The news & observer., 1905-08-08
.DOESN'T SMACK OF THE SPIRIT
OF REFORM

Director d. A. Tompkins, one of the
new directors of the Equitable, said
to have been appointed by Cleveland
because his paper bolted the Demo-
cratic National ticket along with
Cleveland, astonished all his friends
by this statement as to the rottenness
in the Equitable:
1.-The irregularities which have oc-
Cured seem to have been drifted into
and / don't think there was any inten-
ton or formulated plan to make
money improperly at the expense of
the society. These unintenuonal ir-
regularitieS seem to have been already
practically corrected"
The Springfield Republican, a very
conservative independent paper, does
not look on the Equitable scandal as
"unintentional irregularities" or
believe they have been already prac-
tically corrected Referring to the
Indictment of the old directors Clyde
and Depew are still directors) it fully
approves what has been done in prose-
cutting them and urges vigorous prose-
the Republican says:
"Fearlessly prosecuted, this action
must have a most wholesome effect
throughout the country, not alone in
holding active directors of corpora
tions responsible for the money lost.
wasted, diverted and stolen under
their stewardship for their own or the
profit of others, but in warning mac
tive directors in corporations that the
position carries duties which require
more than a nominal attention.
1T is therefore. a thing much to
be desired that these cases be dealt
with courageously and thoroughly.
And beyond action to compel resti-
tuition of misapprOpriated funds, there
should follow action in criminal pro-
ccdure against those who have per-
sonally been the active and conscious
beneficiaries of the lOOting. The at
tempt to make light of or smother and
forget the Equitable scandal is to be
favored only by those who would pre-
vent a mucn-necded toning up OF the
business morals of the country"
So far from regarding the scandal
as "unintentional irregularities" the
Republican frowns down upon "the
attempt to make light of or smother
and forget the Equitable scandal and
says such course is favored only by
those who would prevent a much
needed toning up of the business
morals of the country
Instead of believing that the evils
have been ALREADY practically cor
rected," the Republican shows that
under the widely -heralded reform"
management, the Equitable is still in
the hands of men who have no stom-
ach for reform-as much dominated
by one man as when Hyde dictated
The Republican says:
Paul Morton has now been square
ly lodged in the presidency of the
Equitable Society, and that chairman
ship which was treated in the early
days of the trouble, in order, appar-
emily, to introduce a reforming ele-
ment without disturbing either Hyde
or Alexander in their 100000 posi-
tionS. has been so soon abolished.
And Morton, they say, is to take $780,,
000-pretty good for beginner in the
business, shall we not conclude? That
doesn't smack much of the spirit of
the reform which is needed. Ryan
may now sell his stock, secure in the
knowledge of having his own repre-
sentative at the head of the concern
practically as long as he wants to stay
there; for, even with full mutualiza-
ton, how much chance is there of
ever marshaling this vast and scatter
ed body of policy-holders to effect u
oh crn Of