The Springfield herald., 1905-09-29
CLEvELAND'S LETTER
AS TRUSTEE OF THE EQUITABLE
naturalization of the Company Will Be
DifficuIt-Policy Holders Mostly
III Informed and Indifferent.

New York, Sept. 23.-Syndicate oper-
ations of the Equitable Life Assurance
Society were taken up by the insur-
ance investigating committee yester'
day and consumed the entire afternoon
session.
Henry B. Winthrop. assistant secre-
tary and financial manager of that so
ciety. was called to the stand imme-
diately after recess and presented and
swore to record of syndicate partici'
pations of his company, also to rec.
ord of sales and purchases of securi'
ties for the past five years.
Just before Mr.. Winthrop was exam
ined Mr.. Hughes read long letter
from Grover Cleveland, who is n trus-
tee for the policyholders in the Equit-
agreement. The letter was offered in
evidence.
After statement of the action OF
the trustees, Mr.. Cleveland says:
"The trustees feel that in the diff
culties that have confronted them, in
asmuch as they We're compelled to act
promptly under the powers conferred
by the trust agreement, the results of
their care and labor have been as sat
isfactory as they could have possibly
expected. They are not blind, how
ever, to the fact that obstacles lie in
the path of the proposed naturalization
which are so inherent that even with
the greatest study and care they can
not be easily overcome.
naturalization and policy holding
control are pleasant to the ear; but in
and of themselves they do not neces-
sarily impart good administration or
successful management. If policy
holders are to be allowed control, they
should in some way be made to realize
their responsibilities as well as their
privileges. There are probably nearly
half million individuals who are pol
icy holders in the Equitable society,
and yet 1t would be giving high esti-
mate to place the number who have
thus far made the least effort, directly
or indirectly. to acquaint the trustees
with their preferences at $4,000, and
their desires when made known have
often been so palpably inconsiderate
or based on such misconception that
they could not with safety be followed.
The trustees have derived the best aid
from policy holders in cases where
their representations have been made
through association of the insured,
regularly organized, and thus enabled
to sift and reduce to sensible concen-
tration the multiplicity and contrariety
and the frequently misdirected trend
of local sentiment.
Il am certain the trustees for whom
l speak are heartily in favor of such
naturalization as will be real and gen
uine and at the same time will compel
in the direction and management Of
life insurance companies, such ability,
such attention and devotion to duty
and honesty and alertness in discharg-
ing fiduciary obligations as well as
promoting legitimate self-interest. as
are positively vital to the beneticiaries
of such organizations.
''In common with all other desires,
the best conditions in this important
field of business, where the people
have SO much at stake, the trustees,
acting for the policy holders of the
Equitable society, will gladly welcome
any aid in their work which may re-
suit from the labors of your commit
tee."