Arizona republican., 1905-06-10
Paul Morton Will Direct
 Affairs of the Equitable.
RESERVATIONS POUR IN.
Among Them Those of Alexander and Hyde - The Latter Also Sar-- renders the Majority Costr6i-A Condition Of Acceptance.

New York. June S.-Paul Morton.
 who retires from the secretaryship of
 the navy on July 1. today was elected chairman of the board of directors of
 the Equitable Life Assurance society.
 His election marks the first and most
 important step in the reorganization
 of the society and was followed by a tender of the resignatiOns of Presi- 1 dent Jas. w. Alexander. Vice Presi-
 dent Jas H. Hyde, Second Vice Pre- ident Gage E. Tarben. Third Vice President Geo. T. Wilson and Fourth Vice President Vim. H. Mcintyre
 It is known that Brayton Ives and Chas- Stewart Smith. who were from
 the outset of the controversy on the side of the conservative element pro tested against some of the proceedings of the meeting and are believed to
 have voted against MT. Norton's cleo | tion.
 The new chairman. to quote Sen ator Depew. did not consent to take
 the office until he had received posf- tive assurances that he would have a free hand as to measures and men.
 Mir Hyde ''divssted" himself of a ma 1 jority control. but as was mace clear in his letter to the board. retains a substantial interest in the society All { of the resignations submitted to th~ meeting are subject to the pleasure os Chairman Morton and none has been accepted.
 Just what action Mir Morton win take as to these resignatfons vr-- nor
 disclosed. but it was strongly intIuat- ed that President Alexander and Vfra Presidents TarbeH. Wilson and MeTn- tyre retired with the belief that thef-
 executive relations vr-Fr
 had ended.
 The interests to which Mfr Hyde df=- posed of his stock number some tu-o ! score individuals. led by T-hornas F
 Ryan, vice president Of the Morton i Trust company. which has closed fts relation with the Mutual Life T,--,--
 ance company. one of the Es1uitahl. l society's principal riva's MT. Ryan q. said to be heavily insured in the F,7t,ft-
 dole' as are. according to reports
 many of the others who acted v-fth him in the purchase of inc FT,-.,s h.,i,s ] lhgs- The price paid for the Hyde e--
 tate stock, which is to be trusted prar- ! ucalIy in perpetuity. was not diselos- : ca. but estimates vary iron, a sao l O0o to s5.OOO.OOO.
 m addition to 502 shares held bx- tbs.
 Hyde estate, which includes the y-isr,.,. i Of Henry B. Hyde. founder of The s~,,-1- ety. and his daughter. e-Pra-ta.-. ' Hyde is said to hold between 1sa ,,.g | TO shares. and 1t is these bolftD--.
 whlch MT Cntermyer refers to as tba
 suostantlaI interests" which his cIi | eht retains Mir Untermyer makes is .his statement relative to the Hyde iu- ! terests in the statement quoted below He has since the beginning ,f tn., 2 Equitable controversy acta5 ,s Nf- i Hyde's counsel. me men requested to hold the mn Jority stock by NIT. Ryan gre forr,a- President Grover Cleveland. C.e,--. . Westinghouse of PittsburS and Mo , gan J- O'Brien. recently elevated Id tb.a chlef Justiceship Of the appellate lf,f- : sloh or the supreme court of this dis 1 trict.
 MT Ryan is the acknowledged head 1 or the Metropolitan Traction ,-o-,,,
 nfes. and only fortnight s,-, i,,,,,,'.,,., 1 MT Morton to ally himseSs with thfS ! interest as the operating chief of The
 New York City Railway companv. hy- | which title the Metropolitan sr,-f.-.
 Ines and their affiliated companfes fn
 Manhattan and the Bronx are corpo-- , ately known
 concerning the purchase of the
 Equitable stock and the sifstrIbutfo-,
 or IL, Thomas F. Ryan said: -In com
 hectlon with some other policy holder
 who. like myself. have never had an
 relation with the Equitable except as
 policy holders. I have purchased fror,
 MT Hyde majority of the stock .f
 that society. We have made this ptir- i chase for the sake of putting an end
 10 the present unfortunate condition | or the company's affairs. not only fr i Ihe interest of the policy holders bu- l IOT Ihe general business interests os | the entire country.
 I We purpose upon receiving stocks t,
 dlNest ourselves of all voting power and
 accomplish in substance and effect ths
 plan or naturalization already approv-
 ed by the superintendent of insurance i We propose to do this by conveying
 the stock to board of trustees. com
 posed or men of such character as com
 inand universal confidence and have no
 connection with Wan street. with poU--
 CT to vote the stock for the election of directors as to twenty eight directors
 in accordance with the instructions of 1 the policy holders of the society. and as
 to the remaining twenty-four directors i in accordance with the uncontrollea
 Judgment of ts,e trustees
 | 'These will at once accomplish ths object of putting the control cr the
 company in the hands of policy holders and will eliminate entirely one-uan
 power to which so much objection has been made
 | Mir. MortOn's election Is believed to which began between the Hyde and
 Alexander forces. and the establish
 ment Of the reforms demanded