The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1906-05-26
BIG JOKER FOUND
IN EQUITABLE
SCHEME
NATURALIZATION WILL
PROVE TO BE FARCE TO
PoLlCYHOLDERS.
RYAN TO HOLD CONTROL
Aside From Directors of His Own
Selection He Only Needs Three
More to Keep at the
Head.

New York, May 25.-Oyernight con
siderat on of he Ryan Morton sehems
70 allay the anre, tf policyholders in
The Equitable by an alleged form ol
naturalization" has served to cast ser
ious doubts on what at first glance
seemed To be making good" promo
sition. Close students of life insurance
cannct figure out how the Ryan con
trol of the Equitable is weakened in
the slightest by the new scheme OF
election
In the first place, Mr. Ryan the
holder of the majority Of the stock
VII still hold twentyfour Of the fifty.
| two places on the Equitable board az,
ter the new arrangement goes into
effect These are men placed IN nomi.
nation by Mr., Ryan's three trust ees,
Cleveland, Westinghouse aud O'Brien.
The policyholders are to have the
right TO elect the remaining twenty
eight members who, standing together.
would form a majority and Gem To-
give the control Il the society To the
policyholders.
Find Joker" in Arrangement.
An administration ticket however.
is to be nominated by the Ryan man
agcment, and it is here that many be.
lieye they have found the joker"
IN the new arrangement
This administration ticket S almost
certain Of election unless organized
ppos'ion on tremendous Gale Is
promptly formed II win have the
support Of the enormous agency force
Of the society scattered all through the
country.
II is pointed out further that Mr.
Ryan need only win over three of the
elected by The noIicyholderA
TO maintain his present absolute con
troll. Not all of the directors who will
be dropped in December will be place
On the administration ticket.
The Interests which are trying to re-
form the New York Life and the Mu
ual Life from the outside are meeting
with no end of difficulty arous,ng the |
interest of policyholders to such n |
bitch that they will take the trouble |
# voting. They have been al work
or months and are organized all over
he country.
Difficulty in Getting Out Vote.
The difficulty Of getting out the
Equitable vote for an independent tick.
I will be infinitely greater Never
aving had the right to vote there are
% organizations for Equitable reform
mOng the polieyholders.
II is by no means certain that the
minority stockholders will not fight
he amended charter in the courts.
rankin y. Lord, who secured from
urt'ce Maddox, IN Brooklyn. an in.
lnction against similar scheme which
'as proposed after Mr. Ryan paid
amos Hazen Hyde s2.5Oo.OO0 for his :
.ock. is not satisfied This iniunc.
on was su tanned by the appellate
vision and II was intmated today |
rat Mr. Lord would fight for its re
'ntion even u jho highest courts.
Hope Lies in Reform Laws.
William y. Honblowcr argued the
ise for the Equitabie hut it could !
ot be learned today that he was
j have the present case. The societys
1pc for success his time lies IN one {
the new reform laws which gives
e directors Of life insurance com
my the right 10 change its charter.
Robert Olophaut. chairman of the G
penliturc4 committee of The Mutual
fe, on which the Peabody manage o
cnt has put the blame for the loss Z
vast sums spent by Andy" Fields y
turned from Europe today ON the /
luton G. His trip was cut short by an u
imaiion from District Attorney Je. =
mo that Il might be well for him 10
pear before the special grand Jury