Perth Amboy evening news., 1905-06-13
CLEVELAND
ACCEPTED.
Ryan Plans Equitable in Great
Financial Merger Wants
Free Hand.
C~LEvELANO'S CONDITION

NEW YORK. June 13.-Paul Morton,
the new chairman of the Equitable
society, has issued a circular to the
agency force of the society i'm which
he gives them official notice of his cleo
ton and quotes the announcement by
Thomas Il. Ryan Of the purchase OF
the Hyde stock. Mr.. Morton added:
THE Equitable society has been Sc
verely tested and the ordeal has re-
vealed TO the world its strength and
prosperity with an emphasis which
could never have beer shown as sig.
niEcantly by any ordinary method of
demonstration"
company in the United States and one
Of the largest financial institutions of
the world Is said to he a part of the
plan of Thomas +. Ryan in negotiating
the purchase OF the stock of the Equi-
table Life Assurance society held by
James ii. Hyde. MIR. Ryan's plan is
reported TO be TO consolidate the Equi.
table Trust company. the Mercantile
Trust company and the Morton Trust
company. all of this city, with the lat.
er In control.
A letter from former President
tleveland to Thomas +. Ryan concern
ing the trustecship of the stock Of the
equitable has beer made public. The
letter a y In part:
II have received your letter asking
me to act as one of three trustees TO
bold the stock of the Equitable Life
Assurance society. which has lately
been acquired by you and certain assO-
GATES, and TO use the voting power OF
such stock IN the selection of directors
IF said society.
After a little reflection l have de-
termined | ought to accept this serv-
ice. | assume this duty upon the ex-
press condition that so far as the
trustees are TO be vested with discre.
lion in the selection Of directors they
are to be absolutely free ond undis-
turbed In the exercise OF their judg-
ment and that so far as they are To act
formally In voting for the directors
conceded to policy holders a fair and
l%ndDubted expression Of policy holding
.hoicc will he forthcoming.
THE very general anxiety aroused
by the recent unhappy discussions I'm
he management Of the Equitable so
'lety furnishes proof OF the nea rela-
tionShip of our people to life insur-
lnce.
These d%lssenslons have not only in
iured the fair name Of the company
Immediately affected. but have impair.
ed popular faith and confidence in the
security Of life insurance itself as a
provision for those who. In thousands
II eases. would be otherwise helpless
against the affective v~isitations OF fate.
That which has overtaken this COM
pany is liable to happen 10 other In
uranc companies aud hduciary or.
CARNATIONS as long rs lax IDEAS Of re
sponslbility In places Of trust are tot.
Grated by our people. The high press
IRE of speculation. the madness of In
ordinate business seheming and the
chances taken In new aud uncertain
enterprises are constantly present
temptations. too often successful. In
leading managers aud directors away
from scrupulous loyalty aud hdelity
to the interests Of others cOnhded 10
their care.
we can better afford 20 slacken "a
pace than to abandon Our old. simple
American standards Of honesty. aud
we shall be safer IL We regain our old
habit of looking al the appropriation
to personal uses % property aud In
tercsts held In trust In the same light
Us other forms ~ stealing.