The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-21
EQUITABLE DIRECTORS AGREE
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t1a aprfovri Nv 4 M lupity ~ The at1rk.
10 Feri he, Monday ami Nhtch provides fnf
iho iumn ila'o fnut talisatlon NJ The s1tiefy
wts unanimously adopted Yesterday Nv
thc suciety's boari NJ di%fer'ors. thifty NJ
tho hfty memtrfa NJ thc hrari heina press
sn' n, The fneetina
Topics NJ me new rha ftar wefN aant NJ
ohc" 10 Albany ~ ba presented 10 the Supets
intenden' ~ insurance and tho Attorney.
General Tho matter viii 10 taken ur by
ihesn oficials this morning, and N h ets
prded that the long sought naturalization
~ tho Equitable will be q reality beforr
to.mortow. Al that Ia needed nov Ia the
arrt "al NJ the state Superintendent and
tho iIHa 4 ~ the cha rter NJ Albany
Tho board NJ directors ~ tho Equltable
will meet again to-day IN receive from the
trustees ~ the Ryan majority stock their
nominations for tho twenty-eight directors
who will constitute the ticket which the
management Of the company will present
To the ~policyholdera for their support In the
election next December II was not gem
orally known until yesterday that the seleo-
ton 81 these men would 10 left to the trla-
tees Of the Ryan majority stock.
II Ia understood that twenty-three Of
the men who are now directors will be re-
named on the management ticket as rep
%rcsenting the policyholders. No intimation
was given yesterday "a to who the five adj
ditional candidates will be. Besides NAM
ing the ~policyholdeTs' ticket the trustees
Of the Ryan stock. headed by Grover Cleve-
land, also will select the twenty-three direc-
tors who shall represent the majority stock
on the board. This, it In understood, Is to
be done by the trustees entirely in their
discretion and without any suggestions
from Mr.. Ryan.
Several Of the directors, as at a previous
meeting Of the board, expressed their dis
approval Of the entire naturalization plan.
c%ontending that It represented a waste of
money without accomplishing any good
for the poicyholders. but thew consented
70 vote for it because they regarded them
selves bound through the pledges which
Mr.. Ryan and Mr.. Cleveland made to the
Armstrong Committee to carry out the
1924 naturalization plan. Some Of the
trustees thought it looked too much like
an effort to appease public clamor,
One Of the recently elected directors. j. j.
Albright of Buffalo. handed in his ~resigna-
ton. Pressure of private business was the
reason which he gave. D-Cady HerTick,
another of the directors elected by the
name TO go on the administration ticket.
He will serve until his term expires in De-
cember. Judge Herrick said Yesterday
that he was going to retire for the same
reason that had influenced Mr., Albright
too much private business. Judge Herrick
it Is known, is one of the directors who
do not believe in the present mutualiza-
ton plan. He has gone so far as to say to
some persons that be regards ii as all hum
bug ro,,.,,,, i .,o o., ,no Kit.
surance companies to arrange definitely with
its agents for the scale of compensation
which they are to receive under the cur
tailment OF expenses imposed by the new
Armstrong committee avs. About fifty of
the most important mana ing agents in the
Euuitable's service have been in town for
two days comforting with the Equitable's
officers, and yesterday afternoon at a meet
ing between the officers INC the executive
committee Of the mana gers association a
definite a greement was pea ched.
The Equitable several years ago fixed
the m ximum commission which any agent
might receive on a first year premium at
so per cent. Under the new agreement the
maximum on the first year premiums re-
mains the same, but in accordance with the
provisions of the Armstrong committee
laws the renewal commissions are limited
to nine years. Formerly they ran from
twelve mp. In general the new arrange
ment means a curtailment of about rs per
cent. on what the managers got originally.
The new Armstrong committee law re-
oulraS that the cost of new bllsiDaSS shall
be kept within the loadings on the prem
iums plus the mortality gains. Speeches
were made at yesterdays meeting in the
Equitable's library by President Morton,
Comptroller Day and Vioe-President Tar
bell. They said the company was disposed
to do the very best It could for the agents.
The agents said they believed the COM
pany had treated them fairly and literally
under the circumstances, and while the cut
would make a big difference to them they
promised to turn in and hustle.
President Morton will sail to-day on the
Kaiserin Auguste Victoria for Europe.
He will be gone six weeks and expects to
combine business with pleasure, He will
look at the EqIitable's property in England
and France, and will probably investigate
the insurance situation generally in Europe,
although the Equitable has not been threat
ened with serious trouble abroad. Third
Vice President George T. Wilson, who has
charge Of the foreign business of the society,
sailed a few days ago. 1t could not be
learned that there was anything significant
about the two Equitable officers going
abroad at the same time.