New-York tribune., 1905-06-06
Fl. SCHIFF RESIGNS.
T. j. COOLIDGE ALSO OUT.
IL. e. ingalls, to FolLo5o Suit-AH
Eyes ON Hendricks Investigation.

Eyes ON Hendricks Investigation.
Declaring that there was little likelihood Of
independent action in the board. Jacob H Schif
resigned director Of the Equitable Life As
surance Society yesterday. In a letter announc-
ing that course he censured severely President
Alexander and James Hazen Hyde. Melville p.
ingalls,, at Cincinnati. announced that he would
resign. because account OF the spirit mani
tested by the controlling element in the board,
he felt he could do no good there. The
resignation Of r Jefferson Coolidge. of Boston
was received at the Equitable's offices yester>
day. accompanied by a formal declination to
serve on the committee to nominate a chairman
Of the board
In spite Of the six designations already listed
and those Of A J. Cassatt Brayton Ives. and
perhaps one or two more, which are expected,
Mr.. Hydes friends say they are confident that
chairman of the board will be obtained.
and IN consequence peace will descend on the
sorely harassed company. They believe that
majority Of the nominating committee fnclud-
ing James B. Forgan. Robert T. Lincoln August
Belmont, John A. Stewart, and possibly D. 0.
Mills. viii serve, and will present list Of can
didates to the board the meeting tomorrow.
On the choice Of the chairman of the board
practically depends the solution Of the trouble.
directors say. for the factional fights are work
ing regained public confidence and its business
through the appointment of man of national
prominence, could settle its internal differences
quietly and effectively. If 1t became necessary
the majority of the stock could change the man
agenent OF the society. Mr.. Hyde. said one
director, had assured the nominating committee
positively that whom ever they named for chair
man he would be appointed. He would use no
veto power.
superintendent Hendricks resumed his investi-
cation yesterday. examining several witnesses,
among them Jacob II. Schif and Gage E. Tar
bell. Cornelius n. Bliss was with Mr.. Hen
dricks for a time, but while he would not dis
cuss his visit it was believed that he was there
rather to furnish information personally than
as formal witness. 1t is known that Superin-
tendent Hendricks has much confidence IN Mr.
Bliss and has conferred with him frequently on
the situation.
After his investigation Superintendent Hen
dricks announced that his report would be ready
sooner than he expected 1t would be filed in
Albany some time between June II and June
15 he said. He hurrying It because of
promises to the insurance commissioners of
other States.
On this report centres the Equitable situation
to-day, some of the directors say. The report
must find many things worthy Of censure, they
believe. and if 1t were drastic as the Flick
report 1t would mean action by the Attorney
General against the management of the society,
with possibly legislative investigation This
would be a long procedure with endless legal
complications The trouble could be settled in
side the society by the usual methods practised
by great corporations long before the Attorney
Generals could come to trial, other d.
rectors predict, and say that in any there
would be not leg stand on in such prose-
cution-
others interested in the situation do not agree
with them.
II don't believe Mr.. Hyde has the slightest in
tention of having chairman of that board.
said Frank H. Platt, counsel for the polcyhod-
ers' committee. There's only thing which
can the Equitable-that is thorough in
vestigation by the legislature
The greatest difficulty will be experienced in
obtaining a chairman. directors predict. New
names suggested yesterday those of Gov
ernor Herrick, of Iowa, and Judge Gray, Of
Delaware. Already. !t learned. Grover
Cleveland Postmaster General Cortelyou, Robert
T. Lincoln Melville E. ingalls, and others to
whom the proposal had been made tentatively
had declined it a group of the directors has
decided that no man of great national promi-
nence can be obtained, and that the most feasi-
BILE plan is to get a practical insurance man.
Search for such man is being made IN the
West No Eastern man. they say. could be
taken, because he would have had some conner
tion with one of the factions in the disjonted
EQUITABLE board With a stranger they hope to
harmonize or root out the railroad financial
clioues. which have brought dissension into the
| society.
MR. SCHIFFS LETTER.
The letter in which Jacob H. Schiff announced
| his resignation was addressed to President Alex
ander. 1t said:
In view of the proceedings at the meeting of
/ the hoard of directors of the Equitable Life As
1 s,1rance Society held last Friday, feel con-
strained after mature reflection to render my
resignation as a director of the society, to take
effect at once.
stu6iousIy refrained from any action whica
might add to the complications in which the
| society has been struggling. l have even re-
| rnained silent in the face of many malicious and
| baseless statements regarding the business
| have been disseminated through your agents
| notwithstanding your failure TO publicly dis
| ayoW and deny these statements instead of
sending me (as you have recently done) private
| messages expressive OF regret at the indiScreet
/ and oyerzaalous actions of your friends
The meeting of the directors last Friday Of
| fered Il seemed to me, o supreme opportunity
for rescuing the society from the evil situation
| into which il had been cast by factional dis
| Dutes and by the conduct of its officers
| IF YOU and Mr.. Hyde had been able at the
critical moment rise to the occasion, and had
| sunnorted my motion for the appointment of
| committee of directors consisting of men of ma
| tional reputation, OF high character and inde-
| Dendent Judgment, with authority to select
| chairman of the board with plenary powers, a
| inst and effective reorganization of the manage
ment of the society and the restoration Of pub
| Iic confidence might have been possible; but you
Sa