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The Equitable Life Assurance Society.

RESIGNATION OF DIRECTORS.

United Press Association—By Electric Telegraph—Copyright. London June 8 The "Te'egraph's" New York correspondent states that seven of the Equitable Life Assurance Society Directors resigned, including Mr Friek, the chairman of the Investigation Coinuiittee, whose drastic report excited much feeling, to heal the quarrel between the rival aspirants to the control of the huge surplus, which is a real source of trouble. It is reported that Mr Chauncey Depew was offered, but declined (he chairmanship. The "New York Herald" states the conference was attended by Mr Hyde, Presidrnt of ths Company, who agreed on Mr Herriclc, Governor of Ohio, being appointed as chairman. It is understood Mr Herrick is the head of a syndicate formed i'or the purchasing of Mr Hyde's stock, m order to secure the complete control of the Society's affairs. Renter's New York correspondent says tha remaining directors of the Equitable Society decided to reduce the salaries and expenses, find reorganise the executive committee, and to erect a new nominating committee, empowered to select the committee. Received June 9, 9.5 a.m. New York, June 8 Owing to the Equitable Assurance troubles, a Bill is being prepared, which will place insurance companies m the same category as savings banks.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AG19050609.2.26

Bibliographic details

The Equitable Life Assurance Society., Ashburton Guardian, Volume XXII, Issue 6591, 9 June 1905

Word Count
208

The Equitable Life Assurance Society. Ashburton Guardian, Volume XXII, Issue 6591, 9 June 1905

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