The Montgomery advertiser., 1905-06-29
designations of Directors Accepted.
OMIT MIsMArAGEMHNT
Good Business Men Chosen to
 Fill Vacancies.
James J. Hill and Alfred c. Vanderbilt Among Resigned Directors---Re- assuring AppeaIof CIeve
 land and Associates.

New York. June 2s.--Grover CIeve~ land. Morgan J. O'Brien and George Westinghouse, the trustees of the naa- jority stock of the Equitable Life As- | surance Society, took the first step in l the reorganization of the Society to- day by accepting the resignations of all the directors who had tendered, and in forwarding to the board of di- | rectors the names of nine prominent citizens representing the interest of the policyholders with the recommen- dation that they be at once elected The recommendation of the trustees was. Immediately complied with and the following gentlemen became mem- bers of the directorate:
 F. B. Thomas. F. c. Bourne, T. E- Schmidtfaph, Frederick Roebling, Wif- liam Whitman, B. W. Bloomingdale E. W. Robertson. Joseph Bryan and !. J. Albright.
 All of the new men hold policies Of various amounts in the Equitable So- in large part by the Society's general agents
 E. B. Thomas is President of the Lehigh Railroad Company, F. O.. Bourne is one of the largest if not the largest stockho1der in the Singer Sew- ing Machine Company; !. E. Schmidt laph. is a capitalist of Cincinnati: a nemDEE the famous family of bridge builders and lives at Trenton, N. l.; William Whitman Is a paper manufacturers of Boston; E. w. Rloomingdale is one oe the proprietors of department store | in this city and was a member of the so-called Crimmins Committee of i Equitable policyhoiders; p. w. Rob- ertson is a prominent South Carolina | man whose name was presented to the Equitable trustees by the State agent and policyholders of that section of the country: Joseph Bryan is a capl-
 ta1ist and representative citizen of | Richmond. Va; ]. !. Albright is one of Bufalo's best known nnanciers. | The election of these men increase the board from thirty>one to forty mena- bers. It Is understood that the trus-
 tees will recommend the names of oth- | CT directors shortly and so far as may be feasible the additional directors
 will be taken from among the society'a I large policyhoiders.
 The board also accepted the reeig- nations of all but one of the twenty- two directors who had previously re- signed for various reasons. the one ex- ception being James B Forgan who withdraws his resignation which is held in abeyance. Of the gentlemen whose resignations were accepted, all had been made known before except Ii James J. Hill and Alfred q. vander- bilt That these gentlemen had sent in their resignations was not known until the fact of their acceptance
 The name Of President James W. Al- exander and Vice-President James IT. Hyde and Messrs. Tarbell. Wilson and Mcintyre are in the list of resfgned df- rectors. they having previously only resigned as officers of the society.
 All of the new directors are to serve out unexpired terms of the directors whom they succeeded. the trustees ta name later just whom they succeed.
 The trustees also issued a long state- ment to the policyhoiders urgently inc viting their co-operation in the work of reorganization.
 A long statement from James IT. Hyde, replying to the strictures con- veyed in the report of State Supefin- tendent of Insurance Hendricks. was read at the meeting of the directors. Hyde defended the acts of his fathers Henry B. Hyde.
 Appeal to PoIlcyhoIders.
 The Equitable trustees today issued an appeal to policyholders. The appeal in part follows:
 New York. June .s 1905. ITO the Polickholders of the Equitable
 Life Assurance Society:
 Supplementary to the notice aA- dressed by us to you on the 18th of the present month inviting an expression of your preferences and asking your aid. not only in the election of directors in said society to be selected from your number at the annual meeting of the Society fin December. but also Tn our earlier recommendations to the Board of Directors of policyholders to fill in vacancies existing in said board. we now inform you that we have this day recommended certain persons from youE ks of
 The reinforcement of the board without delay became imperative by reason of numerous resignattons and the necessity of a working number of directors for the proper transaction of the Society's business. More of thesa vacancies ought to be filled In the uear future Of course 1t has thus far been impossible for us to communicate mora directely than through the press with even a majority of the 100000 policy holders of the Society or to ascertain to the extent desired their preferences in the matter of filling these vacancies; but we hope that we shall daily be bet ter informed of their wishes in the premises Those who are so situated that they can thus cooperate with us quickly would by so doing render ser vice to the Society and to all the tn- terests involved.
 "The published reports of those whd have investigated the past management of the society and the astounding reve- lations they bring to light have im- pressed us with the grave responsibili- ty resting upon us to prevent so Tar as it is in our power a repetition of a scandaious and tragic chapter in the history of a great life insurance com pany. The lessons to be learned from Che exposures made in these reports are that nSen who are more concerned in making money for themselves than In discharging sacred trust should not have control of life insurance com pany and that in the investment of lie insurance funds safety rather than large profts should be the rule.
 we feel like saying to you that not- u,ithstanding the affiction of the Eoui- table Society. its resources, assets and surplus are too great and reforms in its management are too promising 70 admit of doubt or misgiving on your part concerning the safety of your policy investments.
 'During the short period that will