Greene County herald. (Leakesville, Miss.) 1898-current, 1905-06-16
PAUL MORTON
THE CHAIRMAN
EQUITABLE DIRECTORS FIND
MAN FOR SOCIETY HEAD.
FREE HAND HAS BEEN GIVEN

Former Officers all Resign Subject to
The Pleasure of Chairman Morton.
Cleveland Accepts Place on Board
Hyde is Divested.
New York. Paul Morton. who re-
tires as secretary Of the navy on July
was elected chairman Of the board
of directors of the Equitable Life AS
suranee Society. His election marks
the first and most important step in
the reorganization of the society and
will be followed by the tender Of the
designations of President Alexander.
Vice-President Hyde, Second Vice
President Tarbell, Third Vice Presi-
dent, Wilson and Fourth Vice Presi-
dent, Mcintyre. The new chairman.
10 quose Senator Depew, did not con-
sent to fake office until he had re-
ceived positive assurances that he
would have free hand as to meas
ures. and men.
= Mr.. Hyde divested' himself of
the majority control, but, as made
clear in his letter to the board, re-
tains substantial interest in the So
ciety
An the designations submitted To
the meeting are subject to the pleas
ure Of Chairman Morton and none
has been accepted.
just what ACTION Mr.. Morton viii
take as TO the designations was not
disclosed but il was strongly fstimat-
ed that President Alexander ee
Presidents Tarbell, Wilson d AZ
Intyre retired with the b SIT
their executive relations WIZ lie
| Equitable had ended. -
The interests to which Mr.. Hyde
disposed of his stock number some
two score individuals led by Thomas
F. Ryan, vice president Of the Morton
Trust Company which has close re-
iatfons with the Mutual Life Insur-
anee Company, one of the Equitable S
principal rivals.
Mr.. Ryan is said to be heavily in
ksured in the Equitable, as are, ac-
cording to report, many of the 9TH
erss who voted with him in the pur-
chase fzthe Hyde holdings.
The price paid for the Hyde estate
stock, which is to be trusteed prac-
tically in perpetuity, was not diclos-
ed, but estimates vary. from $780,
900 10 $5,0Oo,0OO:
In addition to this 502 shares held
by the Hyde estate which includes
the widow of II. B. Hyde, founder of
the society, and his daughter, Vice
President Hyde is said by Mr.. Inter
meyer to hold between 160 and 10
shares and it is these holdings which
Mr.. Untermeyer refers to as the
substantial interests" which his
client retains
Mr.. Untermeyer makes this state
ment relative to the Hyde interests
in statment quoted below. He has
since the beginning of the contro-
versy acted as Mr.. Hyde's counsel.
The men requested to hold the ma
jority stock by Mr. Ryan are former
President Cleveland, George Westing-
house, of Pittsburg, and Morgan j.
0 'Brien, recently elevated to the chief
justiceship of the appellate division
Iof the supreme court of this district.
Mr.. Ryan is the acknowledged head
of the Metropolitan Traction Compa-
ny and only week ago, induced Mr..
Morgan to ally himself with this in
terest as the operating chief of the
New York City Railway Company,
by which title tho Metropolitan. sur
| face lines and their affiliated COM
panies in Manhattan and the Bronx
are known.
| Concerning the purchase of the
Equitable stock and the disposition
of it, Thomas F. Ryan said:
"In connection with some other
policy holders, who like myself have
never had any relations with the
Equitable except as polieyholders, [
have purchased from Mr.. Hyde ma
ljority Of the stock Of that society.
eve have made this purchase for
the sake Of putting an end to the
present unfortunate condition of the
eompany's affairs, not only in the in
terest Of the policyholders, but for
1.-THE general business interests of the
! entire country We propose upon
receiving the stock, to Immediately
divest ourselves of all voting power
and accomplish in substance and in
effect the plan Of naturalization al
ready approved by the superintendent
Of insurance. I'VE propose to do this
by conveying the stock to board
of trustees composed of men of such
character as to commend universal
confidence and having no connection
with Wall street with power, to vote
the stock for the election of direc-
ltors-as to twenty-eight directors In
Decorated With Gross.
| Paris-Capt.. 7. Bentley Mott, the
retiring American military attaehe
| here. has received the Cross OF the
Legion Of Honor, with a letter from
| former Minister Delcasse, wRo~ bestow
| ed it. Capt. Mott s successor capt