Page 2 Advertisements Column 4

Wanganui Herald, Volume XXXIX, Issue 11637, 15 August 1905, Page 2

From 'THE AUSTRALASIAN," sth AUGUST, 1905. o Cable messages received this week as to the affairs of the Equitable Life Assur. ance Society ought to be read with due remembrance of the important reconstruction a few weeks ago. One piece of news as to actions instituted by the United States Attorney-General against former officials and directors of the society is not unexpected, and may be taken as an earnest of the thoroughness with which the new control is to be exercised. The resignation of the president and four vicepresidents of the board, viz., Messrs J. W. Alexander, J. G. Hyde, G. B. Tarbell, G. T. Wilson, and W. H. Mclntyre, were placed in the hands of the new chairman, "subject to whatever action he may deem necessary." That legal action might be ordered against any of the gentlemen or others connected with the past working of the society was evidently contemplated, and from what has transpired there may be ample grounds for it. But as regards the reported application for the appointment of a receiver, and the allegations Dy complainants against the stability of the society, it would be decidedly unwise for those interested here to jump at adverse conclusions. The Equitable is a gigantic concern, too large by far to be run on the lines it has been in the past, and, apart from the appointment of Mr Paul Morton, the Secretary of the Navy, as president, with plenary powers, another all-important reform has been effected by securing the future control by the" policy-holders. This mutualisation scheme should do much to restore confidence in the society, especially as it has been carried out by the co-opera-tion of men of high standing. The method resorted to was simple. Mr Jamies H. Hyde, the vice-president, whose mode of life consorted so ill with his responsibilities as holder of a controlling interest iv the society's stock, was induced to part with that interest to Mr T. P. Ryan, the representative of the policy-holders. Accordingly, he sold to Mr Ryan over 500 shares (carrying the control) for the sum of .£500,000. Mr Ryan, and those acting with him, thereupon conveyed this stock to a board of trustees, consisting of exPresident Cleveland, Mr George Westinghouse, a great Pittsburg magnate, , and Mr Justice "Morgan. O'Brien, of the New York Supreme Court. These trustees are to elect 28 directors "designated by the policyholders, and will vote to the value of their stock in the election of the remaining directors. This, it is justly claimed, will eliminate completely the one-man power which seems to have been the curse of the past management. Evidently the Americans have set themselves determinedly to reinstate the reputation of the society, and the names of the men concerned in the movement do not generally spell failure. — Advt.

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