The daily morning journal and courier., 1905-06-16
EXPIRES. CLEVELAND
 E CHOSEN CHAIRMAN
TRUSTEES TAKE CONTROL OF FORMER HYDE EQUITABLE
 STOCK.

Trust Agreement Between T. F. Ryan and Messrs. Cleveland, O,Brfen and WestinghOuse-RyanS Says He is the Sole Owner and Paid S2,5OO,OOO for the stock-CIeyeIand Issues Appeal to Policy Holders-EIection of Com trolling Directors to be Left to Them Annually.
 New York, June 15.-Grover Cleve- land, Justice Morgan J. O'Brien of the state supreme court and George Vest inghouse of Pittsburg, trustees of the Equitable Life Assurance society stock formerly owned by James H. Hyde, met at the Hotel Buckingham in this city to-day. At the afternoon session after 8 conference with Elihu Root and Paul Cravath, Thomas F. Ryan was sent for and trust agreement was executed. MT. Cleveland was elected chairman and George F. Parker secretary.
 At the conclusion of the meeting to- night the trust agreement, with a let
 
 an appeal from Mir. Cleveland to the policyholders were made public. MT. Ryans letter announces his individual ownership of the stock and addressing the trustees says: Dear sirs: Tn order that every possi- ble basis for mystery may be eliminat- ed I am anxious that you should be fully appraised of every circumstance regarding my purchase of a majority (502 shares) of the capital stock of the Equitable Life Assurance society. am therefore writing this letter to place before you the. only facts regarding the transaction which have not been made public. :s "Q) I am the sole owner of the 502 shares of the stock of the Equitable society which I purchased from MT. Hyde and no other person or interest has contributed. or has the right to contribute single dollar towards the purchase of the stock. The policy hold CTS with whom conferred in making the purchase have had no connection with the management of the Equitable society and their connections with the transaction was entirely advisory. am
 
 with respect to my action as the owner of this stock.
 .s(2) The amount which I paid for the 502 shares of stock purchased from MT Hyde is S2,500,0o0. ts. 5s=. You are at liberty to make this let ter public if you SC desire. .. :,
 ''Very truly yours,
 Thomas F. Ryan, The appeal of MT. Cleveland to the policyholders is dated in advance and will be mailed to the 600,000 holders of Equitable insurance. The letter fol- lows: .s"
 New York, June 15, 1905. TO Policyholders in the Equitable Life
 Assurance Society of the United
 States:
 We, the undersigned, have assumed the duties created by a trust agreement executed by Thomas F. Ryan whereby a majority of the stock of the Equita- ble Life Assurance society has been placed in our hands as trustees for the purpose of voting on such stock for di- rectors of said society. It is provided in the instrument transferring the stock to us that we shall vote for seven out of the thirteen directors to be chosen annually from the holders of policies of insurance in said society, and that these shall be designated by an expression of their choice on the part of the body of all policyholders whose policies have been in force at least one year. The selec- tion of the six remaining directors to be elected each year is left to our dis erection and judgment as trustees. This plan will result in finally giving to pol icyholders the privilege of choosing twenty-eight of the fifty-two persons who will constitute the board of direc- tors.
 It is also provided by said instrument of transfer, as means of informing us of thes choice which the policyholders may take o the directors allotted to their selection, that said holders shall express. their wishes to us on the sub- feet by sending to our address annually before the first day of November at the office of the Equitable society, 12( Broadway, New York, a written desig- nation of the policyholders they desire to have elected as directors.
 We especially request all policy hold
 
 that they make their wishes known to us within the time and in the manner mentioned. in order that the plan in- augurated for their policy holding di- rectorship may speedily reach the nu- 1nerical proportion of the entire board which is contemplated, we have deter mined at an early date to recommend policyholders to be elected by the board to fill existing vacancies. We, there- fore, urge policyholders to at once noti. fly us of their preferences in regard tc these vacancies.
 The trustees hope they will receive a very general response to this invita-. tion.
 ---.. Grover Cleveland, Chairman.
 Morgan J. O'Brien, George Westinghouse,
 Trustees The agreement between MT. Ryan and the trustees practically outlined the authority of the trustees in voting the