Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-04-21
USE STEAM ROLLER
J. P. Morgan BoWIed Over by
Equitable Directors.
DAY CHOSEN PRESIDENT
Becomes Successor to Paul Morton,
With Prospect of Life Job.
ELECTED BY DECISIVE VOTE
Plea for Postponement of Action,
Pending Plans for naturalization
of Association, Rejected.

NEW YORK, April 21.-The steam
roller went over J. p. Morgan, Supt.
HOtchkiss of the state insurance de-
partment, the policy holders of the
Equitable Life Assurance Society and the
trustees Of Mr. Morgan's majority stock
in the society yesterday when W. A.
Day, acting president, was elected presi-
dent of the society to succeed Paul Nor
ton. with a good prospect OF life job.
His salary will be $4,000 a year as
against the $4,000 paid to MIR. Morton.
No vice president was chosen to succeed
Mr.. Day. The vote stood twenty-six for
Mr.. Day and three against.
Wanted Election Postponed.
Thomas Spratt, chairman OF the COM
mittee on reorganization, said after the
meeting that there had been no opposition
to Mr.. Day on personal grounds. but that
the trustees and Supt. Hotchkiss
believed the election should have
been postponed until a definite mutuali-
zation plan had been effected.
For an hour Mr.. Hotchkiss addressed
this society-to be exact, 500 shares out
of 1OOO'-he told them, "is now owned
by j. Pierpont Morgan. and for him held
by three trustees. I believe that Mr..
he has told me SO: but Mr. Morgan is
seventyfour years old and we all know
what dstrust. unrest and anxiety have
attended a change in control Of the So
ciety in the past.
Here We have corporation with 800
OOO policy holders in this country, Canada,
Great Britain, Australia. India. all over
the world-aS nearly permanent one may
say, as any corporate institution in the
world can be. Is this corporation to be
sold and resold at the whim of an indi-
vidual owner. to be. perhaps, exploited
to be certainly intrigued for. or is it to
be enfranchised and own itself?'
Quotes From Report.
Mr.. Hotchklss quoted from an insurance
report, published in March, 1905, pointing
out that the directors had committed
themselves to naturalization at that time
and urged that if legislation on the SUBJ
ject 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 it is the sense Of this
board that naturalization, as suggested by
Superintendent of Insurance Hotchkiss in
his letter Of January Is to Mr.. Morgan, is
desira BILE, viz:
I'm a manner that will avoid protracted
litigation or substantial reduction of the
Tree surplus OF the society, ana tndt the
committee on naturalization continue. to
CO operate with the superintendent of in
surance. the trustees and Mr.. Morgan to
that end"
Mr.. Morgan is now in Europe. and his
5O2 shares of stock are held by George
w. Perkins, former Justice Morgan J.
O. Brien and Lewis Cass Ledyard as
trustees. He is understood to have paid
200 share, and the policy holders will
have to make a corresponding disburse-
ment for his holdings.
The committee on naturalization met
late today and sent word to Supt. Hotch
kiss that they would communicate with
him soon in writing.
None of the trustees spoke at the meet
ing today, but a letter from them was
read, urging that the election of a presi-
dent be deferred until some plan of mu-
tualization had been adopted.
New Presidents Status.
Mr. Day is a great friend of Paul D.
Cravath, Ryan's lawyer. and also of Mr.
Ryan himself. To Mr.. Morgan it is said
he is scarcely known. He was vice /
president Of the society under Paul Nor
ton and was one of the latter's right |
hand men. Both Paul Morton and Mr..
Day were for long time opposed to |
the naturalization of the society, but 1t |
is understood that after the purchase of |
the control of the society by Mr.. Morgan !
turning the society with all its funds |
over to the policy holders.
On the death of Mr.. Morton, Mr. Nor
gan agreed that Mr.. Day should be des-
iSnated Is acting president of the society |
but he did not want the Office filled per
manently until after the naturalization. |
He was of the opinion that mutualfza- !
ton and the election OF president |
should be coincident. He >has been quot ,
ed as saying that the turning over of |
this society with it's hundreds of mill !
lions of assets to the policy holders would |
be one of the greatest things for good |