The evening world., 1905-12-08

tNNNfNt NHh'UA VI Aft t0liINuN hnoulu Ut
radlcolls changed, 10 avert this and
20 prevent the frightful losses that
would occur from the violent breaking
IN of the EQUITABLE not only to the
policy holders but TO the financial
community AZ lafge--mysef as WE'LL
weoVegat tnnt some one ought 70 UNDER
., unterupting) or the acquisition
u the stockY A. Yes, sir, or In some
Wy 70 stop the trouble that might
The gcntlemen connected with ,ho
SEEM % be In that position. i mean
me financial people downtown, and /
mad never had any connection with
fhe three big Insurance companies ex-
z tspt as q poiicy-holder In each, felt,
therefore, free TO act.
My theory about success IN America
rs that a man is not judged 50 much by
what ne Is as he is by what ne does;
h and this seemed 10 me to be thing
worth doing. My first idea was to get
tysether a number or polcy-holders
nands IN which 1t was going 10 destruc-
ton, and slNe II n clean MANAGEMENT
economical and efficient and restore its
ltsperity FOR the benefit OF all honest
Interests. soon. concluded that the
amounts that could be bbtained from
dlslnterested people-people who had no
nxes to grind.-wonld be very small. so
\ lconcluded % do n myself. on buying
the gtock ] determined never TO exor-
else tae voting power for the purpose
OF voting directors OF the company or
for ANY other purpose, and that
would select trustees ~ such high char
acfer thai their methods could not be
questioned. And accordingly Instructed
my counsel 10 draw deed for transfer
or that power as strong as II could be
made under the present law.
NV plan OF purpose was set forth in |
three letters written about that time |
ono 70 Mr.. Cleveland. one TO Mr,--to |
The three trustees-those two, think, |
have bean mode public, think they
Turned them over to you some time |
early ~ the session. The third letter |
was a letter 10 Mr.. Morton, the Presi- |
dent OF The company which, 7 think, has !
never been m9de public, and I would I
like to have fl,en read and spread upon
the minutes, II you think proper.
4 Tns letters were put In evidence
f Letter to Cleveland.
New York, June 8 ls6
My Dear MIR, Cleveland:
cou are aware that o bitter oontro-
vefsy exists regarding tho management
OF rhe Equitable Life Assurance Society
and that public confidence has been
shaken IN the safety OF the fund un-
der the control OF a single block OF
stock lett by Henry 3. Hyde This
loss Of confidence affects a great public
trust Of more than four hundred millions
representing the earnings OF six hun
dred thousand policy-hoders.
In the hope OF putting an end TO this
condition / have, together with other 4
policy-holders purchased this block OF
stock, and propose 20 put Il In the .
hancs of a board OF trustees, having no
connootion with Wall street, with power
20 vote for the selection OF directors as
to twenty-elght OF tho fifty-two dlrec- /
tors, IN accordance with the instruc-
tions OF the policy-holders OF the So
riety, and as 70 the remaining directors
according TO the judgment Of tbs trus- !
III accordance with the plan already
approved by the Superintendent Of In
afrance | beg you 10 act as one OF !
this Board With other gentlemen who I
WI be IN character entirely satisfac-
i should not venture TO ask this OF i
you on any personal grounds. The SER
Nee VIII be a great public service, the I
~ IN the nature OF things when a sat :
Nfaetory Board Is once constituted
Uere are few changes and ali clerical
wo,k VIII be done by the ONCE force
have written a similar letter 10 Jus
iioe M1rgan j. OBrien and 10 Mr.. y
george Westinghouse OF Plttsburg, two
q the largest policy holders of the
society. Yours very truly, '
THOMAS f. RYAN.
y Would Sell 10 Society.
June 26, 1906.
Hon. Raul Morton. lSo Broadway, New
Dear Sir: Confirming what / have
aready said 70 Mr.. Cleveland and his |
ny stock In the Equitable Life AS 1
sll4lce Society was not bought with
~ view 60 resell, and is not and will !
not be offered for sale nor would /
g the Society or under some plsn for
me benefit OF the Society and Its
Eoicy.holders IT, however, YOU find II
eeslrablS In carrying out your plans
igg ne benefit Of the Society, TO retire
whole body OF the policy-holders, il will
~ AZ your disposal al precisely what
eost me- with 4 per cent interest;
tnat II 10 say 2,5O0000, with Interest
sav ss 6er e cent. from June TO- 1905, less
THoWAs f. RYAN
Y, ~ the arrangements that were
MADE for the loan OF the money through .
M!lNA you PAID for the stock, was any
liteiesl gwen, or any control over tho
ttock given. 70 any person or institu-
uQnl Al Not whatever, sir.
g, Have YOU received any part Of the
cpnsiderAtl0n back from Mr.. Hyde or
IRON any one else2 A. No sir.
" hiNe YOU any agreement, directly
OF Indirectly With any peisOn whereby
YOU VIII receive any part of--the con-
sideration back? A, No. sir
Young Hyde Out Of ".
q. Have you any arrangement under
Nhlch you are holding this stock, in
whole ~ n part for the benefit Of Mr..
Q. Now when was II first contem-
plated by YOU that this stock should be
put IN trust2 A. The moment / began
10 consider It's purchase,
Q, Was the purchase suggested by
you or 20 youP A. Wen, II was, not
suggested that Il would be good
Ding 20 buy Mr. Hyde out; who ]
DO not remember
20 Had you heard that there were
Sle5 9da n5rMostons 10 NJ avde e'fS FOR dSe aSS
lhrehaso OF his stock? A. There had
been some such rumors, but j know
Nothing about them,
q Mere you et all Influenced IN your
own decision 70 nurohaSe the stock bv
ne fact that there were such rtinors
abroady 4 No, s'r,
Big Opportunities. |,
@. You were fully appreclatiye Of the
opportunities that might exist II per- ,
coma dessons Of furtherla. their own
8ptU4ost acquired control 81 that stocky
~ / can Imagine that II might have |
Boon detrimental 10 The institution.
Q, Yes, YOU UNDERSTAND, OF I
a3uRsIi IiAr THE CONTROL OF
TiiASr src4 AN 44NSssffIisTr3iItHl 4NsfiTTITtiHolN -
THE EQUITABLE HAS NIGHT BE
"A DFCfnrD ADVANTAGE IN CON 1