New-York tribune., 1905-07-11

half an hour He left this conference nervous
and excited He refused to discuss his visit at
ALL but was willing to talk about his letter Of
resignation.
why, it meant just what IL sad.' he de-
clared. IT'S perfectly plain. l can't write busi-
ness ON the deferred dividend plan for a stock
company. / will never again write business
cept participating policies for any COM
pany that is not purely mutual.
Il don't consider the Equitable mutual COM
pany," he went on: its a stock company; not
like the New-York Life the Mutual Life
What L trying to indicate. what hoped
to accomplish by my letter of resignation. was
just this-to have the company buy the stock
and turn IL into the treasury as an asset OF
course. IL Mr.. Ryan paid out 81. 10000 for the
stock control he ought to get it back. but the
Equitable. and no one else ought to own that
stock"
PLANS A PROXY" NATURALIZATION.
Wouldn't that result practically in a proxy
naturalization Mr. Haynes was asked.
Yes" he replied. 1--WE want the company
mutualized- We don't want the agitation for
naturalization to die out That was my purpose
in making public my attitude. This agitation
must not die out until that stock is retired and
the company is purely a mutual concern"
Mr.. Morton. he said had not exactly asked
him TO reconsider his resignation" He had re-
signed. he said. not because of any unbelief in
| the Equitable society disagreement with the
new management. but because he could write
nothing but non-participating insurance under
present conditions. and he did not want that
| attitude TO be any embarrassment to those in
charge at present
The resignation of Mr. Haynes is not taken
| seriously by the officials of the society, who
remember few OF his previous designations.
One Of the older officials said that Mr.. Haynes
had left the Equitable in 1895 to go to the
Union-Central Life Insurance Company of Gin
cinnati, but came back after while. He re-
signed from the Equitable last year. and in
sisted that the resignation be dated 1907. This
resignation. dated three years ahead, sub
sequently withdrawn. His present resignation
is to take effect on December 81, so it is thought
that he has plenty of time in which TO recon-
sider
MAY RECONSIDER RESIGNATION.
Mr.. Morton declined to discuss Mr.. Haynes's
visit to him and his resignation further than
to say that the resignation might possibly be
reconsidered
Apropos of designations and retirements and
general conditions Mr.. Morton said: I've been
IN public life so long and many men who
thought that they were indispensable that I've
begun to be shy OF Indispensable men. I've
never come across a man yet whose place could
not be filed, and when a gets the idea that
he has become indispensable TO any corpora
ton it's good time 10 get rid Of him. No man
is indispensable to these big companies. These
corporations, like the babbling brook, go on
forever. This society is too big for anybody to
be indispensable to its future"
Mr. Morton's housecleaning getting along
in good shape. he said When his accountants
got through there would not be spot in the
Equitable left untouched, he said, trans
action about which he would not know every
thing. Whether he would this informa-
ton over to the District Attorney the Attor-
ney General depended what he found. he
said.
Mr.. Morton has revived an old order put forth
by the executive committee about the giving
out OF information Yesterday he sent to Mr.
Tarbeu and other officials explicit instructions
that in future they must under circum-
stances furnish information to the newspapers
Whatever was to be made public would be
given out by him chairman of the board, he
said.
Grover Cleveland Justice Morgan J. O'Brien
| and George Westinghouse, the trustees OF the
Ryan stock, held q meeting the Buckingham
Hotel yesterday to consider names of policy