New-York tribune., 1905-07-04
FINANCE COMMITTEE OUT.
MR. HYDE WIS CHAIRMAN.
TarbeH Spurs Agents and Praises
Messrs Norton and Ryan.

office yesterday caused much speculation among
persons in the Equitable Life Assurance So
ciety, who soon learned of MIR. untermyer's con-
ference with Mr. Jerome The lawyer was at
the Criminal Courts building for about an hour.
He declared that his business in no way
connected with Equitable affairs or the Dodge
Morse case. in which he Is counsel for Charles
W. Morse. but was about new, case in which
he and the District Attorney viii be engaged
The District Attorney will start to-day on a
weeks trip to the West. When he returns he
expects to have the transcript OF the testimony
taken by Superintendent Hendricks in his ex-
animation of the Equitable officials. and he viii
settle down to work on the case Attorney
General Mayer. who is working at Albany pre-
pairing for his suits against the members Of
the underwriting syndicates. viii be in this city
on Friday, and action will be begun almost i'm
mediateiy thereafter to compel an accounting
by those directors and also to debar them from
their places in the Equitable
Paul Morton. chairman of the board OF direc-
tors announced yesterday that the finance COM
mittee, next to the executive committee the
most important working body of the society.
had been abolished. James Hazen Hyde was
chairman Of that committee, which passed on
all investments of the Equitable's funds. which
investments frequently were carried out without
being submitted to the executive committee. The
members OF the finance committee, with one
exception, were also the members of the execu-
tive committee. In the reorganization 10 be
worked out by Mr. Morton the place OF the
finance committee win be taken by the
executive committee.
Deposed from his place as head of this body
Mr.. Hyde retains only his membership in
the Equitable board. and the Attorney Generals
suit may deprive him of that. II is predicted
that he will retire from his place as vice-presi-
dent Of the Mercantile Trust Company. too. and
give up his directorships in other subsidiary
companies OF the Equitable.
Mr.. Morton has taken action yet the
designations of Gage z. TarbeH and George T.
Wilson. Mr.. Wilson. II is believed. will be re-
tanned, because he was not violently partisan
in the recent trouble. and is recognized as an
able insurance man. II Mr.. Tarhelrs resigna-
ton is accepted Mr. Wilson will be made second
vice-presdent, it is thought
Mr. TARBELL TO THE AGENTS.
Mr. TarbeI, as head of the agency depart
ment, sent TO the agents yesterday the following
letter:
The month Of June 1906 will long remain t1 most SSs
EealoraDse one IN vol,1tionarv nS almost tragic
have followed each other with great rapidity put
dawning and a new era opening. with new and
The board Of directors have wisely selected Paul
Morton. ex-Secretary Of the Navy a man or ma
tom fn This selection we feel thai the policy
holders and agents are TO be warmly congratuated
the M moment Of his election as chairman of the
board ne took h9d II the R 6as 'as
that he intends to that past wrongs are rShted
his watchword will he the policyholders In
terests."
fro erery word that Mr. Morton has uttered and
his every act since he took hold OF tue Equitable
is the poicyholders business. with their interests
the first consideration OF the Equitable's man
Thomas r Ryan is to be commended for step
ping into the breach at time when not only tne
affairs OF the society egt business s5 m M
OF the capital stock. and at once placing the same
Mex-President Cleveland Justice Morgan ]. o Brien
and George Westinshouse-as trustees. ne lmI1e IIe
the restoration OF confidence The utterances OF
tngltished citizens who have already been elected
directors Of the society, nave not only met Win
agents but are fast tending toward restoring
fdence and rehabfltating the Equitable in the
You must not forget. however that during these
Eou,tables shortcomings and overlooking It's good
points. which far outweigh the bad In otner
end of the telescope. Let no Equitable man fall
into that same error.
MISTAKES INDIVIDUAL
Remainder that the mistakes that have been
that already Mr. Morton has started a policy OF
reorganization. of retrenchment and OF reform
that already the tide has turned In FAVOR OF the
Equitable; that already thinking people are coming
TO conclusion that they VIII now prefer 70 nave
their in the Equitable because II VIII DE
cIeansed and purified and because as s[ s[tSe tS
Equitable is hereafter TO be managed solely ana
absolutely in the interests of its policyholders-
Our paid for business in the United states ana
Canadian agencies during the first six months OF
period LAST year, and total termina tons OF
every description for the first five months were
only Sc, $50 S14 than for the first i've months
of 1904 notwithstanding the fact that our totlI
OlItstan ndng assurance IS now 81 1.533, 600 0OO
You will also be glad TO know that there are sew
enty-twO agencies IN the United States and can
ada whose paid business 10 date shows an increase
over the period OF last year. and seventy
one agencies that show increase in issued busi-
ness over the same period Of last year.
The letter ends with euIogy of. the mag
nifcent work and splendid courage" of the
agents during the trying period. with the follow
ing significant paragraphs:
Now il is up you to show more what
YOU can do We expect from this time forth
steady march forward The call. To arms has
been sounded The great army OF the Equitable.
fnvincible in the past must be invincible in the
future On the foundations of the old. be-
ginning TO build greater Equitable. Men
may come and men may 90. hut the Equitable will
continue demonstrate through It's future progress
and achievements the wisdom and fitness of its
motto; Not for day, but for all time"
The future holds enormous possibilities for all.
20 give TO Mr. Morton in the ardueus work which
he has undertaken our best and most loyal support
BANK MORTGAGES AN ASSET.