The Grit-advocate., 1905-09-29
CLEvELAND'S LETTER
As TRUSTEE OF THE EQUITABLE
naturalization Of the Company Will 30
Oiff'cult-Policy Holders Mostly
Ill Informed and Indifferent.

New York, Sept 23-Syndicate oper-
atoms OF the Equitable Life Assurance
Society were taken up by the insur'
ance Investigating committee yester.
day and consumed the entire afternoon
session
Henry B. Winthrop, assistant secre
tary and financial manager OF that SO.
ciety. was called to the stand imme-
diately after recess and presented and
swore 10 record of syndicate partici-
pauons of his company, also to rec
ord of sales and purchases of securi-
ties for the past Ave years.
Just before Mr.. Winthrop vas exam
ined Mr.. Hughes read a long letter
from Grover Cleveland. who is a trus-
tee for the policyholdcrs in the Equit-
able, under the Thomas f. Ryan trust
agreement. The letter was offered in
evidence.
After statement OF the action OF
the trustees. Mr.. Cleveland says:
The trustees feel that in the diff
culties that have confronted them, in
asmuch as they were compelled to act
promptly under the powers conferred
by the trust agreement, the results Of
their care and labor have been as sat
expected. They are not blind, how
ever, to the fact that obstacles lie in
the path of the proposed naturalization
which are so inherent that even with
the greatest study and care they can
not be easily overcome.
naturalization and policy holding
control are pleasant 10 the ear but in
and of themselves they do not neces-
sarily impart good administration or
successful management. If policy
holders are to be allowed control, they
should In some way be made to realize
their responsibilities as well as their
privileges. There are probably .learly
half million individuals who are pol
icy holders in the Equitable society.
and yet it would be giving a high estl-
mate to place the number who have
tb-cs far made the least effort, directly
or indirectly, to acquaint the trustees
with their preferences at $4,000, and
their desires when made known have
often been so palpably inconsiderate
or based on such misconception tPlt
they could not with safety be followed
The trustees have derived the best aid
from policy holders in cases where
their representations have been made
through association of the insured,
regularly organized. and thus enabled
TO Sift and reduce to sensible concen-
tTation the multiplicity and contrariety
and the frequently misdirected trend
of local sentiment
Il am certain the trustees for whom
| speak are heartily in favor of such
naturalization as will be real and gen.
uine and at the same time will compel
in the direction and management OF
life insurance companies. such ability,
such attention and devotion to duty
and honesty and alertness in dischars-
ing fiduciary obligations as well as
promoting legitimate self-interest, as
are positively vital to the benefciaries
of such organizations.
In common with all other desires,
the best conditions in this important
field of business. where the people
have SO much at stake, the trustees.
acting for the policy holders of the
Equitable society, will gladly welcome
any aid in their work which may re-
suit from the labors of your commit
tee"