New-York tribune., 1905-06-08
ADVISED TO RESIGN.
ALEXANDER AND HYDE.
Told Hendricks Report WI Gust
Them-Three More Directors Quit.


hottest of the many they have held since the be-
ginning of the socet,fs troubles. Joseph r.
Low who, with Robert !. Lincoln and Marvin
Huqhitt, handed in their designations as direct
ors openly demanded the resignation of Presi-
dent Alexander and Vice President Hyde, said
that he advised their friend such action be-
fore the fling of Superintendent Hendrckss
port, and stated his belief that that report would
call for their designations. He then moved thai
the offices of president and vice. president be
vacated, but the motion declared out of or
der.
A resolution was passed providing for the re-
ducton of the salaries of officers, the reorganiza.
ton of the executive committee and the reducing
of agencies expenses.
committee, to select the chairman with
pienary power was selected, being composed OF
August Belmont, James B. Forgan, Senator De-
pew, D. II. Moffat and General Louis Fitzgerald.
The following directors have now resigned;
Henry C. Frck, {. H. Hartman, Cornelius N.
Bliss, Melville E. ingalls,, T. jefferson Coolidge,
Jacob II. Schiff, A. ]. cassatt, John A. Stewart,
John Sloane, D. o. Mills Joseph r. Low, Marvin
Hushitt and Robert T. Lincoln.
Although the meeting of the directors OF the
Equitable Life Assurance Society yesterday did
not result in the election of a chairman OF the
board. resolutions were passed, usually on the
motion of James Hazen Hyde which presage
wholesale reorganization of the management
and sweeping reductions In expenses. Salaries
of officers to be cut "to correspond with
those paid by other insurance companies" The
executive committee is to be reorganized en-
tirely. No investments are to be made
without the sanction of the entire board.
Twenty-eight directors were found to be pres
ent when the board called to order for the
morning session. The designations of Marvin
Hughitt, Robert T. Lincoln and Joseph T. Low
presented, hut action was taken
them. and 1t is understood that efforts VIII be
decision to retire.
The first motion to before the meeting
offered by Charles B. Alexander, and was
that the committee appointed to nominate a
chairman should be enlarged by the addition OF
Senator Depew, ID. H Moffat and General Louis
Fitzgerald, and should be directed to report at
adjourned meeting Tomorrow
The motion was amended to make August Bel
mont, James B. FOrgan and Messrs. Depew.
Moffat and Fitzgerald the nominating commit
tee. and in that form was adopted after sharp
debate. One OF its most earnest opponents was
Mr.. Low who urged that the board go into COM
mittee OF the whole to straighten out the present
conditions which he characterized as intolerable
and S menacing the safety and welfare of the
society. After those conditions should have
| been remedied, the board could make a selection
| for chairmxn. Mr.. Hyde spoke in support OF the
motion as attended declaring that the criticisms
launched at the society had been largely news
paper talk and urging the choice OF maN OF
national reputation for chairman
Mr. Low again took the floor. and in vigor-
Gus speech demanded that the whole subject OF
the Equitabe's troubles be gone into and dis
posed of at once. and asked his fellow directors
to pronounce the name of any man Of COM
manding reputation who would consent to serve
Itch l1T1r
and vice-president and with the executive
nittee as now constituted.
MR. Low DEMANDS RESERVATIONS.
Senator Depew took issue with Mr.. Low. II
he were younger and were not bound by other
important interests he would be glad 10 take
the chairmanship himself. he declared, as the
office was one offering high opportunity for
distinguished service: but time must be given
to find a man who would measure up to the
requirements of the post, adjournment
until Friday should be granted. Mr.. Low
iterated his belief that man possessing tho
qualifications demanded would consent to cleo
ton as chairman if he had to serve with the
present president and vice-president, and de-
clared that the only way out of the difficulty
wss for the president and vce-president to re-
sIgr and that Immediately.
He was deeply conscious OF his responsibility
a
duty toward the policyholders He had planned
TO 20 abroad soon with his family, "but," he
added. Il do not propose to so until my re-
sponsibiIity is ended and respectable manage
ment is in control Of the society,"
Messrs Krech and Deming spoke In favor OF
the motion and then President Alexander sur
rendered the chair TO Senator Depew and ad-
dressed the board. He declined to leave office
under fire. he said, although he not anxious
TO remain in the presidency. For his own part
he had endeavored to serve the society faith
fully and If he had been guilty of errors, they
were errors of judgment. As for his associates
I'm the executive management, he believed that
all had tried to do their duty.
SENATOR DEPEws SPEECH.
President Alexander then resumed the chair
and Senator Depew made another little speech
During the forty years of his business life, he
said he had been connected with no corporation
for which ne had sincere affection than
he felt for the Equitable Life Assurance So
ciety He had enjoyed his duties as a member
OF the board and his association with the
officers. He went to describe the who
should be selected for chairman That officer
would have TO be bigger man than any insur-
ance man. He must have national reputation.
whose name would command the confidence OF
the people Of the whole country. and he must
be of diplomatic temperament and well ac-
quainted in Washington. Such man. however.
would be overwhelmed with detail work unless
the present president and other officers should
be retained in office. The Senator added that he
would himself like to resign from the board.
but that he felt obliged by his sense Of duty to
stick by the ship.