New-York tribune., 1911-04-21

correct. Mr.. Morgan has asked 5000
share. I do not known whether that Is
his bottom price or not I do not think
Mr.. Morgan Is the kind Of man to tell
you what his bottom price is. / think
however, that both Mr. Morgan and MS
son will do everything In their power 10
help toward naturalization. / have the
highest opinion of both OF them and i'm
plicit confidence In them"
MIR. Morgan Would Make s5o2,oco.
As Mr. Morgan paid $1,000 share for
his Equitable stock, he would make
profit Of 1902 900 through the mutuaIiza-
tion Of the society if his stock were sold
10 il at $4,000 share. Mr.. Ryan mace
100000 in turning 1t over.
The directors meeting yesterday was
attended by thirty Of the forty-tive mem
bers Of the board, twenty Of whom were
elected as representatives of the pohcy-
holders. The policyholders' directors pres
ent were F. w. Bloomingdale, Abraham
Rrittin. Thomas A. Gillespie, Robert w.
Goelet. Alexander c. Humphreys. John
d. Herman. Charles F. Littlefeld. Willis
F McCook. Ludwig Nissen, Eugen!us h
Outerbriige. William f. Paine. wallace
1. Pierce. Tom Randolph. +. w. Robert
son. Joy Morton. ]. G. Schmidlapp'
Thomas Spratt, Eben B. Thomas, Will
lam Whitman and Frank S. Witherbee.
The stockholders directors were Charles
B. Alexander. William A. Day Bradish
Johnson. John ]. McCook, Levi P. Nor
ton. Alfonso de Navarro, Robert Mather,
Gage f. Tarbell. George T. Wilson and
Charles H. Zehnder.
The meeting was called 10 order at II
o'clock and the first business was to
hear Insurance Superintendent Hotch-
kiss, who had come to the meeting to de-
mand that the directors resume the con-
sGeratiOn OF the naturalization plans
which had been dropped three weeks ago.
II had been said at j. p. Morgans office
that there was no reason why the plans
should not go forward. and Mr.. Hotch-
kiss was deeply concerned by the sud
der cessation Of work by the Equitable
committee.
He read from the report Of Francis J.
Hendricks, when he was Superintendent
of Insurance, IN 1905 showing that the
directors Of the Equitable had adopted a
unanimous resolution in favor Of nlu-
tua!!zation on March 81. 1905. and yet
he said. nothing had been accomplished
by the officers OF the company in the six
years that had followed. The only thing
that had been done was to amend the
charter IN 1905 so that twenty-eight Of
the ffty-two directors should be elected
by the policy holders and twenty-four
by the directors But this was an
anomaly, he said, as the courts had de-
cided that the amendment was void. be-
cause II deprived the stockholders Of
their rights
He had duty to perform in the next
eight or nine months, Mr. Hotchkiss de-
clared, and that duty was the mu-
tualization OF the Equitable, and he ex-
pected and demanded the cooperation
OF the society in the performance Of
that duty.
Immediately after Mr. Hotchkiss had
ended his speech the directors adopted a
resolution favoring naturalization and
instructing the special committee TO con-
tnue its work.
Immediately after the directors meet
ing adjourned the committee on mutuali
cation went into session, and shortly
after 4 o'clock called up Superintendent
Hotchkiss ard asked to arrange a con-
ference with him. Mr.. Hotchkiss will
stay in New York to-day 70 meet the
committee. A letter was written to him,
as well. Offering a new modification of
the naturalization plans and asking for
suggestions from him.
After he left the meeting Mr.. Hotch-
kiss gave out the following statement:
This department is charged with the
duty OF bringing about the mutuallZa-
tion Of this society II was so charged
bv Governor Hughes and is. II is believed.
supported therein by popular opinion. III
is particularly important that this ques-
tion be settled now Believing that ne
in rrogress for some time had been tenn
Iorarilv broken off. and that the present
Legislature might adjourn before needed
legislation could be obtained. ] felt II my
DUTY TO appear before the board to-day
and present 10 II a review or the steps
which have been taken in the last fifteen
months looking 10 the desirable result
toward the accomplishment OF which this
department Is most emphatically COM
mitted This was done
At such time took no position as 70
the filing OF any existing vacancy, either
in the officers or in the board. other than
I'm such review 10 state what / under
stood to he the attitude prior 10 very
recent period OF both the voting trustees
and the committee which has represented
the society In which ! concurred.
This department will continue its ef-
forts 10 accomplish the speedy retire
ment Of this company's stock II has
taken no official position as 10 price nor
will N until called upon so 10 do by the
law
Mr. Hotchkiss had prepared written
memorandum which took more than half