Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-05-17
terfere, without regard to the attitude o
the action Of the companies.
Policy Holders Will Object.

The officials of the Equitable the Mutual
Life and the New York Life tell me that
they intend to comply with this law and
that they already have begun to prepare
lists OF their policy holders. but the editors
OF Insurance papers and lawyers who make
q speciality of insurance business generally
agree that these lists will never be pub
lished Thousands of men will object to the
publication OF their names. Adverusine
agents of the various companies habitually
announce In the newspapers when some
person of prominence or inuence takes out
a policy for the effect Of the example. II
President Cleveland or Secretary Root. the
British ambassador. Andrew Carnegie or
Pierpont Morgan should take out policy
in the Equitable 1t would be tremendous
advertisement as demonstrating the advan-
tages OF life Insurance generally and conn.,
dence in that particular company, but the
very men who would be most valuable In
advertising are always the most ~strenu-
GUS in Directing to the notoriety and invari-
ably forbid the use of their names. 1t is not
likely that they will consent to the publ
cation OF the amount Of their insurance II
they can prevent 1t. Other men have other
reasons for not wanting their heirs or their
creditors or a possible variety of interested
people from knowing how much insurance
they carry.
You need not be surprised, therefore, at
any time to hear that an Injunction has
been applied for.
Making Radical Changes.
The big companies are amending their by
laws to conform to the new code and are
making radical changes. The Equitable has
concentrated all the power OF administra-
ton In its president and the control of its
assets in a finance committee consisting OF
the president, one vice president and four
directors. Heretofore this authority was
exercised by a committee of thirteen peo-
pie. This action has been criticised be-
cause, the critics claim, 1t makes 1t easier
for Mr.. Thomas F. Ryan to control the al
fairs Of the company. The bylaws pracu-
cally narrow the responsibility down to
five men, although their acts are reviewed
by the executive committee, which has been
increased to fifteen members, and they are
elected by the rest OF the ffty-two direct
ors, who also have a supervisory control
This concentration of power and RESPONSE
bility in control of the administration ana
the assets of the company is objected to be-
cause Mr.. Thomas F. Ryan owns control-
ing interest in the stock. But, in reply. the
officials Of the Equitable say that Mr.. Ryan
has placed all his stock perpetually In trust
in the hands Of Grover Cleveland. Justice
house. and he permits the policy holders to
name twenty-eight of the hfty-two direct
ors. which is q majority. That majority can
choose the president, the executive commit
tee and the finance committee, and 1t Is
their own fault II proper men are not
selected. Furthermore. the new bylaws
were prepared by committee consisting OF
B. B. Thomas. president OF the Lehigh VAL
counsel OF the Pennsylvania railroad;
George e. Victor, one Of the largest import
ers and dry goods merchants in New York;
William Whitman of Boston. banker and
chairman OF the New England policy hold
ers' committee. and Edward Bloomingdale,
well-known New York merchant who is
president OF the New York city policy hold
ers' committee. Mr.. Ryan is-~ucquainted
with Mr.. Thomas and Mr.. Cuyler Of the
committee. but he never saw and never
communicated with the other members.
Nobody consulted him: he did not know
that such committee had been appointed
or that the bylaws were to be amended.
unless he may have read some such an
nouncement In the newspapers. Mr.. Ryan
declares that he had Invested himself OF all
responsibility and connection with the Epui-
table Company and that Mr.. Cleveland, Mr..
Westinghouse and Judge O'Brien we're act
ing for him. He leaves everything to them.
Both the other big insurance companies
have adopted similar bylaws, concentrating
the responsibility and centralixing author
fty. as required by the new laws. and. as !
have said, they are preparing usta OF pol
icy holders as required. The Equitable e
not required to do so, because It IL stock
company The Mutual has about 100000
policy holders and the New York Life about
COO Geo and the lists win make book as
big as the New York city directory.