Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-04-21
EQUITABLE NAM 6
JUDGE DAY AS
PRESIDENT
NEW HEAD OF SOCIETY
REPRESENTS MORGAN
Action Taken Despite Strong
Opposition of New York State
Superintendent Of Insurance
Who Urges naturalization,
my Morning journal specla, Leased Wire,

tBy Morning Journal Special Leased wirel
New York, April 20.-Against the
advice of Superintendent Hotchkiss OF
the state department of insurance
and its trustees. the Equitable Life
Assurance society, by a vote of its
board of directors today. elected Will
liam A. Day, j. Pierpont Morgan's
candidate, to succeed the late Paul
Morton as president of the society, al
a salary Of $4,000 a year, as against
the $4,000 year paid to Mr.. Nor
ton. No vice president was chosen to
succeed Mr.. Day.
The board also went on record of
naturalization, continued the present
committee on naturalization and in
structed it to cooperate with the
the trustees and with Mr. Morgan.
The vote stood 26 for Mr.. Day and
three against and later was made
unanimous. Thomas Spratt, chair.
man of the committee on re-organiza-
ton said after the meeting that there
had been no opposition to Mr.. Day
on personal grounds but that the trus-
tees and Superintendent Hotchkiss
| believed the election should have been
| postponed until a definite mutualiza-
| tion plan had been effected.
For an hour Mr.. Hotchkiss address,
ed the directors-"the majority of
shares in this society-to be exact
502 shares out of 1000"-he told
them, lis now owned by j. Pierpont
Morgan, and for him held by three
trustees. l believe that Mr.. Morgan
favors naturalization, in fact he has
told me so; but Mr. Morgan is sew
enty-four years old and we all know
what distrust. unrest and anxiety
have attended a change in control of
the society in the past.
Here we have a corporation with
10000 policyholders in this country.
Canada, Great Britain, Australia, In
dia, all over the world-as nearly
permanent one may say as any cor
porate institution In the world can be-
Is this corporation to be sold and re-
sold at the whim of an individual
owner, to be perhaps exploited. TO be
certainly intrigued for, or is 1t to be
enfranchised and own itself ?"
Mr.. Hotchkiss quoted from an in
surance report published in March.
1905, pointing out that the directors
had committed themselves to mutu-
alization at that time, and urged that
IL any legislation on the subject is to
be had it ought to be sought from
the present legislature.
Following Mr.. Hotchkiss' address
the directors adopted the following
resolution:
Resolved, That Il is the sense of this
by superintendent of Insurance
Hotchkiss in his letter of January Is
to Mr.. Morgan, is desirable, viz.
In manner that will avoid pro-
tracted litigation or substantial re-
duction of the free surplus Of the So
ciety. and that the committee on mu-
tualization continue to cooperate
with the superintendent of insurance.
the trustees and Mr.. Mogan to that
end"
Mr.. Morgan is now in Europe and |
his 502 shares of the stock are held |
by George w. Perkins, former Justice
Morgan j. O'Brien and Lewis Ca IS |,
Ledyard, as trustees. He is understood |
to have paid $1,000 share and the
will have to make cor /
disbursement for his
The committee on naturalization |
met late today and sent word to Su
perintendent Hotchkiss that soon they
would communicate with him in writ
ing.
None of the trustees spoke at the
today, but a letter from them
was read urging that the election of
a president be deferred until some
plan of mutualizatio had been adopt
ed.