The Penn's Grove record., 1905-06-16
BIG EQUITABLE SHAyE-UP
Paul Morton Chosen as Head Of Life
Assurance Society.
NYDE AND ALEXANDER RESIGN

Tarbell and Other Former Oficers Also
Out-Grover Cleveland, George West
inghouse aud Justice O'Brien Are
Asked to Serve as Trustees-Hyde Re-
New York City. Matters of the
greatest Importance to the policy hold
ers of the Equitable Life Assurance
Society and to the public generally
were announced after the meeting of
the society's Board of Directors.
Briefly. they were:
!. James Hazen Hyde, the society's
first vice-president and the controlling
factor in its management, has sold a
majority of the society's capital stock
to 4 group of policy holders represented
by Thomas L. Ryan, vice-presidcnt of
the Morton Trust Company.
=. One of the conditions of the sale
is that the stock shall be placed i'll the
hands of trustees in perpetuity, these
trustees to be vested with power to
elect twenty-eight directors us desig-
mated by the policy holders.
3. Paul Morton, recretary of the
Navy, has been elected Chairman of
the Equitable Board Of Directors, with
plenary power over all the officers and
affairs of the society.
4. The designations of James w.
Alexander, president; James Hazen
Hyde, vice-prcsident; Gage f. Tarbell.
second vice-president; George I. Will
IN il,sr1 1,;aO ,,,ors1oDA aal w.
Mcintyre. fourth vice-president, have
been placed i'll the hands of Mr.. Nor
ton, subject to whatever action he may
deem necessary after State Superin-
tendent Francis e. Hendricks has
made public his report on the investi-
cation of the Equitable's affairs.
Secretary Morton was the almost
unanimous choice of the board. Bray
ton Ives, who "a a member of the
Frick investigating committee, voted
against him. 1t was reported that
Charles Stewart Smith also voted
against Mr.. Morton, but he said that as
soon as the move was fully explained
he joined the majority.
August Belmont voted for Mr.. Nor
ton. He had opposed in every way in
the meeting of the nominating COM
mittee any change which would lead TO
the selection of Paul Merton or of the
trustees who are to rehabilitate the So
ciety, and it was not until Mr.. Belmont
saw that he could not stem the Ma
CARA which insisted on il thorough
louse-cleaning 8 o that the society may
begin all over again with economical
measures and strict life insurance
methods that he succumbed. AS a mat
ter of fact it was only at the very last
moment that Mr.. Belmont seemed to
see the handwriting OH the wall and
accepted it.
Mr.. Morton was escorted into the
board room by a committee of three
directors. and accepted the place after
he had made it plain that he would
come into the society only with the IN
Outstanding that fhere should be ITO
strings en- him and that lie would be
free 10 recommend the retirement of
the present officers rs he saw fit.
Mr.. Morton announced after the
meeting that he would resign the posi-
ton which he accepted recently as head
of the Metropolitan syndicate for the
construction of the new subway in this
city. At that time lie said that he
would retire from the Cabinet on July
l. and it is understood that he will not
assume control of Equitable affairs I'M
ill after that date.