The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-06-01
OPPOSE NEW EQUITABLE PLAN
Dtgt,T0RS tOff ran NtTrAIi.
/,fIOV fNDfH eHOfgsT,
A., H,,o', IUu0sst tpaed ftem ~ can .
s,assn0tdefs settiNN aUH the Prss
t..,sois fiHsrs eate ~ stWNnes
b.. 3 ,erufite 0Weefs amt = NHmgttSes

.H| wv AffIfH W INII'H'INiWN
.InfI opposed The ploh and
..u frf 10 sifpHe plea ny ftul
... ... We nvnh'a ,sriuaol the ies'
..F Ir.ltrb'rtiv have hceb asrinat
,. me- proposition ~ 0tll . meet.
A. u. .lirthrllrfs, whirh Afforded
u.uIf, fpt u test veto. ems carried
.su. uut many ~ The directors
t.pi 'iry voted aRninst 'heif
L.. .tNrrt
...I itkon w nearly MI tho difrc.
trI Iv Mf Cleveland and Tho
... majority stoch trustees wss
a. .]u..iypiipn from n practical stand
... iIrucl ont a. 10 pretty much
e.. 400 Ihcy feared that with tho
mu'uhli7cd n would again he
every bpdy's business lrinR
isIsiuraa. and they doubted
vt.... ,nc uplic yholtrra would take
Na ...,..try amount ~ interest In the
t..a,. FIJI. govern IT properly.
Tho, didn't hclicye, either, that the
su.n,y ought voluntarily To throw itself
o,or p. 'n" danger " having IL Co.
r.r, rl,nd m the hands ~ sChemcrs and
te.n.N rorauns who might get control ~
a.. r... yIuIdnra In the excitement 81 the
t,r' .r- next December.
ono 1T he directors, however, attacked
a. tlr from another side. He contended
tba, 'n. proposition Of having t~wenty-eight
d.rcr'.r- olcctcd Ivy tho policyholders
and 'Hrutv-four by the stock would not,
n carried through. result In giving the
rofcvhoIdors practical control Of the so
cic,v. with such a narrow margin in favor
~. ,.Ih,,.I,llara thu afnTK NniIl1.
This director commended, he able to control
The board easily enough, and he saw no
npason whv the society should go to the ex-
pens, If s25,O0O or $500 o every year in
holding an election when in the end the
poncyholders would be no better of:
Tn 10 the time Mr.. Cravath spoke the
kentiment against calling a meeting OF
The stockholders was pretty general. Mr..
Travath pointed out that Mr., Ryan, as
owner of the ma jority stock, and Mr.. Cleve-
land, as chairman of the stock trustees,
had pledged themselves to do everything
that they could to carry out the proposed
plan. II was pointed out further that the
trust agreement under which the most
Of the ~policyholder directors had been
selected contemplated the naturalization
Of the society on the 2S-24 basis.
1t was because the directors felt they
out the plan. if possible, that they finally
voted to call a stockholders' meeting.
President Morton gave out this formal
Statement after the meeting:
' sThe board Of directors, at their meeting
to-day, considered the proposed amended
charter and the letter of Mr.. Cleveland by
which it was transmitted. The board APP
proved the form Of the amended charter
and authorized the calling OF a special
meeting Of the stockholders to be held June
Is. As no formal action for the adoption OF
the charter could be taken, in view of the
Injunction in the Lord suit, an adjourn
hent was taken until June 20, when it is ex-
pected final action for the adoption OF the
amended charter will be taken. provided in
the meantime the injunction has been dis
solved or so modified as TO permit such
action. -.
while the notice calling the stockholders
meeting will be issued on Saturday, 1t is
with the understanding that any action
taken at that meeting must be subject to the
action of the court with respect to the in
Junction. The application of the society
for the modification of the Injunction will
be heard before the Appellate Division In
Brooklyn on Monday, and Mr.. Hornblower
who has been the chief counsel for the
eociety in this litigation, has been requested
10 represent it upon that application"
Important changes were made in the
Equitahle's standing committees and In
the executive staff. Judge William a.
Day, who was elected comptroller OF the
society soon after Paul Morton took charge
Of affairs, was selected to take James Hazen
Hyde's old place as first vice-president'
Mr.. Days incumbency, il liz understood,
will be only temporary, and ne will con
tinue to act as comptroller. Mr.. Morton
vas reelected pIresideenti william Eian AieSan-
H. Rogers Winthrop, treasurer; Gage 8.
Tarbell, second vice-president, and George
7. Wilson, third vice-president.
James Hazen Hyde is dropped from the
executive committee. This sewers all his
nn1Dinl ,,ppanti,ne with tho appiatv PNHant
committees are Thomas D.. Jordan. the
former comptroller and keeper. OF the
yellow dog fund, and William H. Mcintyre,
the eX-yice-presldent, They have not re-
signed from the board yet.
The reorganized executive committee
consists of the president, Paul Morton;
the ice-president, William A. Day; c. B.
Alexander of the law firm of Alexander Il
Green, James B. Forgan,. president Of the
phreys, president of Stevens Institute,
Hoboken; A. W. Krech, president OF the
Equitable Trust Company; Levi p, Morton;
Wallace l.. Pierce, president of the S, S,
president of the National Bank of Com
merce; Thomas Spratt, a lawyer OF Ogdens-
burg, y. " J. Edward Swanstrom, presi-
dent of the Home Trust Company, Brook
Eni +, r. Thomas, president OF the Lehgh
Valley Railroad; George F. Victor, a com
ht7Nl'l' llltl Nlldlllb VI WIZ Wv " Aii"h
Whitman, a dry goods merchant of Boston,
and Charles X. Zehnder, president Of the
Allegheny Ore and Iron Company of Phila-
oelphia.
The executive committee under the new
bylaws is vested with the powers of the
board of directors in the interval when the
board is not in session and receives The
reports of the finance committee on pur-
chases and sales made by 1t.
he finance committee, which has charge
Of the invest mcnt Of the funds Of he so
ciety snew, withthe exception Of President
Morton. The OF her members are E. Is
Thomas, James Mcmahon, president Of the
Emigrants' Industrial Savings Bank; Franz
S. Witherbee, president of Witherbee, Sher
man 4 Co., iron ore dealers Of Port Henry
!; Y, and I. De Witt Cuyler, a lawyer o.
Philadelphia.
The OF her ~reorganized committees ar
made up as follows, .
.Agencies-A. C. Humphreys. John. j
McCook, John D. Herman, Gage E. Tarbel
and George T. Wilson.
Observation-Disclosures H. Eehnder, Charlie
I, Littlefeld, Congressman from Maine
p-Cady Herrick, +. W. Bloomingdale ant
VIZ, McCook.
Al Yesterdays meeting Of the directors
q bill Of $751; coo was presented from ex-
Gov. Frank s, Black for legal services rem
cered 10 the society in the Armstrong in
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