New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-11
AN AID TO WALL STREET.
Settlement of Equitable Controversy
Results I'M Strong Opening.

The response Of the stock market to the over
night news OF the transfer of control Of the
Eouita BILE Life Assurance Society into the hands
Of voting trust, to be composed Of Justice
Morgan j. O'Brien. George Westinghouse and
ex-President Cleveland, was strong opening
yesterday morning at general advances over
Fridays final prices.
The announcement Of the favorable reception
by Russia and Japan of President Roosevelt's
peace negotiation proposal contributed to the
improved feeling, but the principal factor was
the settlement of the long and bitter Equitable
controversy.
On these two bullish considerations and a con-
tinuance Of the prospect for excellent harvests
next fall the entire list made steady progress up
ward during the two hours of trading, the close
being In most instances at the high level Of the
day. The sales aggregated nearly 4oo'ooo
shares comparing with only 1898 shares Ior
the five hours of Friday. Some of the net gains
of the dav were Metropolitan, Az points;
Brooklyn Rapid Transit, 2; st. Paul, g. Chicago
and Northwestern 2A: Union Pacific, U.s.
sor+be,, Pacific IT.: United States Steel, 49,
Steel preferred IL; American Smelling, 2a4
AuaIeamated Copper, rs; Tennessee Coal and
Iron. 2K: New-York Central. 2h; Pennsylvania
1s6: Northern Pacific, 4; Atlantic Coast Line
The adjustment of the Equitable situation
was nraoficaIIy the sole topic of discussion in
tba financial district. The sharp advance IN
METROPOLITAN Street Railway shares was nat
urally connected in the popular comment with
the act that Thomas F. Ryan, the head OF the
syndicate purchasing the Equitable control from
M Hvde IS the dominant interest in the Met
ronoltan system. Some misgivings were ex-
messed as to the advantage to the polcyho4ders
Of the ARRANGEMENT under which the control OF
tbs FlouitabIes great resources had been taken
over nv a powerful Wall Street syndicate. but
reass1lrance was found in the fact that that
syndicate had arranged to turn over the control
to a voting trust, which could be depended upon
TO carry out the naturalization of the Equitable
society.
1t was argued In some quarters that In course
of time the active control would be lodged with
the new owners of the majority stock as the Of
ncers after naturalization had been effected
would through the agency force, be able to con-
troll enough proxies of poltcyholders to enable
the owners of the control to dominate the board
of directors.
But this it was replied, was the familiar argu-
rnent against the principle of naturalization for
which principle many committees of Equitable
policyholders have been contending, and which
the Superintendent of Insurance has recon-
mended
But wherever in the long the working
control of the Equitable may be finally lodged,
it was generally agreed yesterday that the
Ryan-IIyde transaction, with the safeguards
thrown around the society in the form of the
voting trust the pledge of naturalization and the
creation of a chairman with plenary powers,
had terminated a state of affairs not less de-
moralizfng to business confidence everywhere
than to the prosperity and stability Of the Equi-
sah