Omaha daily bee., 1905-06-16
EQUITABLE TRUSTEES MEET
Controlling Interest in the Stock Formally
Turned Over to Them.
LETTER TO THE POLICY HOLDERS
Explanation of the Deed of Trust
and the Method by which
the Directors VIII BE
Chosen.

NEW YORK. June 15.-Grover Cleveland,
Justice O Brien of the state supreme court
and George Westinghouse of Pittsburg,
trustees of the Equitable Life Assurance
society stock formerly owned by James II.
Hyde, met at the Hotel Buckingham in
this city today. In the afternoon session,
after conference with Elihu Root and
Paul Gravath. Thomas f. Ryan was sent
for and trust agreement was executed.
Mr.. Cleveland was elected chairman and
George F. Parker secretary.
At the conclusion of the meeting tonight
the trust agreement with letter from Mr..
Ryan to the trustees and an appeal from
Mr.. Cleveland to the policyhoders, were
made public. Mr.. Ryan's letter announces
individual ownership of the stock. In it he
says:
am the sole owner of the 5O2 shares of
the stock of the Equitable society, which
purchased from Mr.. Hyde, and no other
person or interest has contributed or has
towards the " be sage staSk uoI5p T5e
policyholders with whom l conferred in
making the purchase have had no connec-
tlon with the management of the Equitable
society and their connection with the tran
sactlon was entirely advisory.
The amount which l paid for, the, 5O2
Shares of stock purchased from Mr.. Hyde
is $2,500,0O0.
Mr.. CIeveland's Appeal.
The appeal of Mr.. Cleveland to the pol
icyholders is dated in advance and will be
mailed to the 100000 holders of Equitable
insurance. The letter follows:
NEW YORK, June l6, l9O5.-To Policy
holders in the EquitaDIe Life Assurance
Society OF the United States: We, the un-
derslgned, have assumed the duties ac-
credited by trust agreement, executed by
Thomas +. Ryan, whereby a majority of
the stock OF the Equitable Life Assurance
trustees for the purpose of voting in stock
Tor the directors of said society.
1t Is provided in the instrument transfer
ring the stock TO us that we shall vote for
seven out OF the thirteen directors to be
cles Of insurance in said society, and that
these shall be designated by an expression
OF their choice on the part OF the pody of
all policyholders whose policies have been
In force at least one year.
The selection of the six remaining di-
rectors to be elected each year is left to
our discretion as trustees This plan Will
result in finally giving to policyholders the
privilege of choosing twenty eight to fifty
two persons, who will constitute the board
1t is also provided by said instrument of
transfer as a means of Informing us of
the choice which the policyholders may
make of the directors allotted TO their
section that said policyholders shall ex-
| press their wishes to us on this subject by
sending to our address annually before the
\ first day of November at the office of the
| Equitable society 120 Broadway, New York,
| d written ueSlSndtlOn Oh Ine
| they desire to have elected as directors. We
| especially request all poliCyholders en-
titled to exercise this privilege that they
make their wishes known to us within the
| time and manner mentioned in order that
the plan inaugurated for their pollcy-hold-
| ing directocship may speedily reach the
| We have determined at an early date to
| name poicyholders to fill existing Vacan-
| cies. We therefore urge policyholders to
| notify US at once of their preferences in
| regard to these vacancies. The trustees
| hope they will receive a very general re-
| sponse to this invitation.
| GROVER CLEVELAND