The Providence news. (Providence [R.I.]) 1891-1906, 1905-06-13
With Two Others He Agrees to
Hold Block Of Equitable Stock
PLANS FOR MONSTER TRUST co
7. F. Ryan Aims 10 Consolidate Equitable
Mercantile and Morton Trust Com.
panlss With 16s,0O0,000 Ds1sIts

New York June ls-The following let
ter from former President Cleveland TO
Thomas F. Ryan. concerning the trustee
ship OF the stock OF the Equitable, was
made public today:
princeton, June ~, 1905.
Thomas F. Ryan. Esq:
Dear Sir-I have this morning re-
ceived your letter asking me 10 act as
one of three trustees to hold the stock
of the Equitable Life Assurance society.
which has lately been acquired BY you
and certain associates. and 10 use the
the voting power of such stock in the
selection OF directors OF said society.
After a little reflection ! have de-
termined ought to accept this service.
assume this duty upon the expess con-
dition that 40 far as the trustees are
TO he vested with discretion in the selec-
ton of directors they are TO be abso-
lutely free and undisturbed in the ex-
ercise OF their judgment. and that, so far
as they are 10 act formally in voting
for the directors conceded 10 policy
holders a fair and undoubted expression
Of policy holding choice will be forth
coming.
The very general anxiety aroused by
the recent unhappy dissensons In the
mana cement OF the Equitable society
furnishes proof OF the near relationship
of our people TO life insurance.
These diessensions have not only in
jured the fair fame Of the company i'm
mediately affected. but have impaired
popular faith and confidence in the Sc
curity OF life insurance inself as a pro-
vision for those who in thousands Of
cases would be otherwise helpless
tvs he fstt -
The character OF this business is such
that those who manage and direct II are
charged with a grave trust for those
who necessarily must rely upon their
fidelity
I'm these circumstances they haze -nn
right to regard the places they hold as
ornamental but rather as positions OF
work and duty and watchfulness.
TOO MUCH TAX IDEAS.
above all things they have no right
TO deal with the interests entrusted TO
them in such way as TO subserve or
become confused or complicated with
their personal transactions or ventures.
while the hope that | might aid in
improving the plight OF the Equitable
society has led me TO accept the trustee
ship you tender, ! cannot rid myself OF
the belief that what has overtaken this
company Is liable 10 happen TO other in
surance companies and fduciary organiza-
tions as long lax ideas OF responsibility
in places OF trust are tolerated by our
people
The high pressure OF speculation. the
madness OF inordnate business scheming
and the chances taken in new and uncer-
tain enterprises are constantly present
temptations too often successful In lead
ins managers and directors away from
scrupulous loyalty and fidelity TO the in
terests of others conhded 10 their care
I'VE can better AFFORD TO slacken our
pace than TO abandon our old simple.
American standards OF honesty: and we
shall be safer II we regain our old habit
OF looking At the appropria tion topersonal
uses OF property and interests held I'm
trust In the same light as other forms
OF stealing. Yours very truly.
"GRONER CLEVELAND"
A MONSTER TRUST COMPANY.
New York. June ls-The Organization
OF the largest trust company In the
United States and one OF the largest
financial institutions OF the world was
said yesterday 10 be n part OF the plan
OF Thomas r Ryan IN negotiating the
purchase OF the stock Of the Equitable
Life Assurance society held by James
n Hyde.
Mr.. Ryans plan was reported yester-
day 10 be 10 consolidate the Equitable
Trust company. the Mercantile Trust
company and the Morton Trust company.
all of this city. with the latter in con-
troll
II is expected that this would result in
creating a financial institution with de-
posits second only 20 those OF the Ma
tional City bank OF this city. which has
deposits OF sis5. on 0oo.
The deposits OF the proposed consol-
dated trust company would amount 10
slc9 0ooND, the capital stock 10 5000 600
and the surplus 10 500 7o0.Oon
Mr. Ryans plan was reported 10 con-
template also the elimination OF the con
tro of subsidiary companies by the Eau!t-
able Life Assurance society.
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