The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-11
EQUITABLE TRUSTEES ACCEPT
CHAIRMAN MORTON PROMISES A
THOROUGH OVERLAPPING.
He VIII Get to Work In Earnest This Week
-BraytOn Ives Resigns. but It's Hoped
tn Get Como Directors 70 Come
Back-Belmoht says He's Pleased.


to Get Como Directors TO Come
Back-Belmont says He's Pleased
All three Of the men invited by Thomas
F. Ryan to act as trustees Of the sol shares
of the Equitable's capital stock, bought
from james Hezen Hyde by a group OF
rolicyholders headed by Mr., Ryan, have
accepted. A man representing the new
land at his home in Princeton yesterday
and obtained his consent. George Vest
inghouse and Justice Morgan j. O'Brien
of the New York State Supreme Court,
tie other two men designated by the stock
owners, sent their formal letters Of ac-
septance to Mr.. Ryan early yesterday
morning.
Upon the receipt OF the information that
Mr. Cleveland would serve, Mr.. Ryan sent
the following telegram to him:
Pray accept my hearty thanks for your
acceptance Of the trusteeship Of the stock
of the reorganized Equitable Life Assurance
Society and for your effective cooperation
in the important work to be done by the
shareholders, trustees and directors in
protecting and promoting the interests Of
the policyholders and all concerned in life
in ;urance.'
Following the announcement in the
newspapers yesterday that Brayton Ives,
president of the Metropolitan Trust Com
lany, end the only member of the Prick
investigating committee who was left on
the board OF directors, had opposed the
election OF Secretary of the Navy Paul Nor
ton as chairman of the Equitable's govern
ing board, Mr.. Ives rendered his resignation
rs a member Of the society's directorate.
He is the fourteenth director to resign. In
explanation Of his action Mr.. Ives said:
AT the meeting next to the last of the
Equitable board l called upon both Mr..
Hyde and Mr.. Alexander to resign. | was
the only one who stood up and maintained
that both these gentlemen should resign.
At the last meeting of the Equitable board
] urged that there should be a change in
the ownership Of majority of the Equitable
stock.
Both these things ave now taken place.
Mr.. Hyde and Mr.. Alexander have resigned
and the stock has been sold. This having
heen done, and new management having
come in, the only logical thing for me to
Go was to resign and leave the new control
free so far as l am concerned. to all the
new directorate as is thought best
In letter to the newly elected chair
man Mr. Ives says:
In view of yesterdays events 1t seems
proper that l should make the following
statement:
Previous to the taking OF vote for q
chairman l urged the postponement OF
such action until there should be change
in the ownership Of the majority Of the
stock of tho Equitable society. At that
time had no knowledes.ss.the ohAAese -
ownership that had already taken place
Had / known 1t I should, undoubtedly,
have voted for you. as have not mentioned
any other candidate and had none in mind.
/ expressly stated that had no personal
opposition to you.
.Inasmuch az l am not a stakeholder
in my own right, and as the stock under
which l qualified has changed hands, and
In order to give you free hand, which
you desire and need, it is fitting that l
should tender my resignation as a director
of the Equitable Life Assurance Society,
and hereby do resign.
"Tn taking this action l assure you Of
my cordial wis., for your success In your
new Office, in whu.. w.shes l shall be joined
am sure, by all public spirited citizens
The statement was made yesterday that
i, was the purpose of the new stockOwners
TO ask some Of the directors who have re-
signed to reconsider their action, now that
there has been total change of conditions.
Among those who would be asked back are,
it was said, Cornelius N. Bliss, Robert T.
Lincoln. T. jefferson Coolidge and one or
two other New Workers.
Chairman Morton made his first state
ment regarding the future policy OF the
society Yesterday. He said:
MY watchword as chairman of the board
e l;-ao ,,,.,I .<>s ina f0r ho hnaf
interests OF the policyholders.' l don't
want to appear to reflect upon the manage
ment that was in force heretofore, but
shall see that there is thorough overhaul
ing OF the business with view to retrench-
nent and other changes that have been
advocated. have nothing TO say regard
ing the designations. am going to Wash
ington tonight and on my return expect
to 90 directly into the affairs of the society
Mr.. Morton will return to this city next
Wednesday to attend meeting Of the exec
utive committee Of the board Of directors.
Stories to the effect that August Belmont
had etrenuously opposed the election OF Mr..
Morton and the entrance Of the Ryan policy
holders group into the control OF the Equi-
table brought out this statement from Mr..
Belmont:
What has been done and the manner
In which it was done has and had at the
meeting my fullest Endorsement was not
aware until late last evening who COM
posed the purchasing syndicate, and It
was really not material to me. The prin-
ciple was the right one, and I had been
advocating practically what has been
accomplished. 1t IL not true, as has been
stated, that l opposed Mr. Morton.
Had known Of Mr.. Hyde's decision
which We were all In ignorance OIL would
have advocated the nomination by the
committee, but did not know Mr. Morton
we'll enough to assume the responsibility
or proposing him without the powers which
he now possesses attached. and 30 the ques-
tion went to the full board.
mir. Ryan deserves the gratitude Of
every one, and the movement has my
hearty Endorsement and support"
One report had It yesterday that Mr.
Belmont had himself offered to take the
Craftsmanship of the board II 1t were prof
fered to him with the understanding that