Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-01
EQUITABLE NEW PLANS
TO STRENGTHEN PoLIcYHoLD.
ERs-BIG DECREASE.

President Morton announced at the meet
ing of the directors Of the Equitable Life in
New York yesterday that counsel for the So
ciety has under constant consideration the
question of mutuaIizing the Equitable on
lines which will increase the voting strength
of the policyholders and diminish that of
the stockholders. 1t was also announced to
the board, in answer to pointed queries by
one OF the directors, that until the society
KNOWS where 1t stands under the legislation
proposed by the Armstrong committee 1t
will not be possible for the lawyers to COM
plete any plan of naturalization The Arm
strong committees report stated that the
plan of trusteeing the majority stock hold
fngs owned by Thomas f. RYAN was a
makeshift expedient.
General discussion of the Armstrong COM
mittee's report at the meeting showed the
sentiment of the board to be that the ulti-
mate program resulting from the report
should not be opposed by the society. 1t
was agreed, however, that the society should
make an effort to have the committeeman
modify those of their recommendations
whose enactment would prove Injurious to
its business or endanger its safety
John N. Beach, president of the Teft-Wel-
Ter Company, was elected a director TO fill
the vacancy caused by the resignation of
Chauncey M. Depew.
Big Decrease in Assurance.
The report shows the expense to the So
ciety of the many Investigations made dur
ing 1903, the total cost being S5O2 49, 6S.
Though new business was written during
1905 to the amount of $141 1895, 255, the total
outstanding assurance at the end Of the
year was 81 .465, 123 436 or less by $780, 419, ass
than the figures at the end of 1904. This
is the first time In the Equtable's history
that the outstanding assurance has not
shown material increase over the pre-
vious year.
The figures also show that the total ter
limitations Of policies during 1905 amounted
to S172, Ia, I'll. the largest in the society's
history. The Examinations were materially
increased by the public distrust created by
the wholesale disclosures of evils in the
management of the society, thousands of
holders surrendering their policies for their
cash value or allowing them to lapse.
During 1905 the receipts of the society
We're $50, 6S0,2S1.77, which, with an adjust
ment Of the book values of stocks and
bonds, resulting in an increase of $s,425,0 OBS,
makes the total receipts $50, 105.319.77. The
total income during 1904 was S79,076, $685..
A total of SAL 159, SAB was paid to pol
o4730 paid in 1904 At the end of 1904
cash in banks and trust companies amount
ed to s22,651, 666.S2. This was fictitious,
however, as the company made dummy
loans on the last day of the year to clerks
employed by Kuhn, Loeb q Co., which
amounted to s10000,000. This was done to
cut down the amount of cash carried from
$32, 0000 to So. 000. 600 On December 81,
1908, the bona fide total of the bank and
trust company balances was Si4, SIS. 1871 10.
The 1905 statement Is more frank than
that issued by the society in previous
years. 1t shows that losses amounting to
S245 263 81 were made on sales of real estate
and stocks and bonds and losses on agents
balances amounting to S22S. 794 "a. 1t also
shows that as a reserve against possible
loss on agents and miscellaneous balances
the large sum of s1.9o0,000 has been set
aside.