New-York tribune., 1905-06-14
BEGIN EQUITABLE WORK.
OFFICERS MEET TO-DAY.
Rumor of Plan for Society to Bug
Stock from SUrn1us

,ryll begin his reorganization of the society Mr.
Morton will come here from Washington for the
meeting. Ways and means will be discussed bv
him and the officers for the reorganization Of the
hoard. TO afford the desired naturalization and the
reorganization of the executive committee itAelf
Before the meeting conference of three trustees
named by Thomas F. Ryan for the stock control
which he AMI some associates have purchased will
se held If Grover Cleveland can be present The
trust deed may be ready for their inspection by
that tine. After the meeting of the executive
committee official statement will be given out
according to Mr.. Morton's promise Saturday
embodying his ideas of the reforms needed and
his policy, far as formulated
The deed of trust under which Grover Cleveland
Justice o'Brien and George Westinghouse are to
vote the Ryan syndicate's stock is nearly conlpet
cd Samuel Untermyer of Mr.. Hydes counsel and
EIhu Root are drawing the document. Mr.. Ryan
was IN consultation with them in Mr. Roots office
for q long time Mr.. Root, who has been retained
BIZ Mr.. Hyde In this fight acts as Mr.. Ryans law
yer frequently It was learned yesterday.
Mr.. Root TO have been a speaker at the
Holbrook School at Ossining to-day, but yester-
day wrote TO Mr.. Hoibrook the following signif-
cant letter:
with very great regret find that important
is to occur on Wednesday will make it absolutely
sho1d NOT ' allow any i ordinary demand to
interfere with my engagement. but this Is matter
NOUS nous interests toward which have ASSUMED a
very serious responsibility The crux Of the whole
are depending upon me are entitled to have me
here to direct their action
Mr. Ryan and his associates. according to
port In Wall Street, intend to ask the legislature
al Its next session TO pass bill enabling the
Equitable TO buy the stock they hold. paying
for Il from the surplus. that it might be dis
tributed among poicyholders. In that way policy
holders might become legally qualified directors,
having the necessary five shares Of stock. In al
NEST other way, according to q lawyer who
represents stockholders, could the pollcyholders'
directors escape being dummies
Much bitterness has developed between August
Belmont and Mr.. Ryan the election of Mr..
Morton as chairman, because of its effect the
transit situation in this city. Mr.. Belmont voted
for Mr.. Morton in the board meeting, although
at that time he suspicious OF the entry of Mr..
Ryan into the fight
Now, 1t is said at Mr.. Belmont's office he feels
that Mr.. Ryan never intended to have Mr.. Nor
ton associated with him in the subway enterprises.
but brought him up from Washington for the pres
tjse his name would carry, and then shunted him
into the board Of the Equitable when he had ex-
hausted his particular usefulness in the transit
field Explicit denial made of the reported
Eselmout-Ryan transit alliance. No such alliance
ever would be made. the informant continued
Mr. Belmont, said he. felt bitterly toward Mr..
Ryan because when application was made by the
marlborough 10 the Rapid Transit Commission for
permission to double track the I'd and Sd-ave.
elevated roads, MFR. Ryan and his associates op-
posed that scheme, saying that they would build
section. and putting forth Mr.. Morton's as
that of the head of the new concern knowing
that IL would carry weight with the Rapid Transit
Commission The Belmont people believe that the
Ryan position was simply to confuse the situation
and keep the Interborough from getting its extern
sons.
The 511 shares Of the Hyde stock were trans
ferred TO Thomas F. Ryan and Associates on the
Equitables books yesterday. His associates In this
purchase have been named yet and it is said
that Mr.. Hyde himself does know who they
are. Offers were made it learned. by three
interests for the Hyde stock The lawyers who
negotiated the transaction played the interests
against each other until they got what they con-
sidered favorable offer from Mr. Ryan. to which
Mr. Hyde inclined because 1t represented pol
Icyholders.
Superintendent Hendricks was at his office here
carrying his investigation with Deputy Super
lntendent Hunter and his counsel, NJ E. DriscoIl
Henry Rogers Winthrop, head of the Equita ble's
finance department. with Mr.. Hendricks. 1t
was said that David II. Moffat. who of
Mr.. Morton's sponsors in the board. and who sug-
gested him to the nominating committee. had
interview with the superintendent about the chair
maushp. Mr- Ryan. 1t was reported. had been be-
fore Mr. Hendricks, but this could not be
nrmed.
The Hendricks report, IT was said by persons in
terested in the Equitable affair. would be
drastic than the Frfok report 1t would contain
material which would be handed over to the At
torney General. IL said. with orders that he
bring actions against officers Of the company for
gleir removal under the insurance laws The re-
port would go clear back TO the reorganization OF
the Equitable Trust Company. 1t was said. Syndi-
cate underwritings would be taken up. Whatever
rronts had been made by officers IN violation of
The insurance laws would be ordered given back
10 the society. it was said
The report according to the best information
obtainabIe. is not likely 10 be. ready this week
Various points of the investigation are still unv
touched. These will be continued after the present
report is drawn up.
Of IN. stock of the Equitable Trust Company and
200 shares of the stock Of the Mercatile Trust Com
many both subsidiary companies of the Equitable
Life will be offered at auction by Adrian Muller
These blocks form more stock OF these companies
than has ever been offered for sale puolicly De-
fore II uas said The last quotation for EQultapie
Trust Company stock about co. The SALE IL
was thought hss been contemplated because Oh
the prospect OF the Equitable Assurance society B
reducing It's large deposits in these concerns
Tboma. w. Lawson who has had several things
panies before penned philippe yesterday which
he sent out from Boston as follows:
Paul Crayath counsel for the metropolitan Irac-
tfon and other Ryan syndicates and a direcI0r N
Rysn's Morton Trust Company is George, N'eSue.
inghouses zone of the new trustees. S4a anotSer
rev trustee Is brother-in-law OF Crfmmins Wno
got together and headed the first dummy coiI Iiny
holders their hand OF the bottom OF the oech @ au
our great Grover Cleveland VINO was @ iot DoAi- : -
terdsy, in his letter OF acceptance says
II assume the duty express conditions thal
so far as the trustees TO be vested with ois
VNAo4so the