The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1905-06-06
DECLINES
SALARY OF
S5OO,OOO.
Depew Refuses an
Offer From the
Equitable.
Schif and Coolidge Re-
sign and ingalls,
Will Follow.
First Named Takes Occasion
to Score President
Alexander.
Special Dispatch to tn. Call

NEW YORK. June 5.-There is no ques-
tioning the fact that the Equitable Life
Assurance Society directors are thorough
ly alive to the responsibility entailed in
the selection of some man who is thor
oughly qualified to accept the place of
chairman of the board.
The position was rendered to United
day, and IL was said he was offered
salary of 100000 a year IL he would
step Ninto the breach at this time.
Senator Depew refused the offer per-
emptorily, accompanying his declination
with the explanation that his content
mcnt in life and peace of mind at pres
ent would forbid his accepting the place.
Plans to establish harmony in the af-
fairs of the Equitable were further COM
plicated to-day by the resignation of two
more directors, making five in all who
have recently retired from the board. a
dispatch from Boston announced that IT.
jefferson Coolidge had rendered his res
igna tor. 10 take effect immediately. This
was followed by the resignation Of Jacob
Schiff head of the banking house of
Kuhn, Loeb & Co.. who has been mem
Der of the board of directors for twelve
years. In addition, announcement came
from Cincinnati tnat Melville E. ingalls,
would also resign. Schiff'S resignation
was conveyed in the following letter to
President Alexander:
sCHIFF REBUKES ALEXANDER.
I'm view of the proceedings at the meet
ing cf the board of directors of the Equi-
table Life Assurance Society held last
FRIDAY. | feel constrained after mature
reflection to tender my resignation as
director of the society, to take effect at
once.
Throughout the recent controversy 1
ton which might add TO the complica-
tons with which the society has been
struggling. l have even remained silent
in the face of many malicious and base
less statements regarding the business
transactions between my firm and the
society which have been disseminated
through your agents, Notwithstanding
your failure to publicly disavow and deny
these statements instead of sending me
Gas YOU have recently done) private
messages expressive of regret for the in
discreet and overzealous actions of your
friends
The meeting of the directors last
Friday offered, 1t seemed to US. SUI
preme opportunity for rescuing the So
ciety from the evil situation into which
1t had been cast by factional disputes
and by the conduct of its officers. If
you and Mr. Hyde had been able at the
critical moment to rise to the occasion
and had supported my motion for the
appointment of a committee of direc-
tors, consisting of men of national
reputation for high character and in
dependent Judgment, with authority to
select chairman of the board with
plenary powers to adjust an effective
reorganization of the management of
the society," the restoration of public
confidence might have been possible, but
you and Mr.. Hyde have permitted the
psychological moment to slip by and
recognized the mistake only after the
disintegration of the board of direc-
tors had been begun and 1t was too
late to repair the damage which had
been done.
In view of the present situation. 1t
does not seem likely that there will be
an opportunity for independent action
In the board and I have reluctantly
come to the conclusion that can no
longer be of service to the society by
remaining upon its board of directors.
of which I have been a member for
twelve years
every truly yours.
JACOB H. SCHIFF."
ID. O. MILLS RESIGNS.
John A. Stewart, one of the commit
tee of seven appointed by the directors
at their last meeting to nominate
chairman of the board, said to-day
tlat he WOulQ not QcClQc OH Whdt
course he would adopt until the special
meeting of the directors called for
Wednesday.
D. o. Mills, another member of the
committee, said in all probability he
would resign. but would not decide
positively until the board meeting. 1t
is understood that August Belmont has
decided to serve on the nominating
committee. regarding this as his duty
to the society. Belmont, however, de-
clined to discuss the affairs of the
Equitable.
The inquiry into the affairs of the
society was resumed to-day at the
Equitable offices by State Superintend-
ent of Insurance Hendricks. General r.
Brown, superintendent of the bond and
mortgage department of the society.
was summoned, and Second Vice Presi-
dent Tarbell was again questioned.
superintendent Hendricks said that he
had already examined Jacob H. Schif.
but would not say what other directors
had been before him.
CINCINNATI. June 5--The resigna-
tion of Melville e. ingalls, as a director
of the Equitable Assurance Society will
he In, NaW York in a few horrS n