The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-06-13
Z = y
Ryan ORGANIZING
GIANT N TRUST | CO: O..
Will Be T: J. Largest Concern. ! {; 6: II
Of It's Kind In the
Country. II
.CLEVELAN WRITES
y WARMING PEOPLE.
Control Of Subsidiary Companies
BY Equitable yYill s3s Elini-
mated yan's sta4ement and
the Ex-P President'ssL Letter.
What New Movement
Really Means.
(By Associated Press. }

NEW YORK, June 1.-THE organization
Of the largest trust company in the United
States. and one Of the largest, financial
institutions Of the world, was said to-
day to be a part of the plan Of Thomas
F. Ryan in negotiating the purchase OF
the stock OF the Equitable Life Assur-
ance Society held by James II. Hyde.
Mr.. Ryan's plan was reported to-day to
be to consolidate the Equitable Trust
Company. the Mercantile Trust Company
and the Morton Trust Company, all of
this city, with the last named in control.
Tt is expected that this would result in
creating a financial institution With de-
posits second only to those Of the Nh
stional City Bank Of this city, which has
deposits Of s1S,00,0oo The deposits of
the proposed Consolidated Trust Com
pany would amount to $780, 900, the
capital stock to $500, 900, and the sur
plus to s22.7OO,O00.
sas Mr.. Ryan's plan was reported to-day
to contemplate also the elimination of
the control Of subsidiary, companies by
the Equitable Life Assurance Society.
Ryan's Statement.
details concerning the purchase of the
Hyde stock, Mr.. Ryan gave out the
following statement:
THE purchase Of the stock was alb 4
solute and free from any condition or
commitment as to future action. 1t5,
.The general conditions of the trus.
s teeship of the stock have already been
announced In the letter to Mr.. Cleve-
land.
"The deed of trust is now being
prepared, and will be made public IN
due course"
Chairman Morton has prepared q cir
cular letter to the society's general
agents, Informing them officially of his
election with plenary powers. He quotes
from the letter Of Mr.. Ryan dealing with
the trusteeship, and lntimates that the
plans or retrenchment, while OF sweeping
character will not go so far as to re-
strht expenditures calculated to add to
the soclety's business.
Cleveland's Letter,
Former .President Cleveland has writ
ten a letter to Thomas y, Ryan concern
ing the trusteeship Of the stock OF the
Equitable, which hf accepts. The letter
was made public to-day. and Is III part
rs. follows;
E'.After a little reflection, ! have
determined ought to accept this SER
vice. / assume this duty upon tho
express condition that so far as the
trustees are to be vested with dis
cret!on In the selection OF directors,
y they are to be absolutely free and
undisturbed in the exercise OF their
Judgment; and that, SO far as they are
to act formally in voting for the
directors conceded to policyllolders. q
fair and sundoubted expression of pol
icyholding choice will be Forthcoming.
'"The very general anxiety aroused
by the recent unhappy dissenslons III
the management of the Equitable So
ciety furnishes proof of the near re-
lationship OF our people to life $insur-
ance, These dissensions have not only
injured the fair fame of the company
Immediately affected, but have inl-
paired popular faith and confidence IN
tho security OF life insurance itself,
nsa a provision for those who, In thou
sands Of cases, would he otherwise
helpless against the afflictlye vista
tions Of fate.
Wrhe character of this business is 4
such that those who manage and di-
rect 1t arc charged with q grave trust
for those who necessarily must rely
Ntyh N