Omaha daily bee., 1905-12-07
DEPEW LEAVES EQUITABLE
New York Senator Ten dsrs Resignation a
Director Of Assurance Socisty.
RUGoR THAT %cAL WILL RESIGN
Report that Presidency of New York
Life Has Been offered to John
CIanin, who Refused

NEW YORK. Dec. 6-The resignation of
United States Senator Chauncey NJ Depew
as a director Of the Equitable Life Assur-
ance society was one of the most inter-
esting developments today in the situation
growing out of the life insurance investi-
cation.
The senator's resignation was rendered
to President Paul Morton of the Equitable
society \ In a brief note, in which no
reason fer 1t was stated
The report was published tonight that
President John A! Mccall Of the New
York Life Insurance company will resign
from that company before the next annual
meeting OF the trustees. in April, and that
II he does not tender his resignation at
a meeting OF the trustees next wednes-
day. he will refrain only at the request
OF the trustees, who, the report said, do
not wish to have to elect a temporary
president. The published report also
stated that the presidency of the n York
Life Insurance company has been offered
to John Claflin, trustee of that company
and president of the H. B. Clanin COM
pany, and that Mr.. Clafin has refused to
accept the office.
Annual Meeting of Equitable.
At the annual meeting of the Equitable
Life Assurance society today Sir William
M. Mather of Manchester, England; Alex
ander c. Humphreys and J. Edward Swan
strom Of New York and Tom Randolph
president of the Commonwealth Trust COM
pany OF St. Louis, were elected directors
The following were reelected: George
F. Vieter, Wallace L. Pierce, Thomas T.
Eckert, Daniel A. Tompkins. T. Dewitt
Guyler, Thomas Spratt, Frank 8. Witherbe,
James Mcmahon and Eben b. Thoms. All
these, with the exception OF General Eek
ert and Mr.. Cuyler, are new members of
the board, having recently been elected to
fill vacancies to represent the policy hold
ers.
All of the new directors elected today
were nominated by Grover Cleveland and
his co-trustees under the Ryan purchase
of Hyde stock and all are policy holders.
Sir William Mather is the head of the
Stafford Iron works at Manchester, Eng
land. and former member OF Parliament.
Mr.. Humphreys is president of the
Stevens institute OF Hoboken. Mr.. Swan
strom is a lawyer and was president OF the
borough of Brooklyn under Mayor Low.
william Alexander, secretary OF the So
| clety. was not reelected a director, the
meeting having decided that in the future
|
! the board.
The trustees Of the Mutual Life Insurance
company held a long session today; but
according to Temporary President Fred
erick Cromwell. nothing was done with
regard to the election of a new president.
AnRirs of Security Mutual.
The attention of the legislative inves,i
eating committee was devoted today chiefly
to the affairs of the Security Mutual Iif,
Insurance company of Binghamton, n. Y.
whose president, Charles NJ. Turner was Of
the witness stand most of the day. Hi
testimony and the reading Of many con
tracts served to describe In detail the or
ganization of the Agency and Investment
company OF Binghamton in 1898. This com
pany paid the salary of the president OF IN,
Security Mutual Life Insurance company a
first, advanced It money amounting to SIS
900, agreed to furnish it with insuranc,
business at the rate of S5.0OO.OO0 a year ans
received in return per cent commission OF
all new premiums on the Insurance writer
by the company. The stock of this agenc,
company. which amounted TO n25.OOO. Presi
dent Turner said. was issued 10 himself an,
his associates In the Security Mutual LIZ,
in payment for the money they advanced t,
the insurance company. II covered also. h
said, a $1,000 compensation TO himself an,
what Charles e. Hughes. counsel for tn
COMMITTEES, called $500 OF velvet"
President Turner testified that the aKenel
company collected It's commissions. but az
not furnish the insurance It promised. Ate
two years the stock Of the agency compan,
was increased TO $4,000 asd OF the $4,000 in
crease $4,000 was advanced directly to tn
Insurance company and $1,000. Mr.. Turne
said was advanced 10 Notion ID. Moss.
general agent OF the company. A new con
tract was then made between the two com
panies by which the insurance eompan