The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-24

be-. . atFrant punii,sf " rirrhahtafs
D.. .. Ifs tHlifr HHihHfs = fIHfiff W NJ
tir Ur4ft iFrHfsh fHr trfieu ~ 80 ffrs
Hs fN.f afH rHfaiiii siiHH fih 'he fHilf
..tl.ft W Iaf fs W. Fss HrasiH y has lWau
rst sHH ster ~ iHF fuH, n neasiHia
~ U..t NO. .Hfraf Hr si,Hlf ~ f1irf
Hl.fH .t. f.H.i i.iHsF it r1H Nv NfaHl7fi
..afla . HfItffa NJ NHf HiHaH fHitH
Ua fa. tHi a fHalf tfIfts Nv Hfrh
fU fWHH UW.Hf
DO .r 0..r ,Ua Itr alton W fHs 4fHl
g .-4.#U..H Hut 'ffff egItHfaf iHtf
H. tpsf ,.INI r. trteiqi o fHHa ~
UUH .taHi ai4W dfa isH Nv ~ eiFfist
Ht iHs riU NfNifff 10 iHH HHHIft HfHatiHs
boz. 4..WIr. BNt 4 iftHs b H lWpHFtFHt
fU1t tNs attiii i0 iHrH
fH# tiu tH tppHtti Dhfrrf rhfeh ms
tufu rur4ft hr W. tnfHh Hri HHN
rtIft iU ife ffHH.es HHWa Nv taftuatsif
a. rrntb .hr unII0ta Hr have Nv viae ~
tU.i.mrift.a fHr .%ttffHtu NJ ihH teens ~
tHU.a HIIus lre rfetHHf directors thHar
iafus .H frt r.Hi tHtni r rife w f%irtauhef
tfv tut tiaI fit- fhifi HsH difattufa rlerfri
10 us.srlrf ION Ir aefte untH uHr emhef
lNp ftu .fsus t1 lH a ,rft rssrntiHi frg
iur ~ ItH rItH ufrsafffi i1t mo "tiefi,
stI tf..f|In concentration Uf i|frrt vnflrr
Wv t,itltHutrr fNf itiNrrHHiNrs iirnttefH
f.,s r.t .,u.Ht sufi'.rt ihat Ne eject
WetIt hr POO .sfHwis ffHm ftr hnqri H%ttuHllt
afd frlHf Hnt W. fnr pffaeui dtfetfHra VII"
have r.rr sls.lHI turing me- insi fov months
~ tho tfisI a.. Hr utpr thrit frcunfurndi
ton ard I hrtH mas hr niluwrtt ~ suggest
ma be names ui Hii ~ these dlfrrtofs hr
rlsrrf ptru NO localized nduinis'trtion
ticket .u br ptrstnirI ip The lui,vholdefa ~
ihc an.l,t, frr ihrit suhpFra In uccrml~f
rr1t
iblnA tho proposed amended charter
shorld br arhmittrl ~ your honri ~ ~ most
nicotine. 80 tho cud that NJ provisions should
become operative 49, anon ~ rusaihlr,
request that a mrrtinH nj the stockholders
te rnilrd FOR 4puhn dav a. early In june as'
rtpc'irnhlc. 40 that the necessary action
hy a majority NJ M" stock may he srvured
The rtopb,~d amended charter and This
letter have been submitted 10 Judge OHrien
and have ha approval IN" subject has not
yet boon slhinutcd to MI. WcstinR house,
who IL In Europe. hut y FIJI explanation has
been mailed 'o him, and | have no reason TO
doubt that he viii JOIN with judge O'Hrien
and myself In supporting rho suggestions
herein contained, Yours truly.
GHovER CLEVELAND
A letter sent by Paul Morton 10 each Of
the directors was alao made public. With
this letter President Morton sent a copy Of
the Cleveland letter and Of the proposed
amended charter. In this letter Mr.. Morton
Gays that 10 agrees thoroughly with MIR.
Cleveland that under the circumstances
il is desirable 10 amend the charter in the
manner proposed.
Such an amendment" says Mr.. Morton.
was clearly contemplated by the trust
agreement under which the voting power
OF a majority of the stock Of the society
was transferred to Messrs. Cleveland,
ntnr,,n md Wnaein1hnttGn MIR Rvnn
as the owner of the stock, and the trustees
who vote the stock are pledged TO such an
amendment. and it seems to have been the
expectation Of the Armstrong committee
and their counsel that the amendment
would be made in time to permit the twenty
eight policyholder directors to be elected
at the annual meeting next December.
Mr.. Morton says that it is desirable to
have action taken on the amendments at
the next meeting OF the board because
the society will need all the time available
10 prepare its list of policyholders to be filed
at the State Superintendent's Office. The
special meeting OF the stockholders, he
Gays, will be held early in June to act upon
the amended charter. He asks that there
be a full attendance at the board meeting.
The amendment of the charter will require
the affirmative action of a majority Of the
board before the stockholders can act.
Besides the directors who retire regularly
at the end Of the present year and the
thirteen who were elected in the 1909 class,
two others may have to go out to make
up the twenty-eight vacancies necessary.
The charter provides that one dictatorship
shall be taken from the class Of those whose
terms expire in 1907 and one from the 1908
class. If there are no vacancies in either
Of these classes, the selection of the retiring
director shall be made by lot.
The policyholders' directors, it is pro-
vided, shall be elected in four classes, Of
seven directors each, the terms of such
classes to begin on Jan. !, 1907, and to
expire respectively in one, two, three and
four years. At each subsequent election
seven policyholders' directors will be
elected.
Twelve of the stock directors shall be
elected in December, 1907, to succeed the
class in office on July 1, 1905, and twelve
more in December. 1902, to succeed the
class whose terms expire at that time.
The stock directors are divided into four
classes of six directors each. Vacancies
among the policyholders' directors may be
filled by the board of directors among the
stock directors at a meeting Of the stock
holders.
The proposed amended charter provides
for the reduction of membership in the
board after December, 1909, to twenty
eight, if the board deems it advisable. In
that event the p~olicyholders are to elect
sixteen members, divided into fou classes
OF four directors each, and the stock twelve,
divided into four classes Of three directors
each.
The proposed charter provides further
that a majority Of the board shall be resi- =
dents OF the State OF New York and that
each director shall be either a ~policyholder
or a stakeholder, The proposed charter
says that the business Of the company
shall be to make insurance uponthe "lives
or the health OF persons" The words
1or the health constitute an amendment
TO the old charter. 1t was the opinion
yesterday, though, that the Equitable is
not thinking Of entering upon a health
insurance business. The words We're in
eerted 80 as to make the society's charter
conform technically to the wording Of the
eection on incorporation in the Insurance
law.
pos,o,. ;ntorostoj - ;ne,ronna roForrou