The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-10
he will, Mr., Hyde will continue to be a

Mr.. Ryan announced last night the names
of the men who had heen asked to serve
as trustees of TIE stock with power tc
elect the twenty eight directors designated
by the policyholders They are Grover
Cleveland, eX-President of the United
States; Justice Morgan j. O'Brien, and
George Westinghouse of Pittsburg.
Justice O'Brien and Mr.. Westinghouse,
rs stated above are members of the policy
holders group which purchased the stock.
These trustees, it was said last night, would
he vested with the power OF clectng their
SUCCESSORS.
The details of how the policyholders'
directors are to he designated nave no
been arranged get, but whether it IS by
proxy committee or by direct vote,
ample precautions will be taken, it was de-
tlarec, To prevent tn. control of the cleo
ton from falling into the hands OF the So
ciety's agents or executive officers.
Mn. RYAN's ANNOUNCEMENT.
Mr. Ryan made thi, statement last night;
In connection with some other policy
holders who. like myself have never had
anv relations with the Equitable except as
pojicyhuldcr-. | haYc purchased from Mr..
HYDE "A ma ority of tn" stock of that society.
We have made this purchase for the sake
of putting an end to the present unfortunate
condition of the company affairs, not only
In the interests of the poIcyholders but for
the general business interests of the entire
country.
we propose on receiving the stock to
Immediately divest ourselves of all voting
power and accomplish in substance and
effect the plan of naturalization already
approved by the Superintendent of lnsur-
ance We propose TO do this by conveying
the stock to a board of trustees composed
Of men of such character az to command
universal confidence and having no con-
nection with Wall Street with power to vote
the stock for the election of directors
MS to twentv-eight directors, in accordance
with the Instructions of the pohcyholders
Of the society, and as to the remaining
twenty-four direct ors. in accordance with
the uncontrolled Judgment Of the trustees.
This will at once accomplish the object
Of putting the control of the company in
the hands Of the policyholderS and will
eliminate entirely the one man power, to
which so much objection has been made.
"Our willingness to take this course has
been influential in inducing Mr. Morton to
accept the charm anshp of the board and
TO undertake the reorganization Of the
GOCleIy, winch " - '"I Nl>'i " '''' 10
thorough and complete Il, possible
Il have already asked eS-Pre>ident
Cleveland, Justice Morgan j. O'Brien,
Presiding Justice of the Appellate Division
of the Supreme Court Of the First Depart
ment. and Mr.. George Westinghouse Of
Pittsburg to act as trustees of the stock.
The last two named are among the large
rolicyholders Of the Equitable
Mr.. Hydes letter in which he formally
announced to the board the sale Of hi stock
was made public last nj ght. Here it is:
Now that the legal rights of the stock
holders have been determined by the SUI
preme Court Of the State l have reached
the conclusion, as the result Of the most
earnest and anxious reflection, that the
welfare of the society founded by my father
and which | hase so deeply at heart de
mands that the stock control shall cease o
be vested in any one person and that should
part with 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 am advised that as the holder of the
controlling stock I have the power and
hence the responsibility Of repairing tn.
damage that has been inflicted on the society
In so far as that may be possible. 1t is in thu
discharge Of that responsibility that have
parted with a maj GRITTY OF the STOCK in tn,
interest of the policyholders and in form
which l believe will enable the society to
regain its prestige and resume its interrupted
era of prosperity. If that be the result |
shall be content
"In this connection you will perhaps par
don me for repeating what have so often
eaid to you, that throughout my career
with the society its interest has always bean
uppermost, and | have never consciously |
done or omitted anything which would be
to its injury or disadvantage.
Il hope | may be par,lonel the state
ment that the prosperity of the society |
OF late years is at this time my greatest |
source of pride AMI consolation. I am |
quite content to submit my acts in con-
nection with the management of the So !
cety to the verdict of all fair minded men, |
when the unreasoning public clamor in |
duced ly the false and sensational attacks |
upon me shall have passed.
HOPES TO HAVE SOME PART.
Il shall retain substantial interest
and hope to continue to lie identified with !
the affairs of the society as director, and
in such other ways as may he deemed
desirable.
an order that the chairman who has .
been selected may have free hand in the
managem ent ! shall hand to him my resigna-
ton as vce-president for such action as
you may deem advisable. You may rely
upon my earnest cooperation at all times
in the accompli shment of the task of re-
Installing the society in the public con-
fdence and esteem.
Purchasers Of the stock have expressed
their intention to divest themselves of all
voting power and Immediately put control
of the company in the hands of policy
holders. notwithstanding the pending H.
cation by conveying the stock to ooard |
Of trustees of sue character as to com
mand universal conf dence and not con-
nected with any financial institution and
giving them rower to vote it for the election
Of directors-a to twenty-eight of the fifty
two directors as instructed by the policy
holders, and as TO the remaining twenty
four directors according to the uncon-
trnt laI i,,lt 90 ln