The Providence news. (Providence [R.I.]) 1891-1906, 1905-07-08
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FRIDAY

New York, June a-hesoluuo"s SNe
leestins. radical reforms in the manage
.ment OF the Equitable Life Assurance
society were adopted at yesterdays
rneetinas of the directors. These anect
all the thigh officials, and presage sweep
ing curtailment OF the societys general
expenses. The resolutions also imply
important changes in the financial policy
OF the society.
Last weeks nominating committee OF
seven, which had been reduced TO two
lby reason OF the designations OF ID. O.
Mills, Jdhn A. Stewart, A. j. Cassatt, I.
Jefferson Coolide and Robert 7. Lincoln,
was reco instructed as follows:
August Belmont. Louis Fitzgerald
Chauncey NJ. Depew, James B. Forgan
of Chicago and David II. Moffat of Dem
ver.
This committee was requested 10 submit
a candida te for chairman Of the board at
an adjourned meeting OF the directors
called fo,- Friday afternoon.
The statement comes from a high au-
thority tn az no names were formally pre-
sented at yesterdays meeting, though It
was not denied that there was informal
talk on This point and that II centred
around two men OF national prominence
One OF these has for weeks been referred
TO as in many respects the most eligible
and satisfactory 10 all Interests.
TO REDUCE SALARIES.
II was also declared that nothing was
said with regard to the manner In which
Vice President Hyde is TO "dvest" him
self OF his stock control.
Yesterdays session was attended by %
of the remaining SO directors, the resig-
nations OF Joseph T. Low and Marvin
IHughitt. the latter OF Chicago. having
been submitted during the meeting. and
making a total OF - designations since
last Friday. majority of those pres
ent have from the outset been on the
side OF Vice President Hyde
From all accounts there was absolute
harmony OF action between the Alexan-
der and Hyde forces. all the resolutions
being unanimously adopted.
IL was again denied however. that anv
f'coalition" OF these factions had been
enected.. Other essential features OF the
FORMAL statement issued at the adjourn.
ment followse
Further resolutions were passed for ths
reorganization of the executive com y,if +.
Zee with the president the vice nresl.
dent Hyde) and comptroller and ex-offi.
clio members land four directors who are
not officers
The resolution was passed that the
salaries OF the executive officers shoula
be reduced to correspond with ,bosa
paid by other insurance. banking ara
trust corporations
CUT GENERAL EXPENSES
A further resolution was nassos q, :,
duce the general expenses OF the society
IL was also resolved that no advances 10
agents or other agency exnenditures
shouid be made without the approvaI az
the executive committee: also that ali in
vestments made by the executive commit
a hn 1adn III
board and that amounts OF deposits uni-
forrnly carried In banks and trust com
panies should be reduced TO workinaNha
ances and the residue invested I'm an
proved securities.
inc resolution calling for the reorganIza
ton or the executive committee means the
retirement therefronn OF MeSsrs Tarhau
Wilson and Mcintyre the Second Third
ana Fourth Vice Presidents, respectivelv
II Is altogether likely that other n,or,
bers OF the committee will retire. incIud-
Ing William A. Wheelock who has lor,
been seriously III. and several members
now closely identified with financial insti-
itutions with which the EquitabIe society
has close relations
Mr Low presented his resignation IN
person, advancing Hl-health as tho chief
reason. Mr.. Hughitt telegraphed his resie.
nation 'S
Superintendent Hendricks continued his
.eeh -. e.ioh oI bqultable onicers and di-
rectors yesterday. those before him in
Guiding Vice President Wilson and Sena-
Tor Depew Mr.. Hendricks hopes TO sub
mif his report 10 Gov. Higgins bv the
middle OF the next week.
( A dozen general agents form widely sen.
arated states were seen about the Eouita
Ible building. all said that thev were o,
vacation, and as their advances had heen
cut on they had come to New York IN
learn where they were at"
Among the visitors were the general
agents from Kansas City. New Orleans
baltimore, Philadelphia and Portland
Me '''"Hu'