04-19
INSURANCE HEAD HUNT.
TO SUCCEED WOODRUFF.
Proudent SaUings Life Adjourns
annual Meeting.

Tha annual meeting OF the PrOvident Savings
Life, Tribune reporter learned yesterday, has
been adjourned for two weeks pending negotiations
with another insurance company, It is said. for a
successor to Timothy L. Woodruff. The intimatiOn
that the Provident Savings would go beyond its
own list OF officers for a chief executive. seek
ing a man from another New York insurance COM
psny caused great interest in insurance circles
last night. 1t had been assumed generally, indeed
Mr. Woodruff himself had declared, that Vice
President Orlando +. Thomas. who entered the
board with O. r. Thomas. hts partner F. Augustus
HENCE and others. slated for the presidency
in immediate succession to Mr.. Woodruff
It is understood however. that the directors have
in mind for the place another man. whose name
is withheld pending the close OF negotiations but
is now prominently identified with another New
York company the best fitted for the place at
this iunctUre in the insurance situation. According
to this plan. o. F. Thomas will retain the vice
presidency and follow Mr.. WoOdruns successor
as the cOmpanys chief executive 1t is intimated
further that of the directors elected recently
are awaiting news of the plans OF the regime
before deciding whether they will serve the
board.
No information concerning the meeting yesterday
was forthcoming at the offices OF the company be-
yond the bare announcement OF President Wood
rurs secretary that the meeting had adjourned for
about two weeks. II Is understood, however. that
Mr. WoodrufY spoke of his impending resignation.
he having accomplished the purpose which he de-
clared had led him 90 accept the office.
In view OF tho present personnel OF the board ana
tho fact that insurance man now holding a high
executive Office has been mentioned as possible
official of the company. certain financial and In
surance interests eagerly await the formal an
nouncement OF any such changes. This announce
ment VIII be made probably at the next meeting,
about May l. Mr.. Woodruff could not be reached
at his Office at his Brooklyn home or at the Re
publican club, yesterday. although he was said 70
be IN town.
Abraham Benedict OF the law firm OF Guggen-
helm Cntermyer & Marshall. counsel TO the inter
national committee. called on Acting District Al
torney Smyth. at the District Attorneys once yes
terday, and submitted certain evidence alleging
forgery By insurance agents and others IN inc
elections held recently by the Mutual Life and the
New York Life. The District Attorneys ohice VIII
examine the evidence.
II is understood that Superintendent Kelseys ex
aminers have finished their investigation OF the
Mutual Reserves unpaid loss account as Of De
Cenber ST. 1895. So far can be learned. now
IL is Thought will have interesting features
In connection with the Texas Legislature =
pnssaEe OF the Reserve Investment bill cofnpeH-
ing life companes in Texas invest 20 per cent or
and real estate the New York Life has sent a
message 20 It's agency iorce In Austin, saying that
while the Lone Star state Is the NTH OF the states
In the company'a business the officers and manage
observe any such law. The message adds. now
ever that the New York Life will make Texas In
yestnents wherever and whenever II prohtably can
40 so The Tennessee Senate has rejected an
analogous 30 per cent bill
Charles r Rayliss after more than twenty years
service vth the Mutual Life as general agent and
manager has resigned from the company TO enter
the real estate field. like Gage h. Tarbell OF the
The Home Life has decided 10 issue a nineteen
payment life policy.