The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-06-10
EQUITABLE HEADS
. RESIGN; MORTON
MADE CHAIRMAN
Hyde Surrenders Control
toParty Led'by 8Thos.
f. Ryan.
NATURALIZATION TO
BE MADE EFFECTIVE
New Holders Of Stocks Will Di-
vest Themselves of All
Voting Power.
CLEVELAND AND O'BRIEN
ASSOCIATED WITH RYAN
Latter Closely Connected With /
One Of Chief Rivals Of Eqr1i-
table-Alexander and Four
of Vice-Presidents Place
designations at Disposal
Of New Chairman.
New Holders Of Stocks Will Di-
vest Themselves of All
Voting Power.
CLEVELAND AND O'BRIEN
ASSOCIATED WITH RYAN
3y Associated Press.o

s4H (By4 Associated EresSO
NEW YORK. June s.-Paul Morton,
who retires from the secretaryshtp OF
the navy on July. 1st, was to-day elected \
chairman OF the board Of directors OF the 4
Equitable Life Assurance Society. His 4
election, which marks the first and most 4
important step In the reorganization Of
tho society was followed by the resigna-
tion OF President James w. Alexander.
Vice President James H. Hyde. Second
Vice President George e. Tarbell Third
Vice President George IT, Wilson and
Fourth Vice President Willlan Mcintyre 4
Mr.. Morton as explained by Senator
sChauncey NJ Depew, was the unanimous
choice OF the board Of directors OF The
Equitable, although the meeting was not
altogether harmonious. The new chairs.
man, to further quote Senator DepeW. did
not consent to take office until he had
received positive assurances that hei5
would have a free hand as to smea suIes
and men. All Of hefsreslgnations sub
mitted to- the meeting are subject to the
pleasure OF Chairman n Morton. and none
has yet been accepted, @ u! s3S s# # $&
Ryan Takes Control. 3.3
h Mr.. Hyde "divested' himself Of the ma
jority, but retains a substantial interest
( In the society. The interests to VIII ich !
MIR. Hyde disposed Of his stock mum ber
some two score individuals led by Thorn
as F. Ryan, president of the Nor
ton Trust Company, which has close re-
lations with the Mutual Life Insurance
Company, one of tho Equitable Society's5
principal rivals. The men requested to
hold the majority stock by Mr.. Ryan are
IoroS nj
George Westinghouse, OF Pittsburg. and
Morgan j. Bren. recently elevated TO-
the chief justiceship Of the appellate di-5
vision Of the Supreme Court OF this dis
trlct. 4i,3 sF
Concerning the purchase OF the Equita-3t
ble stock and the disposition Of it.
Thomas F. Ryan said: n; "a ss5 y 5si
in connection with some other pol s
h ICY holders, who, like myself never "
have had any relations with the Equi-
table except as pollcy-holders, l have s5#
purchased from Mr. Hyde a majority
OF the stock OF that society. We Shavo
made this purchase for the sake OF
putting an end to the present unror-35
Ks tunate condition Of the company.s
e affairs, not only In tho interest Of the
policy holders, but for the general
business interests Of the entire coul.-385
try. We purpose. upon rsceiving TIL. ~
stock. to Immediately dlvest ourselves
VI VOlIus pOWSt anu etSSSAhPA'oAA -
substance and effect the plan of n1u-
tuallzauon already approved by the
superintendent OF insurance. ,
The selection of Mr.. Morton. In the
opinion OF those who have followed
events, Is in the nature of a compromise
and victory for the Hyde faction. In
any event, the outcome was seemingly
surprise to some Of the members of tho
so-called Alexander forces,
a'sa Co1,,+; rs Tro,,h1a lF
Mr.. Morton left the Equitable building
by private exit and went to the Morton
Trust Company. where he was closeted
with Mr.. Ryan and several others, in-.
Guiding Mr.. Untermeyer. Mr.. Morton
declined to discuss the meeting. except
to say that he had relinquished the posl-%
ton as chief of the Metropolitan Trao-
tion Company and Its proposed subway
extension, and that he had accepted the
Equitable craftsmanship.
Mr.. Morton's election Is believed to
mean the solution OF the controversy when
began between the Hyde and Alexander
factions In the Equitable Society soma
six months ago. and which became pub
slcy known In February Of THIS year.
There were charges OF irregularities and
gross eXtrayagances on both sides. the
fight at times waging with such bitter
ness as 10 threaten the welfare OF the
institution, which numbers some 6,O,OOU
poicy-holders with assets in excess OF
$40O, 100000 and surplus estimated at