The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-10

the fund under the control of a single bloch
Of stock left by the late Henry b. Hyde
This loss of confidence affects a great public
trust Of more than $500 900 900, represent
ing the savings OF over 600 900 policyholders
and the present condition amounts to 6
public misfortune.
in the hope Of putting an end to this con
dition and III connection with change OF
tho executive management of the society
| have together with other policyhoders.
purchased this block Of stock and propose
to put it into the hands Of n board Of trustees
having no connection with Wall street,
with power to vote it for the election OF
directors-as to twenty-eight Of the NIFTY
two directors in accordance with the in
structon1 Of the policyholders Of the So
c!ety, and as to the remaining twenty-four
directors in accordance with the uncon-
trolled Judgment of the trustees. This
division Of twenty-eight and twenty-four
is in accordance with plan OF giving sub
stantal control to policyhoders already
approved by the Superintendent OF Insur-
. anca.
If beg you to act "a one of this board
with other gentlemen, who shall be OF a
character nirely satisfactory to you.
81 would not venture to ask this of you
/ on any ptISJHeti STouHuS, Dup 10 T'SloTe
this great trust. affecting 50 many people
| of slender means. to soundness and public
confidence would certainly be great public
service. and this view emboldens me to
make the request.
The duties Of the trust would he very
! light. as, in the nature OF things when a
satisfactory board is once constituted
there are few changes. and all the clerical
60, a Il L,,t a,co
force of the company.
Il have written similar letters to Justice
Morgan J, O'Brien. Presiding Justice Of
the Appellate Division of our Supreme
Court and to Mr.. George Westinghouse Of
Pittsburg. two of the largest policyholders
in the society,"
JUSTICE c'BR1EN WILL ACCEPT.
Justice Morgan J. O'Brien when asked
last night it hc would accept his appoint
ment a. trustee said:
Il have just received notice OF my Sc
lection as Il trustee and | regard it as a
public duty to accept. On entering upon
my profess "nal career as n lawyer. i'm
pressed with the advantages of life in
srlrance, twenty-five years ago | took out
my first policy in the Equitable Life Assur-
ancc Society, which was small in amount
and which, a. my income grew larger. |
increa seq until | now have in policies of
that company sl85. 900 of life Insurance,
which represents practically nv fortune
and the provision made for my family.
Naturally anxious. as was every policy
holder. at the trend of the society toward
tiisintcgration due to unfortunate dis
sension, | was hopeful that some man or
men of public spirit and ability would he
found who, in the interest of the policy
holders would come forward and save
this great fduoiary institution and the
business Of life insurance by some plan
thar would restore CONFIDENCE:
Among NOS nt tha IN 'hn oys con- ns
nrctloh heard IN thH last lew Gays Oh
lhohas r.. ryan, ana h naT'hs hh nov mn.
iohe ana wen ! urged nun II IN ms Po"er
10 cooperate WIN tlose VINO WeIe III iat1a
OF pulltLhG up ana preserving lEe LaGh,.ao .
soc'ety NOT can onnrp.Ie Oh any pt NE t;s
use Una, any Hitli couu man NC VI Edlt vi me
fortune tnah nevo''3g TO u.e lr e, 70 o,,
OF such an object. On my own part II any
time or labor when l can give OUTSIDE OF
my court outlee WI! oe OF SERVES III GO,
In reestaolishlng puollc commence IN tne
society ana securing tne rieh,s OF pollcy
holders they VIII be given without Zee or
re"aro. -
PRUNING KNIFE READY.
The new management Of the Equitable,
It was made known last night. with Pau!
Morton at the head. is to start right in and
restore the society to the prestige which
II enjoyed for so many years.
1t was outlined by those directly inter-
ested in rehabilitating the society that the
first and all absorbing reform to be brought
about will be a sliring Of all extravagant
eNnenditureS, and: ihoeo" ~ Is stated, the
d,,"!.s u" '"t So.i! aI' " w run on
cn1a nno AL ' we in.e, s q. .he
"uT' i,s'l, ''oi'',ta eTri uPoeI.!lost w we
InI,,i,. ~ 'n";e wig na'e preFel'eu tle
r.ll',d'ie So ,elF iluin eoll,e 70 pleHes
a''n WI, '.' ,'','tls enHISn h'iE aoIe slioush
10 reS'ore '"i' su0stai''a' plp'lc commence
MOTIONS SALARY sl5oooo?
What salary Mr. Morton is to receive as
chairman has not been disclosed 1t was
reported last night that he would get $50 900
a wear President James W. Alexander
gets 100000 a year.
After the Pilgrims Society dinner last
night Mr. Morton was surrounded ~ many
of the diners and warmly CONGRATULATED. /
In response 10 number Of questions he |
said:
Il have severed al connection with Mr.. !
Ryans subway plans | do not think that |
my new position will hasten my resignation
from the Navy. which takes effect on July |
l. But intend to devote as much time as !
possible to the affairs OF the Equitable at |
once.
Who will take my place in connection
with Mr.. Ryans subway plans? ! do not
know. You will have to ask Mr.. Ryan