New-York tribune., 1911-04-21
". A. DAY HEADS
THE EQUITABLE LIFE
nirectors. Attacking J. P. Nor
oan, Ignore Protest of
Trustees of Stock.
WALL ST. SEES RYAN MOVE
Thinks He Has Regained Control
Sold to Mr.. Morgan and Can
Keep 1t by Directing
Naturalization Plan.

THE steam roller went over J. z. Nor
r superintendent Hotchkiss Of the
e,,,e Insurance Department the policy
..,aors Of the Equita bic Life Assurance
s.o,.,v and the trustees Of Mr.. Morgan's
.4ority stock in the society yesterday,
..hen ". 4. Day. acting president. was
,,,c,ed president of the society TO succeed
n.,I Morton. with a good prospect of
nfe Job.
The Tribune told exclusively on
,roanesdav that a plan was on foot for
=. directors to elect Mr.. Day at snap
.,.o,io, at their meeting yesterday
Tho two stories on the plan to elect
-. nav printed in The Tribune on
wednesday and Yesterday were read at
-. meeting and referred TO six times
:. ,he speeches of the directors. the
,.t,ne was marked by much recrimina-
49, and bitter attacks on j. 7. Morgan
ae,e made by a number of directors.
There were only three votes against
A. nav They were cast by Gage f.
r.-beu charles r. Littlefeld and T. H.
..tridee. There was no opposition
.a,6ate Arguments against the cleo
..or # q president before naturalization
u,-e mads by the trustees. eX-Juose
vorgan J. O'Brien. Lewis Cass LedSdiu
"a ceorge ". Perkins. and. accordlhs
r,on,as Spratt. one of the directors
-. Insurance superintendent HotchSiss'
,..h,, an hour Of his election MI Day
conference with Paul ID. CraNath'
Thor,as F. Ryan's legal adviser IL was
yesterday AT the Equitable offlces
.,o, Mr.. Morgan had never seen MI
D.v AMI did not know him peTsohaIiy'
~. pan bought the controlling IN
..res, IN the Equitable from James
v.,sr HYDE in June. 1905. for S2'9"o"
"a so,5 il n J. p. Morgan in December
100 for S3oO0,000.
pafore Nr Morgan sailed for the Med
,.-ranean on January - he said thaI
,,s election Of a president OF the hqul-
,,Ns 20 Ill the vacancy caused ny the
,..,b NJ Paul Morton would be deferred
until the naturalization of the company
vas ACCOMPLISHED. and that the TWO
would be coincident
4, the time Mr. Morgan sailed 'ne
sr4cial naturalization committee or the
ror;,able composed of Thomas Spratt'
Al Ogdensburg chairman; FRANK
V,herbee. John n. Herman. Rooer'
Mather and JOY Morton, were AT WORK
on the naturalization plans Three weeks
ago the committee stopped work for
,bs last Two weeks Paul p. Cravath
and Mr.. Day have been in frequent con-
ference
The nominating committee to select a
candidate for president was appointed
bv Mr.. Day and consisted OF Thomas
spratt. Eben 3. Thomas and Valentine
P SNYDER. known in Wall street as Ryan
men.
Directors Known as Ryan Board.
The board If directors Of the Equitable
is known as a Ryan board. After the
election Of Mr. Day yesterday the mu-
tuslization committee resumed work.
The Equitable has 500 100000 of assets
and 10000 policyholders. scattered all
over the world With this vast army
of poicyholders. the officials in power
having all the complicated machinery Of
an election under their control, can per
petuste their reign or name their own
successors
II is estimated that il would cost not
less than 81 100000 to organize a cam
paien against the reigning officials.
There would he little hope of even far
slowing against the men in office. 1t is
figured in Wall street that Mr.. Ryan has
the Equitable again. with a profit Of
Sso"00 from Mr. Morgan. and has no
objections 10 a scheme Of naturalization
tnat will perpetuate his control.
When Thomas Spratt was asked last
night why Nj Day had been in con
ference with Paul D. Cravath Within an
hour Of his election, and why he had
been in conference with Mr. Cravath so
frequently within the last ten days. he
tepllfd Ever since the beginning Of the
settlement Of the differences between
James Hazen Hyde and the policyholders
Nr Crayath has been intimately con
ceIned IN the negotiations. II is there
ioir mos, natural thing for Mr
C'ayath 10 he called into consultation
r0v
was a. my suggestion that .hr.
Nalath was consulted. particularly on
me question Of whether IL would be legal
bus tho stock even if law were
isSSed allowing "a purchase of major
"y Of the stock Of the company at
very high price and the minority hold
'Aes a, very low price, as that was one
Phase Of the difficulty confronting the
committee on mutualiza ton"
81. Spratt was asked then why, if con-
su'tatons were had so constantly with
"f Cia'ath. the naturalization commit
"e had stopped its work three weeks
ego
W. reached the conclusion that We
'0'id mot bring it about" he said.
Ar Spratt denied the statements made
.eS'erday in the Equitable Offices that
'ir Morgan had never seen Mr. Day.
saying Mr.. Day is known personally 10
'"lf Morgan He is not close to Mr..
..(an. and have it on the highest au-
hoilit that Mr.. Morgan thinks very
shiy a. Mr.. Day ana makes no OBJ
"clon 10 him
We Are Not Lot Of Dummies
We did not elect a president in oppo-
Nuon to j. +. Morgan or the policy
,,'iders,' Jr Spratt continued This is
very strong board Of directors. We
are not lot of dummies. II is not for
Us 10 be instructed by the Superintendent
VI Insurance on what We shall do about