New-York tribune., 1905-06-28
CONFER WITHOUT RESULT.
FOIyR DIRECTORS RESIGN.
Eo,gtable Trustees Fail to Decide on
Successors.


Two long conferences by the trustees or the
z,,,an stock control OF the Equitable Life Assur-
ance Society yesterday at the Hotel Bucking-
ham resulted in no decision as to men whom
+b.v would recommend TO fill the present vacan-
,,es in the board Of directors. They will hold
oro+her session before the meeting of the direc-
tors to-day, and it is expected that they win
decide on the method by which the policyhold-
a-s are to determine the men to represent them
=, chs hoard and themselves name some Of
The candidates
7ba formal transfer Of the stock purchased by
,7u,ovoas r RYAN from James Hazen Hyde was
made to the trustees at the meeting yesterday
McCurdy. assistant register OF the Equita-
HE Society. late in the afternoon, took TO the
--rs.ees the papers which when signed by
uessrs. Cleveland. OBrien and Westinghouse
cave them the right to vote the 5O2 shares of
stock.
Fx-President Cleveland came to town from
Princeton early In the morning. He drove at
once TO the Buckingham, where Justice Morgan
: o,Rr,en and George Westinghouse met him.
srnev went into conference at once. Later Paul
n Crayath Joined them.
7-to trustees and the lawyer were closeted to-
.-o,,.- until D. ni when they adjourned for
5,,,.r Later they reassembled, and another
,o,- discussion Of the methods by which prac-
,,cal naturalization to be put into erect was
held In the afternoon they received two dele-
cations of policyholders, one from New-Engiaho
cd one from the South who wanted to express
che views of those sections about stock contr"i
ons the division Of the surplus PAU Morton
s with the trustees for short time IN the
early afternoon.
There will be enough vacancies in the hqui-
table directorate before long 10 allow the trus-
oSrr raOli
-enresentatives without trouble. Paul Morton
chairman OF the board. announced four more
resIgnations yesterday-those Of J. B. Forgan'
oresident of the First National Bank of Chicagoi
Charles Stewart Smith, Marcellus Hartley
Dodge and John Jacob Astor. Mr. Morton would
not say what action would be taken on these
designations. They probably will be acted on
ct the directors meeting to-day.
Charles Stewart Smith sent to Mr.. Morton a
letter criticising sharply present practices IN
the society's management. He was one OF the
directors who took a leading part in advocating
reforms when the board awakened to the con-
dition existing. He introduced at board meet
ing the resolution calling for reductions in sal
aries and great restriction in expenses and the
manner Of investing the EQuitable's money. He
refused yesterday to make public his letter Of
resignation referring inquireTs TO Mr.. Morton.
Mr.. Morton declined to give out the letter.
Colonel Astor sailed the Kronprinz Wilhelm
10 soin Mrs Astor in Europe Regarding his
retirement from the Equitable, he said:
Il sent in my resignation to give Mr.. Morton
q free hand in the management of the society
There is no other significance TO it. 1 am out Of
the Equitable for good"
Mr. Mortons reform policy already is begin
ming to show its effect in the Equitable. Clerks
in the various departments are receiving notice
rSfpr rad n
rneuts. some at greatly reduced salaries. while
Others are told that they viii not be needed
after a certain time In some cases the reduc-
tions amount to 80 per cent of the present sal
aries
Gage EwTsrbeiiT whose resignation still has
not been acted on called TO see Mr. Morton, ac-
conpanied- by Fainbridge Colby Of President
Alexander's counsel They We're with Mr. Nor
ION long ti1ae.5 Marcellus Hartley Dodge
who has just resigned from the directorate also
was with the chairman Of the board.
Considerable speculation was caused by a
visit of Ex-Governor OdeI TO E. H. Hartman at
his offices in the Equitable Building. Mr..
OdeIrs friendIiness for Mr.. Hartman is well
known. and befor6 the Hendricks report was
made public gossip had il that the report was
likely TO be influenced strongly against Mr.
HYDE because Of the ex-Governor's fondness for
Mr. Hartman. He drove UP TO the Equitable
Building in a cab and alighting, hurriedly went
TO Mr. Harriman's office Much importance was
attached to the visit because Mr.. Odell is known
10 have been in conference at Albany with Gov
ernor Higgins. Superintendent Hendricks and
Attorney General Mayer.
James Hazen Hyde was with his lawyers most
OF the day They would say nothing about the
case. report that Mrs. Hyde had given up the
$4,000 pension which she has been drawing
could not be confirmed.
Attorney General Mayer was at Albany yes
teriay, and his office here would say nothing
about the pending suits against the directors
who participated in the syndicate profits. The
special session of the. legislature is likely to
take up the Equitable situation political leaders
believe and they think that from the discus
sion will arise legislative investigation of all
the large Insurance companies. or if not SO
stringent a measure, some special law requiring
a report from the State Insurance Department
on a special investigation Of the big companies
1F5VFR GETS TOHpL AMT.