New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-23
leland letter was as follows:

! spouse on the part of poLcyholders and the
character of not few of the responses made
were dwelt upon.
The Cleveland letter follows:
Tamworth N H. September 10, 1905
New-York legislative coTnmitfae i man OF me
InVes4gate the business of life insurance in
Dear Sir: The trustees, who are the holders for
The Eqgitable Lie Assurance Society Of the
objects objects an and aims Of the investigation your
with your desire for a statement from them
tt9uS5hing the methods thus far pursued in the
sa The s instrumsnt under which the trustees hold
| spect thereto was executed on June Is 1865 A
copy OF said instrument is annexed to this state
pose ls to carry out so far as possible plan for
dd raCfnrs q said society adopted by its
charter which contemplated the election of at least
majority OF the board, by the poIicyhoders Of the
society Under the charter of the society its fifty
TWO directors are divided into four equal classes
each class holding office for four years so that in
vacancies by death or otherwise exist at the time
OF the annual election. which occurs in the month
ad ID f FOR e6g 6Br Te the I'll g Of
naturalization referred TO- II is directed in P 0a
second section Of the trust agreement that the
stock TRANSFERRED to them shall at each annual
saeeIon OF directors so vote on said stock that
them shall be policyholders selected in accordance
with the wishes OF those insured expressed pro-
vIoed IN SAID trust agreement and that the
be voted for by said trustees in their uncontrolled
has beer Rsid a SaS so' f6s
cao6 on 6Te be ss6 Tsc has thus far been no
stockholders in the selection Of the directors to
terms will expire with the close Of the present
The trustees were however. at once confronted
with conditions in the management Of the society
from its board Of directors that It became abso-
,uteiy essential to the proper and orderly admin
be immediately reinforced by fiiifng to some exfent
The authority Of the trustes s act IN this
gency is derived from the provisions Of the fifth
section Of the trust agreement wherein it is de-
cared that 'in case OF vacancies in the board Of
the trustees may make recommendations to the d.
rectos OF the society as to the persons to be elected
OF this agreement may be promptly and effectively
Though the action Of the trustees under this SEQ
ton Of the trust agreement was nomnally adyis
followed by the remaining directors stu in inc
and though not distinctly limited as when direct
ceved their responsibility TO the society and its
policyholders in the premises to be none the less
last words Of this section Of the agreement under
ton in thus filling such vacancies to further the
scheme Of multiplication which had become the de-
AID OF PoLICYHoLDERs ASKED
Thereupon. and at the time of the execution of
fiji existing vacancies in the board should be taken
entirely from policyholders OF the society. On the
tse r ss s nofoes drsss6 to the
trustees S and signed by them COPY Of this gotios
is hereto attached. It's objects quite appar-
sR e IN the 9o hose to whom ms ID
Of their privileges IN + the mater nate OF des d the
sired the trustees to vote at the annual election in
roydeS for the expression Of their preferences
and to urge them avail themselves Of their priv
sy a ' aoR prefeTenoes should be made
to the trustees as cary as 1ne ~ bs of,ce s
to make known the fact that the trustees conten-
ers to the board Of directors for election to fill
vacancies in that body and to give such opportu-
trustees permitted. for the expression on the part
u ~ siitng such vacancies This notice was
imnedately given wide GIFcudanon Inr0ugm ons
In response to this notice the trustees received
polcyhpiders IN different localities, who gave
cRdoa Of s h6se fRsy aSy?i but f
and with diligent effort in other ways TO secure t
Combined acquaintanoeship the trustees. at meet
ing held on June q. were able to recommend only
nine persons for election by the board TO MI va
on the folI9w2g day anothsF asG9 f FS9 9 16e
lie press extensively as possible b sgs a9 81 tbe
expressed preferences in filling vacancies IN me |
ali PHaf IN their iI to the
policyhoide-s said notice is hereto appended
IL when the trustees made their last recon-
endation of persons to NY vacancies IN ads
to them on the subject by polcyholders and sought
holding policies taken from the books OF the So
ciety were examined, and the Qualfeations OF per
sons whom they knew were discussed-with the re- |
suit that at a meeting held on the day last men |
toned they were enabled to recommehq 70 the /
board fourteen additional persons 70 be elected to
I'LL that number Of the remaining vacancies
THOSE TwENTY-ONE NEW DIRECTORS.
All the persons recommended to the board have |
been elected Two of these, however. immediately |
after their election. declined to serve Inc net 81
this direction. under the authority 81 the fSs
6o. is of 9rsefors Of WenyOone new
members of such character and business ability /
PsFes u the m Of these SeW
polcyhoIders IN the society except Two, "no II Is
icies -Four vacancies still exist In the board Of
1t should be here mentioned that the right OF the
society TO put in operation the plan OF mutuaIza-
ton Contemplated by it's amended charter ano
terms Of the trust agreement has been challenged
S9d s st or 90pfn as P ben from the Court
eujoining the society from proceeding unoeT SAG
plan An R9e 1 fG s 81 So and
it's decision such appeal at an early GATE =
8. tS say e epe3t an nty Of qualification in
majority Of the directors. number OF the new
s6 % the Ss,s eOfG oas w the old sbsT
owning stock. constitute q majority OF the oOHro
The trustees feel that in the difficulties that have
them and inasmuch as they were com
81 the trust agrssmsnt, the results Of their care
and s6oF have been IS bsT are not bind how
ever to the fact that obstacles lie In the pstn o.
that even with the greatest study and care rnsS
cannot be easily overcome -. |
5a tSe .a ana but IN ana of they
90 necessarily import go06 aGs to
be allowed control they should in some way De