Waterbury evening Democrat., 1905-06-13
CLEVELAND ACCEPTS Ryan Plans Equitable In Great
 Financial Merger. EX.PRESIDENT WANTS A FREE HAND DtssensiOns In Society Have Injured 1t and Impaired Popular Faith
 In Life Insurance Methods,
 Says
% E. Main St.

NEW YORK, June 13.-Paui Morton the new chairman of the Equitable society, has issued circular to the agency force of the society in which he gives them official notice of his cleo. SdHsand quotes the announcen,e1ts by Thomas r. Ryan of the purchase Of the Hyde stock Mir. Morton added:
 ''The Equitable society has been SC. verely tested and the ordeal has re vealed to the world its strength and prosperity with an emphasis which could never have been shown as sig nificantly by any ordinary method of demonstration"
 The organization of the largest trust company in the United States and one of the largest financial institutions of the world is said to be a part of the plan of Thomas F. Ryan in negotiating the purchase of the stock of the Equi table Life Assurance society held by James H. Hyde. Mir. Ryan's plan is reported to be to consolidate the Equi table Trust company, the Mercantile Trust company and the Morton Trust company, all of this city, with the lat ter in control.
 A letter from foEmer President Cleveland to Thomas F. Ryan concern. ing the trusteeship of the stock of the Equitable has been made public. The letter says in part:
 'I have received your letter asking me to act as one of three trustees to hold the stock of the Equitable Life Assurance society. which has lately been acquired by you and certain asso- ciates. and to use the voting power of such stock in the selection of directors of said society.
 After little reflection I have de termined I ought to accept this serv- ice. I assume this duty upon the ex. press condition that so far as the trustees are to he vested with discre- ton in the selection of directors they are to be absolutely free ond undis- turbed in the exercise of their judg- ment and that so far as they are to act formally in voting for the directors conceded to policy holders a fair and undoubted expression of policy holding choice will he forthcoming.
 ''The very general anxiety aroused by the recent unhappy dissensions in the management of the Equitable SO ciety furnishes proof of the near rela- tionship of our people to life insur- ance.
 These dissensions have not only in jured the fair name of the company immediately affected. but have impair. ed popular faith and confidence in the security of life insurance itself as . provision for those who. in thousands of cases. would be otherwise helpless against the affective visitatiOns of fate.
 That which has overtaken this com pany is liable to happen to other in surance companies and fiduciary or ganizations as long as lax ideas of re sponsibility in places of trust are tOl- erated by our people The high press ure ef speculation. the madness of in ordinate business scteminz and the chances taken in new and uncertain enterprises are constantly present temptations. too often successful in leading managers and directors away from .crupuIous loyalty and fidelity to the interests of others confded ts their care
 We can better afford to sIzcken our pace than to abandon our osd. simple American standards of honesty. and we shall be safer if ve regain our od habsf of looking at the appropriation to perro1zI uses of property and in terests heh in frUf in fhe same hghi as s<her furus of stealznG