The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-08
RADICAL CHANGES
FOR THE EQUITABLE
Directors Say Expenses Must
Be Cut Down
CHAIRMAN IS TO BE CHOSEN
Complete Harmony Between Hyde and
Alexander Forces Is Evident, All
Propositions Being Passed
Unanimously.
CHAIRMAN IS TO BE CHOSEN

New York, June 7.-Resolutions sug-
costing radical reforms In the manage
ment of the Equitable Life Assurance So
ciety were adopted at today's meeting of
the directors. These affect all the high
officials and presage a sweeping curtail-
ment of the society's general expenses.
The resolutions also imply many impor-
tant changes in the financial policy of
the society.
Last weeks nominating committee of
seven, which had been reduced to two by
reason of the designations of D. o. Mills,
John A. Stewart, A. j. Cassatt, T. Jefrer-
son Coolidge and Robert T. Lincoln was
reconstructed as follows:
August Belmont, Louis Fitzgerald,
Chauncey M Depew of New York, James
b. Forgan of Chicago and David II. Moi
fatt of Denver
This committee was requested to submit
candidate for chairman of the board at
an adjourned meeting of the directors
called for Friday afternoon next. Should
the committee fail to choose a chairman
members of the directory will then be
asked to submit names of candidates
No Names Formally Presented.
The statements comes from a high au-
thority that no names were formally
presented" at today's meeting. although
it was not denied that there was informal
| talk on this point and that it centered
around two men of national prominence.
Once of these has for weeks been referred
to as in many respects as the most
eligible and satisfactory to all interests.
1t was declared that nothing was said
with regard to the manner in which Vice
President Hyde is to "divest" himself of
his stock control
Today's session was attended by twenty
eight of the remaining thirty-eight diree-
tors, the designations of j. 7. Low and
Marvin .Hughitt, the latter of Chicago,
having been submitted during the meet
ing and making total of twelve resig-
nations since last Friday
A majority of those present have from
the outset been on the side of Vice Pres
ident Hyde. Among the so-called neu-
trails or conservatives present were Bray
ton Ives. the only remaining member OF
the defeated Frick committee, and
Charles Stewart Smith.
From all accounts there was complete
harmony of action between the Alexander
and Hyde forces, all the resolutions being
unanimously adopted. It was again de-
MED, however. that any coalition" of
these factions had been effected
The essential features of the formal
statement issued at the adjournment fol-
low:
Formal Statement Issued.
"A resolution was passed requiring the
committee to report their nomination for
oh IF ha tn ba rd of
directors at an adjourned meeting to be
held at l o'clock on Friday next, and 1t
was resolved that IL the nominating COM
mittee failed to make such nomination,
nominations woul. be invited from MEM
bers of the board at that meeting.
Further resolutions were passed for the
reorganization of the executive commit
tee with the president, vice president
(Hyde) and comptroller as ex officio MEM
bers and four directors who are not Of
ficers.
THE resolution was passed that the
salaries of the executive officers should
be reduced to correspond with those paid
by other insurance, banking and trust
corporations, the amounts to be hereafter
determined upon.
"A further resolution was passed to re-
duce the general expenses of the society.
1T was also resolved that no advances
to agents or other Aagency expenditures
should be made without the approval of
the executive committee; also that in
vestments made by the executive COM
mittee be made subject to the approval
of the boz I'd and that amounts of de-
posits uniformly carried in banks and
trust companies should be reduced to
working balances, and the residue in
vested in approved securities"
List of Directors Present.
u,i,a ,aonIptfop oallin for tho raorua ., =
ization of the executive committee means
| the retirement therefrom of Messrs. Tar
| bell. Wilson ard Mcintyre, the second,
| third and fourth vice presidents, respect
lively 1t is altogether likely that other
members of the committee will retire, in
| GLIDING William A. Wheeloek, who has
! long been seriously i'll, and several mem
bers now closely identified with financial
institutions with which the Equitable has
! relations
The official list of directors at today s
| meeting follows:
| }. w. Alexander. Chauncey NJ. Depew,
II. C. Deming, G. II. Squire, Thomas d..
Jordan, Charles Stewart Smith, Valentine
p. Snyder, .slv.n w Krech, William
Blair, Brayton Ives, James II. Hyde,
| Care Il. Tarbeii, C. b. Alexander, NJ.
Hartley Dodge j. F. DeNavarro, Brad
ish Johnson Alfred G. Vanderbilt Au-
| gust Belmont II. Winthrop. George j.
| Gould, Thomas T. Eckert, William H.
Mcintyre II. M. Alexander, David II.
Moffatt. George T. Wilson and Joseph T.
| Low.
| Mr.. Low presented his resignation in
| person. advancing i'll health as the chief
reason. Mr.. Hughitt telegraphed his
resignation
| Superintendent Hendricks continued his
investigation of Equitable officers and
directors today those before him including
| Vice President Wilson and Senator
Depew. Mr.. Henducks hopes to submit
his report to Governor Higgins by the
| middle of next week.