New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-20
F.lVORS THE EQUTT4BLE.
Ne5c England PolicyhoIders' Report
.lpprOres Reform Work.

The Equitable made public the third and hnai
report Of the New England policyholders pro
tective committee yesterday, which declares, IN
effect, that the Equitable has carried out Writ
tally all the reforms suggested by the com
snittee before the passage Of the Armstrong
laws. 4 paragraph of the report says that
committee OF the Equitable's directors appoint
ed by the executive committee, is in conference
with special counsel IN reference to all claims
Of Importance. If justified by the facts, suits
VIII be brought for the recovery Of profits IL
legally acquired by the use Of funds or for pay
snents without corresponding return for ser
vices Whenever practice bic. the prosecution
Of men who have abused the confidence of the
management, policyholders and the public viii
be pressed"
William Whitman, chairman of the committee;
Arthur Anlory, treasurer; George p. Field, sec
retary; William lIathcr and Edwin H. Abbot
Sign the report.
The report declares that 10y the retrenchment
g. salaries. the limitation O. administrative, adj
xerlisng and other expenses, the discontinuance
Of pensions the abandonment Of improbable
business in Russia. Australia, Norway and Swe-
den. ctc- the average running expenses Of the
society have been reduced about 100000
year"
j goes on 10 say that it is 10 the Equitables
credit that, in many instances, it adopted the
laws Of New York, and influencing. directly or
Indirectly, the adoption OF those laws"
President Morton characterized as not only
bascess, but ridiculous" the Wall Street rumor
or an impending receiTership for the Equitable.
ar. Morton added:
The person who put this rUmor in circulation
doubtless used as q basis the recent decision
OF the Circuit Court Of Appeals reversing Judge
EazeIs decision sustaining the 5ocletys de-
Dlurrer in the case Of J. WILCOX Brown against
the society. The decision Of the Court Of APP
peaIs in this case Is upon . very narrow ques-
zion and has not the Tcnotest bearing upon the
Eociety's insolTency-
John r. Dos Passos, who represents J. Wilcox
Brown and others, said he could fully confirm
2ir. Morton's statement.
Mr.. Dos Passos added:
The essence Of this controversy IS as to
whether the large surplus III the Equitable
Possession belongs to the polcyholders or 10 It's
stockholders. This surplus in my judgment, Is
simply sufficient 10 pay al the polIcyholders III
full, and there need not be the slightest appre-
hension in that respect. J know Of 40 move
naent at the present time 10 throw the society
into the hands of a receiver. DO ntE - now
81 Is possible for any pocyholder 10 make such
g move. because the omnibus bill which we have
brought is instituted ia behalf Of all the policy
holders and the United States Court Of this dis
trict having Jurisdiction, other court could
assume TO liQuidate the same questions.
It is understood that Mr. Browns suit in
Holved a receivership based allegations Of
fraud and rnisraana cement, but had nothing 70
90 with the question OF the coInpany's solvency-
The opinion Of the Circuit Court Of Appeals was
silent on the question OF Teceivcrsbip. Upon
the appeal an intervening policyhoder filed a
brief maintaining that a receiVership was need
less and would he Tuinous to the society, and
that The proper remedy was decree erecting
the naturalization Of the society.