Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-06-08
RADICAL REFORMS
To Be Made in the Equit-
able Management.
Affects All Officers and Means
Cutting Down Expense.
Financial Policy 10 Be ReMsed-.I2 Diee.
tors Have Resigned.

costing radical reforms in the man..
ineht Of the Equitable Life Assur.n,.
society, were adopted at todavs mat
ing OF the directors. These effect an the
hish officials and presage sweeepnp
"urtailment Of the society's general ~.
pehses. The resolutions also imnIv
many important changes in the finan.
cl;tl policy Of the society.
Last weeks nominating COMMITTEE
Of seven. which had been reduced to
two by designations, was reconstruc,aa
as follows August Belmont. Ionic
Fitzgerald. Chauncey NJ. Depew. lame
Il. Forgan Of Chicago, and David TT
Moffat Of Denver. This committee vac
requested to submit candidate for
chairman OF the board at an adjourned
meeting of the directors called for Fri
day afternoon.
The statement comes from high all
thorlty that no names were formally
presented at today's meeting. though
it was not denied that there was IN
formal talk on this point and that if
centered around two men of nationaI
prominence. One of these has for weeks
been referred to as in many respects
the most eligible and satisfactory 10
all interests.
1t was also declared that nothing
was said with regard to the manner in
which Vice President Hyde is to "di-
vert himself of his stock control.
"Todays session was attended BY %
of the remaining SO directors, the resig-
nations of joseph T. Low and Marvin
Hnpbirt laf Of
been submitted during the meeting and
making total Of II designations since
last Friday
A majority of those present have
from the outset been on the side Of Vice
President Hyde.
From all accounts there was abso-
lutte harmony of action between the Al
eNander and Hyde forces. all the reso-
lutions being unanimously adopted. 1t
was again denied, however, that any
coalition" of these factions had been
effected.
The essential features of the formal
statement issued at the adjournment
follow:
Resolutions were passed for the re-
organization of the executive commit
dent. CHyde) and comptroller as ex-
oificio members and four directors who
are not officers. ',i@-a i--
The resolution was passed that the
salaries of the executive officers should
be reduced to correspond with those
paid by other insurance, banking ana
trust corporations.
4 further resolution was passed to re-
duce the general expense of the soci-
ETY..
1t was also resolved that no advances
to agents or other agency expendi-
lures should be made without the ap-
prevail of the executive committee:
also that all Investments made by the
executive committee be made subject
to the approval of the board, and that
amounts Of deposits uniformly car
lied IN banks and trust companies
snOuG be reduced to working balances,
and the residue invested in approve
suretieS.
The resolution calling for the re-or-
of the executive committee
means the retirement therefrom of
MCSSrS. TIlbell. Wilson and Mclntyre.
the second. third and fourth vice pres
idents. respectively. 1t is althogether
likely that other members of the COM
.nittee will retire, including William \.
WheeloclS who has long been serious
ly ill and several members now closely
with financial institutions
with which the Equitable Society has
close relations.
Mr.. Low presented his resignation in
person, advancing ill-nealth as the
chief reason. Mr.. Hughitt telegraph"i
his resignation.
Supt. Hendricks continued his inv9s-
legation of Equitable officers and d
rectors, today, those before him in
Guiding Vice President Wilson ana
Senator Depew. Mr.. Hendricks hopes
to submit his report to Governor Hlg-
gins by the middle of next week.
D. 0. Mills, said. today, that he ma
rendered his resignation as directo:
Of the Equitable. His reason, he said.
was the apparent impossibility of mar
monious action in the board Of direc'
tors of the society.
Senator Chauncey NJ. Depew ana
Third Vice President George T. Wilson
were examined by Supt Hendricks, %
day. in his investigation of the Equit-
able. Mr.. Hendricks hopes to finish ms
inquiry this week. but his report
was said, today. will not be submit'co
to Gov. Higgins before the middle q
NEXT week