New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-30
EQUITABLE Expenses CUT
ONE DIRECTOR RESIGNS.
Senator Depesc's Salary and G. IL.
.Senire,s Pension Stop.

oo,.fnration Of his policy of reform and
.s-,c,io,, If expenses Paul Morton. chairman
- che hoard of directors of the Equitable Life
'....,,,,,ce Society. announced yesterday that
,hs salary of $4,000 a year paid to Senator
I,onez- would be discontinued after July i.
T,exsd 3 Hill. who for several years had been
,-s1-ing $500 year, will have TO give it up
George 81. Squire, who was the Equitables
zns,,cial manager until the end of 1864. at
es,a-z Of S15.ooo, but since has been drawing
,snsjon of 81. 900 month. has been informed
20. this pension Will be stopped from July l.
r. sol,ire,s resignation from the directorate
& announced on Wednesday. He was one OF
ne large participators in the Hyde syndicates
Mr.. Norton's action with regard to these
..sst things is taken by many OF the ofhclaiS
Sc an index 10 MS reorganization OF the Equi-
.ahlers working body. The next announcement
.rezr rre5ict will be that the pension OF s-o'ooo
9 wear Maid to Mrs. Hyde Will be discontinued
~ Morton it is known is investigating the
.--vfns on the payrolls of a dead man and
another who had resigned from the society, and
. general tightening of accounting methods is
expected
Mr. Morton's next important reform will strike
the agency department, according to some who
t,ov his plans. He has been having inter
Jews with general agents from all sections OF
.he country since he took office He has asked
hem about the prevailing sy>tem of advances
and the guaranteeing of expenses by the home
o5oe together with the character Of the ex-
,snses considered legitimate charges against
he society. A great reduction in agents allow
snees will be put into effect shortly, it is pre-
s;c.sd and close watch will be kept on all the
agents by the chairman
General LOUIS Fitzgerald, who was one OF the
original trustees of the Hyde estate stock and
has been q director and friend of the Hydes
practically from the beginning Of the society
resigned yestseday- The resignation was sent
N Mr. Morton. but was handed by him to the
secretary of the trustees TO be aeleo on W.
ing 10 their judgment General t1tzgeraio was
one Of the parsicipators in the synolcale unoei-
writings -.
some of the minority stockholders in the
Equitable are contemplating united ACTON 10
test the legality of the election of the nine ol-
recfors named by the trustees These STOCK,
holders are not satisfied with the Ryan helou
OF mana cement and they not sure that even
Paul Morton holds his place legally
The new directors viii have TO De ouaine 20
nv stock they contend, and they say Inat u
makes no difference whether that stock has
been given TO them by James Hazen Hyoe OF
Thorlas F. Ryan: Officers OF the E9alaapfe 1,,I,
plsil. however that the nine new directors wiz
be elected under that section Of the chartef
which saws that a polcyholder may become
,.irector The Maddox decision In the sult OF
r-sn,iin r lord to prevent naturalization VIII
have no applicable bearing on TIE preseh'
method of naturalization. they predict
Jerome have not received the testimony TAKEN
Inv Srnerintendent Hendricks of the state IN
sI1rance Department in his investigation OF the
T5ouitable It is nine days since his report "as
made r,ubIic- One excuse for the Decay, II 10
said is that the local Office OF the insuraiics INSURANCE
eune-intendent is short of stenographers' anu
5r1e ernnloves have been unable 10 prepare liie
pT5r,e mass or testtrnony UP TO this time
= w Eloomingdale. head of the department
store firm of that name. was seen last nlsnt py
a tribune reporter and in the course OF Few
moments talk said that he would work Ior the
Interest of the Equitable policyholders. He sald
ta had not been told officially of his appoint
Tnenf as director but soon as he was wouId
join with the rest of the directors in working
for tie best interests of the organization as
against individuals.
81 know nearly all Of the gentlemen who nave
been elected directors he said. and all are men
of high reputa In the business world. men whose
integrity is q guarantee OF their purposes III
is evident that a serious effort has been mace
10 place on the directorate men who Will re-
store confidence and spare pains TO bring
about good results for all concerned"
Albany. June 29.-Attorney General Mayer VIII
20 TO New-York this evening TO continue his
work preparatory to bringing suit as the result
of the report Of Superintendent Hendricks on the
Equitable Life Assurance Society. He said this
morning however that he mad made appoint
rnent TO meet Paul Morton, chairman Of the
nieation from him. The Attorney General is
waiting for z copy of the evidence in the Equi-
table investigation before deciding on his action