The Montgomery advertiser., 1905-06-08
REFORMS IN
 MANAGEMENT Equitable Directors Want New System.
 ---s-- RESOLUTIONS ADOPTED Important Meeting Held n
 New York.
 ->-- chaIrmaa.h,p Of Hoard ana swee,..s curtaiImenf of Expense Aessunt Discusses--Hyde and AIexau-
 der Forces.
RESOLUTIONS ADOPTED

New IOTks June ts--AeSoiutiouS sN8- eesting radical reforms in the manage ment of the Equitable Life Assurance Society were adopted at today's meet- ing of the directors. These affect all the high officials and presage a sweep ing curtailment of the society's Ren- era1 expenses The resolutions also imply many important changes in the financial policy of the society. Last weeks nominating committee of seven which had been reduced to two by Mills. John A. Stewart. A. !. Cassatt, T. Jefferson Coolidge and Robert T, Lin~ coin, was reconstructed as follows:
 August Belmont. Louis Fitzgerald Chauncey M. Depew of New York. James B. Forgan of Chicago and David II. Moffatt of Denver.
 This committee was requested to sub- init a candidate for chairman of the board at an adjourned meeting of ths directors called for Friday afternoon next. Should the committee fall to choose a chairman. members of the directory will then be asked to submit names of candidates
 The statements come from high au~ thorfty that no names were formally presented at today's meeting although it was not denied that there was in~ formal talk on this point and that it eentered around two men of national prominence. One of these has for weeks been referred to as in many respects the most eligible and satis~ factory to all interests.
 It was declared that nothing was said with regard to the manner in which President Hyde is to sdivest" him. self of his stock control.
 Twelve ResIgnatlons.
 Today's session was attended py twenty-eight of the remaining thirty- eight directors. the resignations of ,. T. Low and Marvin Hughitt. the IattoE of Chicago, having been submitted dur ing the meeting, making total of twelve. resignations since last Friday.
 A majority of those present have from the outset been on the side Of vice-President Hyde. Among the so- called neutrals or conservatives present were Brayton Ives. the only remaining member of the defeated Prick commit~ tee. and Charles Stewart Smith.
 From all accounts there was conn plete harmony of action between. the Alexander and Hyde forces. all the resolutions being unanimously adopt ed. It was again denied however that any "coaIitions of these factions has been effected. The essenatial feature of the formal statement issued at ths adjournment follow:
 A the committee to report their nonli- nations for chairman of the board to the board of directors at an adjourned meeting to be held at o'clock on Friday next and 1t was resolved that if the nominating committee failed to make such nominations, nominations would be invited from members of the board at that meeting
 "Further resolutions were passed for the reorganization of the executive committee with the president, the vice president (Hyde), and comptroller as ex-oficio members and four directors who are not officers.
 To Reduce Salaries.
 'The resolution was passed that the of the executive officers should be reduced to correspond with those paid by other insurance. banking and trust corporations, the amounts to be hereafter determiend upon.
 "A further resolution was passed tu reduce the general expenses of the so- ciety.
 to agents of or other agency should be made without the approval of the executive commits tee; also that investments made by the executive committee be made sub- let to the approval of the board and that amounts of deposits uniformiy carried In banks ana trust cuAu Nat@S1 should be reduced to'working balances and the residue invested in approved securities"
 The resolution calling for the re- of the executive commits tee means the retirement therefrom oG Messrs. TarbeIl. Wilson and McIntyre. the second, third and fourth vice pres~ idents respectively. It is altogether likely that other members of the com- mittee will retire, including William A. Wheelock who has long been se- rtously i'll. and several members now closely identified with financial insti- tutions with which the Equitable has relations
 MT. Low presented his resignation in person, advancing i'll health as the chief reason. Mir. Hughitt telegraDhed his resignation.
 superintendent Hendricks continued his investigation of Equitable officers and directors today. those before him including Vice President Wilson and Senator Depew. Mir. Hendricks hopes to submit his report to Governor Hig- gins by the middle of next week.