New-York tribune., 1905-07-31
DEPEW IS STILL SILENT.
TO Make FACTS PUBLIC.
His Connection scith Equitable, II is
SAID, WW appear.

No statement was made Yesterday by Senator
Depew to the affairs of the Depew Improvement
Company and the Equitable Life Assurance Society
and his fees as general counsel to the society,
which Paul Morton as chairman of the board,
cut off Senator Depew explained that he INTENDED
to see that his side of these affairs was MADE
public, but first he would have TO consult with
certain persons who at present were out OF town.
He could not tell Just when this statement Wouiu
be made public
1t Is known that Senator Depew was only minor
stockholder in the Depew Improvement Company
He will consult with those who are at the nead Oh
that venture, and will obtain from them stale-
ments the application to the Equitable Tor the
loan for which he had been criticised. IL Is De
lleved With these statements he viii go TO Presi-
dent Morton and will lay his side of the case ne-
fore him. trusting to Mr.. Morton to make pubic
the facts If he finds any misstatements nave oeeh
made. according TO friend with whom senator
Depew has been consulting.
The trustees of the Ryan stock have been study
ing the plans by which the policyholders Of other
companies vote for directors that they may evolve
a good system for the Equitable They have de-
oided that the plans of two companies-one Ca
madam concern the other of the best known
American companies-offer the most points of ad-
vantage and will model the Equitable plan after
them.
The Canadian company allows its policyholders
to send in their votes for directors by mail 1t
has board of fifteen men. nine representing the
year, three representing the stock, two repre-
senting the poHcyholders pohcyholder who
holds insurance of 80 900 upward. on which the
full premiums for two years have been paid. Is en-
titled to vote.
The American company has a proxy system. by
which the proxies must be executed within the
sixty DAYS preceding the annual election. and sent
to the main offices of the company for inspection
and registry the companys books NO person
may cast more than a hundred votes. IN addition
,g,h bn lie mt lied
his insurance and no officer trustee, agent or
employe of the company may vote proxy AI
the same time the proxy blanks are dlstriouteo
to the policyhoders by agents. and the trustees
fear that such scheme would give agents 100
great opportunities for control ng the selection OF
directors.
Noble ]. 'Dnday, Of Indianapolis. general agent
for the Equitable for Indiana has sent his ressha-
ton to Paul Morton, told in yesterdays Irlouhe.
Mr. Dilday in letter of resignation says thaC ms
business has fallen behind more than 80 per cent
compared with last year because of the troupe IN s
the society. Much Of the agents f t6e agennV
attributes to Gage f. Iarneh' heau ol ING
Nj piiday has been with the society since 1902
a conference with Mr. TarbeI at the Waldorf-As-.
J9be Wbieb m MIR tre TaTbe broached his idea for CON
venon Of agents to demand n1Te al 4b eontro
versy This was developed afterWard INTO Ine "a, "a
goy tnfo fonHentichh be Scheme m and Went back home
MI Dilday is the third of the well known agents nus
Gps+ re he followed by Archibald c. Haynes. One
or two other agents in Far Western States nave re-
The State Banking Department. 1t was SAID yes
terday had completed examination OF tne Equl,,
tobiN' INr,IS+ Company in which 1t had discovered
thaf that concern carrying many loans 10 Elu-
ta6Ia agents These loans were guaranteed Dy tne
fSn,+aeIe Society but were not good for the So
ciety it was said, because Of the dreTenSe IN & re
Interest Maid by the society and the Equitable trust
Comnany on the amounts. The nndlngS OF tne
state Banking Department would be turned over 70
Snnerintendent Hendricks. it said. and he ProD.
abfy WoId recommend that the Equitable ftselr put
mn the money for advances to agents instead or
nPPin high rate of interest its subsidiary trust