The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-22
The Equitable and Mr. SchiT.


of the prevalence OF peace and harmony
in the administration Of the Equitable
Life Assurance Society. particularly the
authoritative and official pronounce
ment which SO ucidly and conyinclngly
expresses the ideas and the sentiments
of the most conspicuous of the financial
trustees Of the Equitable Mr.. JACOB H.
ScHIFF.
Without desiring TO impugn the pacific
or sanitary character of the now cele-
brated meeting of last Thursday we may
permit ourselves to protest our regret
at it's seeming futility, which was due in
q great measure 10 the nervous excite
ment under which the eminent trustees
we're all laboring and which made them
incapable of approaching the single
minded and unselhsh wisdom OF the
course advocated BY Mr.. SCHIfF When
II was sought 10 devise some solution oi
the prevailing chaos, Mr. SCHIFF and Mr..
GAGE F.. FARRELL the second vice
president of the society, were appointed
a committee of two on conCiliation and
retired to consider the problem. Mr..
TARBELL was the close, trusted and con-
fidential friend of Mr. JAMES W. ALEX
AMBER. the president and Mr. ScHFF
occupied a like relation TO young Mr..
HYDE. so that the committee was COM
posed of the representatives and cham
pions Of the opposing factions. NO one
has ever dared 10 question the unswerv-
ing courage and fidelity OF Mr., TARBELL
70 his lofty principles or TO his friend and
benefactor, Mr. ALEXANDER, and neither
has any man prescribed any limitations
10 the persuasive cloquence and con-
vincing logic of Mr. SCHIFF Mr. TAR
BELL after a brief intellectual struggle
with Mr. SCHTFF was satisfied that the
best interests of his friend Mr. ALExAN-
DER made it imperative that his SER
vices as president should be dispensed
with and that the vacancy thereby Gre
ated should not be filled, whereas he,
Mr. TARBELL, should be elected first
ce-president while Mr.. HYDE should
be made second e-president Fur
thermore, he agreed out Of his keenly
sensitive regard for Mr.. ALEXANDER that
there should be conferred upon that
gentleman the honorable and notable
distinction OF chairman OF the board,
which is as desirable in its way as the
Chltern Hundreds and enables the 5ene-
fioiary to devote himself exclusively to
elegant repose
These recommendations, we deeply
regret 10 say, were wholly misunder-
stood and unappreciated by the board
who, If the truth must be told, were not
in a receptive or ratiocnatory condi-
ton, even the president, Mr.. ALEXANDER
himself, failing 10 appreciate the saori-
flee which Mr.. TARBELL had made in his
behalf, and the other members being
torn by conflicting emotions altogether
too powerful 10 control. It thus came
about hat Senator DFPEw made a speech,
which was so much in the nature Of an
anodyne and soponfc that the board
unconsciously reelected all its old officers
and adjourned.
The knowledge OF the harmony and
good viii thus engendered does not make
it seem inappropriate to point out the
serious error involved in the board 3
failure to adopt Mr.. SCBIFFs plan. In
the first place. it would have served to
put Mr.. SCHIFF where he ought TO be,
and that is in complete control Of the
Equitable. In addition, it would have
eliminated, by a most singular and sur
prising coincidence, Mr. EDWARD II
HARTMAN from all participancy in the
assets or salvage thereby saving the
policyholders from shock and sparing
the sensiblites Of most of the trustees
Furthermore it would have made Mr.
TARBELI., whom during his intercourse
with him on the Committee OF Concilia-
ton Mr.. SCHIFF had discovered to be a
person Of parts and a most engaging
gentleman, president of the Equitable;
and there is no Gainsaying that in such
matter Mr.. SCHlFF's judgment is UNI
improbable.
But the gravity and the far-reachng
consequences of this deplorable failure
are only adequately apprehended when
we consider what manner Of manage
nent Mr.. SCHIFF would have instituted
had he, as undoubtedly he ought to
have, gained control of the Equitable
with its vast accumulations, its four
hundred and odd millions OF assets. The
futile and irrelevant charge was brought
last week in the daily press against Mr.
ScHIFF that he in his capacity as trustee
of the Equitable had bought many mil
lions of bonds from himself n his capacity
Of banker We confess we were UMPIRE
pared for the denial with which MIR
scBIFF dignifed the calumny, but we
appreciated its force and serenity when
&c coupled il with the statement that
the transactions his firm had with the
Equitable had been most advantageous
to the latter
Now, It is precisely in this matter
Of investment securities and their rela-
ton TO insurance companies, or rather
their relation to certain groups of trus-
tees al insurance companies, that the spe-
ciai and remarkable proficiency OF Mr.
ScHlFF comes into play. No one better
than he understands the value Of bond
to the banker who is bringing it out or