Daily press. [volume] (Newport News, Va.) 1896-current, 1905-06-13
Dissension In Equitable Society
Have Impaired Faith aud Con-
fldence In Insurance.
LAX IDEAS OF RESPONSIBILITY.
Appropriation to Personal Use OF Prop.
erty and Interests Held in Trust,
Should Be Regarded in Same light
as Other Forms of stealins-Ac.
ccpts Trusteeship.
(I,y Associated prcs.

h'y Associated Prcss.)
NEW YORK. June 12-1hc oreani.
cation of the largest trust company in
the United States and one of the lar
Sest financial institutions of the world,
MAS said tG.lay, to he part Of the plan
of Thomas S. Ryan In negotiating the
purchase Of he stock of The Equitable
Life Assurance Society held by James
~. Lyle. MIR. ltyan's plan was re.
ported today TO re to consolidate tho
Equitable Trust Company and the Nor
ton Trust Company. all of this city.
with The last named in control. 1t is
expected that this would result in Gre
atinS iinarcal institution Will, de-
.'o:;iis second only to tliUsc of the Ma
.iomal City bank, of this city. which
LAS deposits of SiS5.000. 200. The de-
nosils uf The proposed consolidated
trust cc'nDany wcull amount to $780,,
05o000: the capital stock to $1,000, OOu
and the surplus to So 100000.
Mr.. R%an's plan was reported today
10 contemplate also the elimination Of
by The Equitable Life Assurance So.
cicty.
MIR. Cleveland Accepts.
Former President Cleveland has
written q letter To Thomas F. Ryan.
concerning the trustreship of the stock
cf The Equitable, which he accepts Tho
letter WAS made public today. and is
III part as follows:
after little reflection have de-
tcrmincd ought to accept this SER
vice. assume this duty upon the ex-
lrcss condition that so far as the
trustees are to be vested with discre.
lion In the selection of directors they
arc 10 lie absolutely free and un,lls-
rilrbet!& in the exercise of their indg-.
mcnt. and that, SO far as they are to
acL formally in voting for the dlret-
tpcs conceded to poIlcyholdrrS. fair
and undouhtcd expression rf policy
holding choice will he forthcoming.
The very general anxiety aroused by
the recent unhappy discussions I'm tho
management in The Equitable Society
furnishes proof of the near relation
chip of or people To life insurance
These dissonsiohs have not only injur-
ed the fair fame Of the company imme.
datrly affected, but have impaired
popular faith and confidence in the
security of life insurance itself, as a
provision of protection for those. in
:hcusands of cases. would he other
wise helpless against the affective vis-
.taiinns of fate. rs
Like Other Forms of Stealing.
while the hoEc that might aid In
improving The plight Of the Equitable
Society has led ME to accept the lrus-
teeslip tender. cannot rid myself of
the belief that what has uvcrtalen this
company is liable to happen to other
insurance companies and fiduciary or
CARNATIONS MS long as lax ideas Of re-
SpnnSibility in places Of trust are toler-
alrd by our people. The high pressure
uf speculation. the madrcss of inortll.
:;atc business Schcming and the chanc-I
cs taken in new and uncertain enter
priHcs are constantly present tempta-
tons. too often successful in leatling
managers ana directors away from
acrupul"us loyalty ANA fidelity to the
interests of others coiffIdcd 20 their
care.
eve can better afford TO slacken our
H-
pace :sian TO abandon our old, simple,
American standards of honesty and
we shall be snfc If we regain our oil
habit of looking at the appropriation
To personal uses of property and inter.
csts held In ;i.lst, in the same light as
other forms of stealing
Yours very truly.
GROVER CLEVELAND."