The sun., 1910-06-15
EQUITABLE TRUST TO GO ON
j. p. MORGAN 10 NAME NEW
HOLDERS OF ms STOCk.



No Ac,Ioa Expected Ths week.
The tr,steeship by which Morgan J
O'Brien. George Westinghouse and unit,
his death Grover Cleveland were en-
powered 10 vote the majority stock Of
Tho Equitable life Assurance Society
expires to-day. The resimations Of the
two surviving trustees have been ten
Tered to ]. P. Morgan. who became the
majority stOckholder by the purchase
If 7. y. Ryan's holdings. The plan Of
'rustesship n TO he continued and Mr.
Morgan will appoint thrOs new trustees
upon his return from abroad.
The trust agreement between Mr. Ryan
and the three trustees. executed on June
Is. 1915. after Mr.. Ryan's purchase Of the
controlling interest from James Hazen
Hyde. provided that the agreement should
continue in force for live years from that
3ate. and that il should he -cOntihuei
thereafter 10 long as the trustees shall
deem advisable and that the party OF the
first part hereby agrees that upon the
expiration Of any period Of five years
he Win. upon the request Of the trustees.
execute an instrument continuing for
r,e years this agreement and the powers
u the trustees. including the powers
" the trustees 10 require an extension
thereof
Mr. McrEan's purchase vas made SUBJ
lect 10 thi, deed Of trust. but the trustees.
while recomn ending a continuation Of
the plan. hold that Mr.. Morgan should
e allow ed TO choose his own trustees
In offering their resignation to Mr.
Morgan Mr.. O'Brien and Mr.. Westing-
house wrote:
" the i've years therein mentioned will
srirc on the 18th Of next month. IL Is i'm
psratiye that the undersigned. u no because
~ the death Of Mr. cleveland. are acting
alone a. trustees. should acquaint YOU
With their present attitude and views re-
"a riding the trust.
.ub-sTved by the trust il fully - forth
10 the hecOrre-pondenCe hitch passed botv cen
yr. Ryan and the trustees. a copy Of which
10 herewith sent you Vim view of the results
accomplished. though the labor a. Era-
'uitOus. We feel that We are amply repaid
n tnat We we're Of service In putting an end
10 the conditions which existed IN the CON-
pAny af the time of our appointment and
u was largely due 10 the vision and ludg-
ment ~ our late chairman. the Hon. Grover
Cleveland. that the loss Of public conhdsnre
which 4nected great public trust Of more
han tioo.ooo.o1p. representing the savings
Of over seo.oo0 poiicyaolders. has been
restored and the society placed arain
N - riEhtful position As one OF the larEest
and atFunFedt 81 tne insurance companies
n the tnited State-.
We advert 70 thn not 10 enhance the !
value OF our service, bnt 70 point out the |
wisdom OF the plan devised oy Nj. Ryan |
oi piacing IN board OF trustees the Noting
poEer. with view OF giFing policy holders
representation IN me boaru OF dlrectors.
plan approved by the then superlntendent
~ Insurance
Although X vas PROVIDED that me policy- |
holders should "a eaoh year maze Ah'Nn |
heir preference tor directors oI their own
class. Their position after the nrsi year |
IndeT the agreement was 20 commit the |
selection OF the policy holding directors
20 the Judgment exclusively oI lhe trustees /
The result. therefore. has been that an the /
directors eiected during IN" nNe years nave
Teen tho-' seiecteo by ihr trus'eer. mus |
showing the confidence when not only thr 3
''ockholders but me poicyhotdefs hal /
N the plan devised OF pTomotlng the "eiiafr 1
and progress OF the society
With such an experience We cannot but I
'eel That % would Oe wise 20 con nue. the
oting trust Agreement The change IN /
"Nnsr-hip and the rights Whlch you nave
secured az ne owner OF majority oi me
stock OF the society have altered the situa-
on 70 some extent and while We Noud
'"commend hat the plan OF voting irnst
sIien' snou't t.',, oS ~ s- 49, ~ No.
,,,,,n, b, ~, ~ rr,,.,.s. oo, N vo,r own
election and that you should be entirely /
rec 70 adopt that course which IN your l
Judgment .eems wise and best n there
.orc YOU have other plans or should you 1
deem % adyisabls 70 continue the voting 4
rus, W. will leave you entirely free 10 /
-sl-,' such trustees a. you may think 4
urUrsr Uv failing to make request upon 4
YOU fu sNe,ute an agreement continuing BE- /
tor further period Of five years. a. pro-
,idsd 200 fhe ninth paragraph. above quoted /
O.. would b. impossible In view Of our Il
relation 10 the society not 20 be deeply |
Interested IN ~ welfare and we shall AZ al /
rIfne- 10 ready and willing 10 do What We i
ar .o promote its success and prosperity
'Uur interest because OF your ouner-hip
Of a Ha I0rify OF the stock wfll necessarily L