Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-06-10

winch l have so deeply at heart. de-
-hanCs that the stock control shall
cease to be vested i'm any one person
ana that should part with "A majority
OF the stock in such form that no one
Individual shall continue in control OF
the destinies of the society.
Il have accordingly, but not without
great hesitation and personal regret
sold the stock which my father placed
in trust.
Il us advised that as the holder of
the controlling stock l have the power
and hence the responsibility of repair
ing the damage that has been inflicted
upon the society in any way that may
be possible.
1T Is in the discharge of that re-
sponsibi!ity that have parted with the
majority Of the stock in the interest of
the policyhollers and in form which
L believe will enable the society to re-
gain it's prestige and resume its inter
rupted era of prosperity. If that lie tie
result shall be contented. In this con-
rection you will perhaps pardon me for
repeating what l have often said to
you. that throughout my career with
the society its interests have always
been uppermCst. ana have never con-
s':iouSly done or omitted anything
which would be to It's injury or disad-
vantage.
Il hope I may be parioned the state
nent that the prosperity of the society
Of late years is at this time my great
est source of pride and consolation. l
ana quite coEtent to submit my acts
in connection with the management Of
tile society to tie verdict of all fair
minded men, when the unreasonnig
public clamor induced by the false and
sensational attacks upon me shall have
passed
Il shall retain a substantial stock
interest and hope to continue to be
identified with the affairs OF the socie.-
ty as director and in such other
ways rs may be deemed desirable.
in order that the chairman who has
been selected may have q free hand i'll
The management, l shall hand to him
my resignation az vice pre- sident for
such action as yOu may deem advis-
able. You may rely on my earnest CO.
operation ut all times in the accom-
plishment of the task of reinstating
the society in the public confidence and
esteem
Mr. Hyde calls attention to the pur-
pose of the purchase of his stock to in
vest the power of voting upon 1t to
disinterested board of trustees repre-
senting the policyholders. thus follow
ing the plan of naturalization already
approved by the insurance department,
and eliminating the one-man power tc
which so much objection has been
made. and concludes:
"Provsion is intended also to be
made for an amendment OF the charter.
so as to parpetuate this control of the
policyholders.
Il think you VIII find that every
thing possible has been done to insure
the resumption of the interrupted pros
perity of the society.
Very respectfully yours.
JAMES II. HYDE"
Later came Mr.. Untermyer's state
ment, which follows:
Mr.. Hyde has SOLD 4 majority OF
the stock to n group OF policyhOldcri
represented by Thomas f. Ryan, an''
Of wrom he is one. Mr.. Hyde retains
\ substantial stock interest and will
| continue 10 De IttIt1ll'tl Will tiic ''ii'-
pany. All TIE officers. including Mr.
Hyde. have placed their designations
in the hands of Mr.. Morton. subject to
the control and disposition of Mr.. MGR
ton. The interests Of the policyholders
have been most ear efUlly safeguarded
| Ly Mr.. Hyde, aa will be apparent fron'
| the terms cf his letter 10 the board"
Mr.. Morton Gec!iDeI to discuss the
| meeting except to say he had rein
| uuiGhed tire position as chief al tNf
| Metropolitan Traction Co. and its l.r"-
posed suaway extension. and that II
| had accepted the Equitable chairnE!ii
snip.
| This evening. Mr.. Ryan made public
| ;he. following litter to Nj. Cleveland
named as one ri tie trust 'es:
| MY Dear Mr.. Cievc!aEd:- You ma
lie aware that Il bitter controversy ex-
| lists regarding the naiiaSein ut of tht
Equitable Life Assurance 81, icty, are
/ that public confidence has been shaker
| in the safety % the fund under th'
control of Il single block of stock LET
bv the late Henry Is. Hyde. This los
of confidence affects 4 81 At publ,
trust of more than s400.0 ru.000. repre-
sentir, the savings If over 6oo.or'
| policyhOlde,s ana the present condl'
ton amounts to i public misfortune.
I'm the hop" of putting to an "nd t.
this condition and in connection Wit. .
chage i'm the active management OF TIN
lsociety | have together with other pol
licyholders, purchased this block !
stock ard propose To put 1t In IN
hands of a board Of truste es having ~