New-York tribune., 1905-06-16
RYAN OWNS HYDE STOCK.
Continued from first page

fe- .sxurance Society. l am therefore writing
MS letter TO place before you the only facts
regarding tle "Ai'oAi --Se "o' peeh
rlso2e sn1 the sole owner of the 500 shares of
LS+ock Of the Equitable society, which 1 pur-
TIE rom Mr. Hyde, and no other person or
ela@rset has contributed, or has the right to
i.t-ibute. a single dollar toward the purchase
- tbe stock. The policyholders with whom
ase--ea in making the purchase have had no
eoonnaction with the management Of the Equi-
ssSjs society. and their connection with the
se-xactton was entirely advisory. I am under
- ALLEGATION 10 any living with respect to
~ ~ action as the owner OF this stock
n The amount which I paid for the 502
1,srss OF stock purchased from Mr.. Hyde is
Teu are at liberty TO make this letter public
s,you SO desire Very truly yours.
THOMAS &. RYAN
IN. trust deeds terms being known, only ons
-,nisl situation remains IN the Equitable mud
Ts-superintendent Hendricks's report This
--ohsbly will be made public not later than
rrssday Mr.. Morton. the new chairman then
xill begin his plans for reorganization. after he
,ss digested the report and consulted with Mr..
usndricks as to what the State Insurance De-
,.-tuent desires.
ur Morton spent most Of the day at the Equi-
.,bls Offices. in conference with President Alex
..Ssr Dir. Hyde Gage L. TarbeI Henry Rogers
Tf,throp and other of the officials. He is try
trs hard 20 get into touch with the situation.
Isst night he held conference with Mr. Ryan.
trustees TO THE PoLICYHoLDERs
The trustees issued the following appeal to the
poicyholderS:
New-York, June 15, 1905.
To Policyhoiders in the Equitable Life Assur-
ance society OF the United States:
We the undersigned. have assumed the duties
Thomas Z. Ryan, whereby a majority Of the
stock OF the Equitable IAfs Assurance Society
has been placed in hands trustees for
The purpose OF voting on such stock for directors
q said society.
II is provided in the instrument transferring
,hs stock 10 us that we shall vote for seven
ont Of the thirteen directors to be chosen
nusIly from the holders Of policies Of insurance
IN said society. and that these shall be desig-
mated by an expression OF their choice on the
part OF the body Of all poIoYholders whose
poljcies have been in force at least year.
The selection OF the sig remaining directors to
be elected each year is left to our discretion and
Judgment as trustees. This plan viii result in
finally giving TO poiicyholders the privilege Of
choosing tweuty-eight out of the ffty-two per-
sons who viii constitute the board of directors.
Il is also provided by said instrument OF trans
fer as means of informing us OF the choice
which the policyholders may make Of the d.
rectors allotted TO their selection. that said pol
lcyholders shall express their wishes to
this subject by sending TO our address annually
before November at the office OF the Equitable
Society. No. 40 Broadway. New-Yori. writ
ten designation OF the policyholdsrs they desire
to have elected as directors.
We especially request all policyholders entitled
10 exerciss this privilege that they make their
wishes known TO US within tn time and in the
manner mentioned, in order that the plan inau-
rurated 9or the fair and satisfactory repre-
ssntaton In the board of directors shall be
led out IN its full intent and purpose.
In order that this policyholding dictatorship
hay speedily reach the numerical proportion of
De entire board which is contemplated we have
determined at an early date to recommend pol
tynoiders TO be elected by the board TO I'LL ex-
sting vacancies. We, therefore, urge policy
HOLDERS to at once notify us Of their preferences
q regard to these vacancies
The trustees hope they viii receive a very gen
E,sI response to this invitation.
GROVER CLEVELAND.
MORGAN ]. o'BRIBN,
GEORGE WESTINGHOUSE,
An communications should be addressed to
he above named trustees. at the Equitable
Building. No 40 Broadway, New-York City.
TERMS OBJ THE TRUST
The contract under which the trustees vote the
Ryan stock Is follows:
"a Al s ssEeepe2s made IN A the City Of Nswxork
nne Thousand nine hundred and five. between
sTa 9ss Maah Bryan t9s t aBS part eaPe. ad GEevfE
lnghoqse Hereinafter called the 'trustees OF the
whereas, the Equitable Life Assurance Society
fie;y') is corporation of the State OF NeW-York,
having fun paid capital stock OF one thousand
eiisrg Csi0@ each. Of which i've hundred and two
p9 shares are held by the party OF the first part;
whereas, the. corporate powers of the society
;;OnsiM5ting M Of ffty-two 62) persons divided into
ss 81 Serving SoP teT Of 70 four ge sacn 50 Sfe @
thirteen Qsl directors are elected at each annual
.dopted plan for the naturalization Of the societv
sy So amending its charter that Of the s- ftytwo
~ directors OF the society twenty-eight C2O
SogT 90 by the EtockhoIdeTs; and :"
Wteseas the contamination OF said plan Of NUT
lntendent Of Insurance OF the State Of New-York
s & to e 0sen Sc fF Hs 6 ahd won afa f
further delay the result sought 10 be attained by
part has entered into this agreement with the
Now. this agreement witnesseth as follows,
F1rst-Ihe party Of the first part hereby transfers
thares OF tho capital stock Of the society for the
go e OF G me IN term me @ pee the ee ee aS 20
Conditions stated in this agreement The existing
cancelled and certifoates therefor shall be issued
e the trustees. in which certificates il shall appear
ent and thai fact shall also be noted in the entry
SToa s trustees IS aS as owners ss OF suon STOCK IN ts
Second-The trustees exclusively authorized to
is agTeeenf enc fog the election Of directors Of the
sooiey and shall at every annual election OF dreo-
q every thirteen d3) persons for whom such vote
s be cast seven @ shsa be @ Ss ' o
ne pocyholders Of the society expressed as here
shall be selected by the trustees in their uncon-
-olled discretion. 10 the end that. OF the enure
nfty-two f52) directors tWenty-eight CD snal De
poleyhol6ers of the society. selected by or on be-
half the pclicyholders and twentyfour C24) shall
BE lawfully eligible persons selected by the trustees
The wishes of the poEcyholders IN respect Of
ne directors be voted for by the trustees snsH
1s expressed in the following manner; In hga eacn
year. any time prior to November !, any holder
q any policy which shall have been IN force LOT
one year or more may send 10 the trustees az the
Equitable Building 40. 40 Broadway, New-no ork
City. q written request des grating pohcyholoers
Q. the socIetg 10 the number OF not more than
eVen-thirteenths OF the number OF directors 70 ne
eected at the next ensuing annual elecuon o. az
rectors. whose election as directors eoon POI