Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-05-08
EQUITABLE LIFE
POL|CYHOLDERS.
! w. Alexander Asserts that the
Surplus Is Held for Their Ey-
elusive Rencit.
BUSINESS IS ON MUTUAL PLAN.
MI unlcfmcyer Thinks Statement IL o
PoIpablc Attempt to Anticipate
Serious Charges

New York, May 1--Jamcs W. Alex.
ander president Of the Equitable Life
Assurance society, tonight made public
letter written by him to Edward A,
Woods, manager Of tho society at pl,ls-
BURG IN which NJ asserts that the sur
plus OF the society II held for the cX.
elusive bcnoill OF tho polloyholdcrs and
not the holders Of the stock Mr. Alex
andcr also takes occasion IN the letter
to deny the rumols that he win resign
The letter WAS written under date u
Yesterday IN reply 10 request from
Mi Woods for a confirmation NJ Ger.
tain oilclol statements made by the
Equitable society regarding "tho mu.
tual plan of lis business and tho OK.
elusive ownership OF the policyholdcrs
OF the surplus"
II recognize that for the honont Of
present and future pollcyholdors Of tho
society there should be at this time
some clonr ana unoqulyocal expression
on the subject, ANA without roVloW.
ing all The HOciotya statements ON this
subject | consider that there can be no
doubt ~ 20 three facts--nral that tho
business Of the society has been con.
Quoted IN accordance with It's charter
since the date OF lts organization on
tho mutual plans second, that the prof
its OF the society have been accounts
lated for It's p0lloyholdcrs, and.Ihrd,
that tho surplus Of the society IN held
Tor tho excessive benent OF It's policy
holders,
II do not recall any serious questions
on l.a l.l
III recently, when claim has been put
forward on behalf OF tho stock which
n at variance with the terms OF the
socletya charter the uniform course
OF ils business ana MI It's official and
unofficial statements and representa-
tons This " not merely my own un-
deNt1ndinG and opinion, but N oon-
irmed by Mr. Van Ciec, who, NJ you
know, has been IN tho service OF the
society for nearly 10 years most VI the
time as its nctunry"
lie then quoted from letter written
by Mr. Van else 10 the eocioty's man.
nger at Albany IN response TO formal
inquiries from the latter on the sub.
jccl Of surplus. IN his letter under daio
OF May 3, Mr., Van else says,
"Aa AN officer OF the Equitable Life
Assurance society fully agroo with
YOU M TO the truth Of the following
statements IN regard 10 the EQUITABLE
"First-.That the business has always
been and must always be, conducted
on the mutual plan,
"sec0nd-That the entire surplus be.
longs 20 policyholders exclusively
"Third-ThAt each participating pol.
ICY VIII receive iis due share " sur.
plus profits In accordance with tho
terms OF each contract, respectively.
"Fourth-That tho agents In solicit.
ing business on this basis have noted
with due authority
"FIfth-That tho pollcyholders have
no reason for apprehension or doubt IN
The promises,
"ln this connection | would say that
while | have been connected with the
Equitable ~ clerk and officer for near
~ 81 years, J have never until rocent-
~ heard any Of the questions being
raised M TO the society by It's policy
holders,
"As Nctuary ana assistant actuary
Of the society I have had special charge
during more than 20 years OF the APP
portionmcn, Of surplus 20 holders OF
deferred dividend contracts at the end
Of their dividend periods, and, In maxi
ing such appointments, ] have al
ways proceeded upon tho assumption
that the entire surplus Of tho society
belonged 10 lis polloyholdors.
"rhosc statements" continues Mr.,
Alexander IN hIs letter, "are literally
true, They should act at rest all doubts
and quiet all agitation which should
never have arisen and Nv naturally dis.