New-York tribune., 1907-11-07
WOODRUFF IN HARNESS
AGAIN Proficient HEAD.
Hopes to Bring Peace Betzceen
ThOmases and PhiIadeLpkianS.

Timothy L Woodruff has decided to accept
! the presidency of the Provident Savings Life
Assurance Society temporarily. 1t is with re-
gret that Mr.. Woodruff has made this decision.
He accepted the same place some time ago. and
through his untiring energy succeeded in put
ting the company a sound business footing
after which he sold out his stock in it and sew
cred his connection with the company
E. r. and o. f. Thomas bought Mr.. Wood
ruff's stock, and later sold it to a syndicate OF
Philadelphia capitalists and insurance men. BY
the terms of their agreement with the Phila-
dephians the latter paid them 100000 in cash
and gave them their notes for million more.
The Thomases. however. failed TO deliver the
stock. and the syndicate. becoming worried over
the situation. engaged Morgan ]. O'Brien to
look after their interests here.
Frequent conferences have been held in Mr..
OBrien's office by representatives of the inter
ests involved No settlement was reached, how
ever until Mr. Woodruff, acting in the interests
of the policyhoders of the company a consider
able personal sacrifice to himself. came forward.
and through his efforts effected a tentative set
tlement of the existing differences last Friday
On Monday the Thomases. under this settle
ment, were to have returned to the syndicate
So. 800 in cash and $4OO 900 in notes. This was
not done owing largely. it is thought, to the
with other affairs to give the subject his per
sonal attention.
The representatives of the syndicate agreed
then TO give the ThQmases until November II 10
return 10 It all its money and notes. At the
same time the Thomases were informed that
unless this done its counsel would be in
structed to take such proceedings against them
as the statutes OF the state permitted.
Yesterday Mr. Woodruff held long confer
ence with Edward Lauterbach. counsel for the
Thomases. after which he decided that he
! could best serve the interests OF the company
by acting as its president for the time being.
Representatives Of the interests involved may
meet to-day 10 perfect details but it now
seems as if Mr.. Woodruff would he successful
in effecting an amicabe settlement.
Just how he Will arrange the details is not
known. But the general plan IS this: Mr..
Woodruff will return the syndIcate's million in
notes. getting the banks that now hold the
major part OF them TO accept Thomas notes IN
their place He VIII also have the Thonases
return part of the 100000 in cash paid them
and give certified notes for the remainder of
that amount
In return the Thomases. it IS believed will
turn over the proxies OF their Provident stock
10 the banks that hold them collateral
against loans made TO them. These banks in
turn VIII turn over the proxies to Mr.. Woodruff,
who will that board of directors and a
finance committee are elected composed Of men
whose very names are guarantees that they
viii act in the best interests Of the policyhold-
ers Mr. Woodruff will himself act as president
of the company until such time he can re-
sign and appoint a suitable successor who Will
be entirely acceptable TO the policyholders
Unless some unforeseen hitch occurs, such is
the programme. Representatives Of the syn
dicate are enthusiastic over Mr. Woodruff 5
action They feel that they owe him and that
the company owes him, heavy debt. for with
out his services they admit that they would
have had to bring the before the courts.
which I'm Itself must have worked irreparable
injury 10 the company. They feel particularly
grateful to Mr.. Woodruff because he Is not a
stock owner in the company and has worked
in an entirely disinterested way and for the
interests Of the pocyholders solely. Judge
Bartch, Of counsel for the syndicate, will re-
main in New York until every detail is ar
ranged