The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-06-29
new DIRECTORS
FOR EQUITABLE. { | |. /.
List Included Joseph
Bryan, Of Richmond y
and Eight j Others. l'l
sNO#MORE sc CANDA AL
CLEVELAN SAYS
! First i,:t Definite Steps l Looking T.
Reorganization Of Great In
surance Corporation Taken.
Vanderbilt, Squire and Hill
Resign From Board.
Statement Issued
Z Especial 10 The Times. DlspatchD

4 u special to The Times -Dlspatch.)
4 NEW YORK June 28.-- Grover Clcve-
3lana, Morgan J. O'Brien and George
Westinghouse. the trustees Of tho ma
storit. stock OF the Equitable Lie Assur-
iance Society, took the first step in the
reorganization CT the society to-day by
accepting the designations OF all the dl-
srectors who had rendered them and for
warding to the board Of directors the
names Of nine prominent citizens. repre-
isenting the interests OF the stockholders,
with the recommendation that they be
at once elected. The Recommendation OF
the trustees was immed lately complied
with, and the following gentlemen became
members OF the directorate ;: Il
aE e. B. Thomas, F.. G. Bourne, q J. p.
tschmidlapp. Frederick Roebllng, VILLAIN
Whitman, e. w. Bloomingdale. 2. w.
Robertson, Joseph Bryan and j. ". N Al
The New Directors.
81 All OF the new men hold policies OF
various amounts In the Equitable Society,
and their names were submitted in largo
par. by the society's general agents.
8& E.. w, Robertson Is a prominent South
Carolinian and Joseph Bryan Is a capital
list and represeR tative citizen Of a Rich-;
smond, Va. 53ss a NJ & I.
81 Mr.sWhitman was chairman or policy
holders protective gcommitte. organized in
Boston, when the Equitable troubles
first became nublic. AIessrs. Robertson
and Bryan. were urged for election by a
committee of Equitable policy h olders in
the South. of which Governor Duncan G.
Hayward was the chairman. None OF
these men own five shares Of the Equi-S
table stock, althouth all are holders of
policies. The e4charteryo Of the society pro-
Syidcs that each director must be 4 the
owner Of at least FIVE shares 4 OF stock.f
and 1t was believed yeste rday hat the
trustees Of the Ryan stock would have
to transfer to them the certificates requi-
site TO qualify them as members Of the
Unless this be done. some
OF the stockholders In the minority may.
False the question as to the legality of
the election OF the new directors. t
Statement Issued.
THE Equitable trustees, headed by.
Grover Cleveland, to-day issued an appeal
to policyholders asking for an expression
of their preferences in the filling Of
vacancies in the directorate and saying
there was no reason for doubt as to the
safety OF policy investments. The ap--|
peal further says:
ne puDliSucG -cl'l 70 VI NliiOSSE /"
have Investigated the past manage
mcnt of the society and the aStound-
ing revelations they bring to light,
u have impressed us withS the grave re-
sponsibility resting upon us to pre-
vent, SO far as Sita Is in our po wer, s4
repetition Of scandalous and tragic IS
chapter In the history of a great life
insurance company. The lessons to
be learned from the exposures made e
In these reports are that men who ere
more concerned In making money for
themselves d than in discharging
trust should not have control
Of a life insurance company, and that
sin the Investment of life insurance
K II funds safety rather than5large profits VI
II should be the rule. =
Defense Of Hyde.
or the gentlemen whose resi- gnations
Swere sacce eptcd. all had been made known
before except those Of George II. 4 Squire.
James j. $ Hill and Alfred G. Vanderbilt.
That these gentlemen had sent in their
designations was not known until tho
fact OF their acceptance. ~ & Z. 81
n A long statement from James II. Hyde
replying to the structures conveyed in the
report Of State Superintendent of Insur-
3ance Hendricks was read at the meeting
OF the directors. Il It was mainly a defense
OF the late Henry 3. Hyde.
II Mr., Joseph Bryan's first knowledge that
sthe trustees OF the Equitable We're de-
srious of nominating him for, the direc-
Continued on Second Page) NJ