The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-16
RYAN TRANSFERS
EQUITABLE STOCK
Cleveland Issues Letter to
Policy Holders
TRUSTEES NOW IN CONTROL
Agreement Is Made With Ryan for
Five Years, Which Can Be Terml-
mated In Discretion Of
the Trustees.
TRUSTEES NOW IN CONTROL


New York. June 15.-Grover Cleveland,
Justice Morgan OBrien, and George
Westinghouse of Pittsburg trustees of
the Equitable Life Assurance society
stock formerly owned by James II. Hyde,
met at the Hotel Buckingham in this
city today. At the afternoon session after
a conference with Elfhu Root and Paul
Cravath, Thomas F. Ryan was sent for
and trust agreement was executed.
Mr.. Cleveland was elected chairman and
George Parker secretary.
At the conclusion of the meeting to-
night the trust agreement with a letter
from Mr.. Ryan to the trustees and an
appeal from Mr. Cleveland to the policy
holders were made public. Mr.. Ryan's
letter announces his individual ownership
of the stock and addressing the trustees
says:
Ryan Owns the Stock.
Dear Sirs: In order that every posi-
BILE basis for mystery may be eliminated.
| am anxious that you should be fully
apprised of every circumstance regard
ing my purchase of a majority, (5O2
shares of the capital stock of the Foul
table Life Assurance society. / am there
fore writing this letter to place before
you the only facts regarding the trans
action which have not been made public.
Il. | am the sole owner of 500 shares Of
the stock of the Equitable Life Assur-
ance society which purchased from Mr..
Hyde and no other person or interest
has contributed or has the right to con-
tribute a single dollar toward the pur-
chase of the stock. The policyholders
with whom | conferred in making the
purchase have no connection with the
management of the Equitable society and
their connection with the transaction was
entirely advisory. l am under obligation
to no living man with respect to my
action as the owner of this stock
2. The amount which | paid for the 502
shares of stock purchased from Mr. Hyde
is $2,5OO.OO0.
You are at liberty to make this letter
public If you so desire Yours very truly,
THOMAS f. RtA.,.
Cleveland Issues Letter.
The appeal of Mr. Cleveland to the
policy holders is dated in advance and
will be mailed to the six hundred thous-
and holders of Equitable Insurance. The
letter follows:
New York, June 16 1906.
"To Policy Holders in the Equitable Life
Assurance Society of the United States:
I'VE the undersigned have assumed the
duties created by trust agreement exc
cuted by Thomas f. Ryan, whereby
majority of the stock of the Equitable
Life Assurance society has lbeen pleased
in our hands as trustees for the purpose
of voting in such stock for directors of
said society
1T is provided in the instrument trans
fering the stock to US that we shall vote
for seven out of the thirteen directors to
he chosen annually from the holders of
policies of insurance In said society and
that these shall be designated by an ex-
preston of their choice on the part of
the body of all the policy holders. whose
policies have been in force at least one
year. The selection of the six remaining
delegates to be elected each year is left
to our discretion and judgment as trus-
tees This plan will result in finally Civ
ing to policy holders the privilege of
choosing twenty-eight of the fifty-two
persons who will constitute the board Of
directors
Shall Express Their Wishes.
'1t is also provided by said instrument
of transfer, as a means of informing us
of the choice which the policy holders
may make of the directors allotted to
their selection that said policy holders
shall express their wishes to us on this
subject by sending to our address an
nnally before the first day of November
at the office of the Equitable society. No.
100 Broadway, New York, written de-
signation of the policy holders they de-
sire to have elected as directors.
I'VE especially request all policy hold
ers entitled TO exercise this privilege that
they make their wishes known to us
within the time and manner mentioned.
In order that the plan inaugurated for
their policy holding dictatorship may
speedily reach the numerical proposition
of the entire board which is contemplated
we have determined at an early date to
recommend policy holders to be elected by
the board to fill existing vacancies. We
therefore urge policy holders to notify
us at once of their preferences in re-
urgemfwyetaoinmfw yptaoinmfwypnfwyp
gard to these vacancies.
THE trustees hope they will receive
very general response to this invita-
tion.
GROVER CLEVELAND,
Chairman.
MORGAN J. O'BRIEN.
GEORGE WESTINGHOUSE,