Waterbury evening Democrat., 1905-07-01
APPEAL TO POLICY HOLDERS

Ex-President Grover Cleveland, Jus tice Morgan J. O'Brien and George Westinghouse as voting trustees of the Equitable Life Assurance society recently issued the following appeal to the Equitable policy holders:
 Supplementary to the notice addressed 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 of said society to be selected from your number at the annual meeting of the society in Decem- Der. but also in our earlier recommends ton to the board of directors of policy holders to fill vacancies existing in said board. we now inform you that wo have this day recommended certain persons from your body to fill a portion of these vacancies.
 The re-enforcement of the board with out delay became imperative by reason of numerous resignations and the neces- sity of working number of directors for the proper transaction of the society's business. More of these vacancies ought to be filled in the near future. Of course 1t has thus far been impossible for us to communicate more directly than through the press with even a majority of the coo . 600 policy holders of the society or to as- certain to the extent desired their prefer ences in the matter of filling these va- cancies, but we hope that we shall daily be better informed of their wishes in the premises.
 Those who are so situated that they can thus cooperate with us quickly could by doing so render q service to the society and to all the interests involved In any event, 1t shall be our effort to avail our selves of all the knowledge and informa- tion within our reach to secure for direct ors from among policy holders such per- sons as are imbued with ceuservattvs views of management and who will re- gard as distinctly violative of duty the use of the funds of the society directly or indirectly in the promotion. underwriting or syndicating of new and uncertain en- terprises or tho investment of such funds in speculative stocks and securities.
 The published reports of those who have investigated the past management of the society and the astounding revela- tions they bring to light have impressed us with the grave responsibility resting upon us to prevent. so far al 1t is in our power. repetition of a scandalous and tragic chapter in the history of Q great life insurance company.
 The lessons to be learned from the ex- posures made in these reports are that mon who are more concerned in making money for themselves than in discharging . sacred trust should not have control of a life insurance company and that in the investment of life insurance funds safety rather than large profits should be the rule.
 The same obligations that rest on the trustees of savings banks rest on the di- rectors of life insurance companies. be- cause in more than one sense a life in- surance company is a savings bank. The same conservative management. the same economy in expenditure and the same care as to investments are as necessary in the one case as the other. The history of saw ings banks in the state of New York is most creditable. and we believe this is due not alone to the able. honest and disin- tcrested men who have managed them. but also to the laws which have limited the character of the securities in which they could invest
 We feel like saying to you that. notwith- standing the affiictions of the Equitable society, It's resources. assets and surplus arc too great and reforms in It's manage ment are too promising to admit of doubt or misgiving on your part concerning the safety of your policy investments.
 During the short period that will prob- ably elapse before all the existing va- cancies fin the board of directors will be filled and the longer time that must elapse before the annual election of directors in December. when our voting power as trustees of a majority of the society's stock can be exercised. we again bespeak your sensible and independent aid. unin- fiuenced by insidious and suspicious infiu- ences. and in return we pledge ourselves that. so far as 1t is given us to see our way, the conduct of our trust shall be actuated solely by "a desire to secure and conserve your interests and promote the safety and success of the great life insur- ance organization of which you and your families are the promised benehciaries.