The Montgomery advertiser., 1905-06-06
RESIGNATION OFhDIRECTORS Two Fore Jump From the Equitable Ship. sATTERS COMPLICATED Schiff's Letter and lngall'S
 Statement. Inquiry Into Affairs of the Muchly Per- turbed Society Is Resumed by State Superintendent of
 Insurancc.
 

New York, June 5.--PIans to estab- fish harmony in the affairs of the Equitable Life Assurance Society were further complicated today by the resfg- nation of two more directors, making five in all who have recently retired fro the board. A dispatch from Bos- ton announced that T. Jefferson Cool idge had rendered his resignation to take effect immediately and this would be followed by the resignation of Jacob Schiff. head of the banking house of Kuhn, Loeb & Co.,. who has been a member of the Board of Directors for twelve years. In addition announce ment came from Cincinnati that Mel vile E. Ingalls, would also resign. Mir. Schiff's resignation was conveyed in the followig letter to President Alex ander:
 New York. June 5, 1905. James W. Alexander, Esq.
 President Equitable Life Assur-
 ance Society,":
 Dear Sir-In view of the proceed ings at the meeting of the Board of Di- rectors of the Equitable Life Assurance Society held last Friday, I feel con- strained after mature reflection to ten- der my resignation as a director of the society to take effect at once.
 Throughout the recent controversy have studiously refrained from any
 
 cations with which the society has been struggling; I have even remained si- lent nthe face of many malicious and baseless statements regarding the bust ness transactions between my firm and the society which have been dissemi- mated through your agents. notwith- standing your failure to publicly dis avow and deny these statements in- stead of sending me Gas you have re- gently done), private messages express sive of regret for indiscreet and over zealous actions of your friends.
 The meeting of directors last Friday onered, 1t seemed to me, a supreme op- portunity for rescuing the society from the evil situation into which 1t had been cast by the factional disputes and by the conduct of its of-cers.
 The Goldets Opportunify.
 IT you andy Mr. Hyde had been able at the critical moment to rise to the oc- casion and had supported my motion for the appointment of a committee of directors consisting of men of national reputation for high character and inde- pendent Judgment with authority to se- lect chairman of the boa I'd with plen- ary powers, just and effective re-or- ganizatton of the management of the society and the restoration of public confidence might have been possible but you and Mir. Hyde permitted the psychological moment to pass by and recognized the mistake only after the of the board of directors had begun and it was to late to repair the damage which had been done.
 Tn view of the present situation it 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 I can no longer be of service to the society by on it's board of directors, of which I have been a member for twelve years.
 Very truly yours.
 Jacob H. schien"
 John A. Stewart one of the committee of seven appointed by the directors at their last meeting to nominate a chair man of tn board, said today that he would not decide upon what course he would adopt until the special meeting of the directors, called for Wednes- day. D. R. Mills, another member Of the committee said that in all probabil- ity he would resign but would not de- eide positively until the board meeting It is understood thae August Belmont has decided to serve on the nominatiAg 2 regarding this as his duty to the society. MT. Belmont, however, declined to discuss the affairs of the Equitable.
 The inquiry into the affairs of the Society was resumed today at the Equitable offices by State Superintend- ent of Insurance Hendricks. Gerald R. Brown, Superintendent of the bond and mortgage department of the Society, was examined and Second Vice Presl- dent Tarbell was again questioned Su- Hendricks said that he had already examined Jacob H. Schiff, but would not say what other directors had been before him.