New-York tribune., 1905-07-27
PAUL NORTON PRESIDENT.
HEADS THE EQUITABLE
Mrs. Hyde's Pension Discussed
Haynes Charges Investigated.


yesterday, Pau. Morton. brought in as chairman
~ the board with plenary powers 10 effect =
reorganization silence the criticism o. the
society. elected president by the directors
AZ the special meeting of the board to-day the
0rnce of chairman created as one OF the rrsr
Official acts in the reorganization made neca.
sary BY the rsctionsl fights. will probahly be
abolished by amendments 20 the bylaws The
election of Mr.. Morton ss president has done
away with the necessity cor the other place. a
majority OF the directors believe
NJ Morton's salary was not discussed AZ the
hoard nesting President Alexander received
100000 a year, and IL is expected that Mr.
Morton VIII receive that amount less the %
psr cent reduction be ordered making his salary
SS00o0 q year.
James W Alexander. whose resignation as
president was rendered 10 Mr Morton Oh his
election chairman presented his resiEna-
ton as a director 70 the board yesterday. II
was accepted. and Mr.. Alexander ends a con-
nection OF nearly forty years with the Eoui-
,sbie The resignation Of Nevada Y Strana-
bar. nsaled as one OF the policyhoIders' direct
Ors by tie trustees. was accepted also.
Two new directors suggested by the trustees
were named AZ the meeting. and VIII be elected
~ the special melting to-day. They are Ernest
3 Krutschnitt a vel known lawyer Of New
orleans and George + Victor. OF this city
member of the orygoods nrn OF Frederick Vie
tor 4 Achelis-
W A DaN named as temporary controller
oy Mr. Me-son. in p}sce OF Thomas D Jordan
was elected permanently 10 thar place.
z. B. Thomas, one OF .he new directors 80
elected 10 TIE executive committee Beyond
thls, no REORGANIZATION oc The executive com
n-ttee IS contemplated for some time II was
learned YESTERDAY The old finance committee
hss been done away with entirely its work
being done by the executive committee No
vice-presicent VII: be elected for some time
NJ. Morton sevs
majority of the directors present were the
new men. among them D. Cady Herrick. z. b.
Thomas and E ". Bloomingdale. James Haz4n
Hvde was not there. although he was around
re Equitable Building all day His absence
gave rise 70 e story rhSt he had resigned as d.
-ecror. This Mr.. Morton denied M HYDE him
se- said that he had not resigned and did rot
intend 70 90 anything of the sort A friend said
that he had not attended the meeting because
he knew that his mothers pension would be dis
eusse6.
MRS HIDES PENSION DISCUSSED
The only discussion aroused by any ot the
business routine came when this S1,hsac+ was
aiken Up. This pension and several otha-s
which have been paid 5y the EQUITABLE. in the
opinion OF many of the diuectors should be
cur OF 81 once.
some u the old ones however. remembered
nat A-r- Hyde's pension had been paid TO her
n consideration OF the giving I'd by Mr.. Hvde
~ certain commissions on business written ~,
hfna- II Was considered doubtful whether there
were not tschnioalities which would prevent the
Topping on ~ this S25 000 a year Finally the
pension question was referred 70 q ETaecisl com
rnirtee, consisting Of Colonel 7. :. RcCnok VIII
ar Whitrnsa, or Boston, ana c. H Zehnaer Of
Ffiladelphis- The committee win report 10 the
special meeting this morning
some Of the pensions on the EouitabIe's list
hestdes Mrs Hyds's are psio 20 ]. b Iortng a
i--lreo registrar, S3-Joo year. and Mrs Sam
ueI BorroWe, wife OF a former second eice-presi-
cent, 5000 year. George H squire's $4,000
yesr has besn cut Of. Dr. Curtis formerly q
medical director. IL seid 10 draw pension OF
-aour S12.ooe yesr. and the widow of rr Lam
'err. another medical director Is said TO receive
ike amount.
a nave been elected president Of the society in
.YIsce ~ Mr.. A Alexander" said Mr.. Morton after
fre meeting. "a is entirely unlikely that I shal
s~rinue a. chairman o. the board holding the
lual place. ~ to-nnorrow's meeting il is likely
t1a- the bylaws VIII be amended 10 abolish the
chsir-Tsnship. ss the directors believe now that
n viii be unnecessary tC maintain that orfice.
7 announced 10 the boord to-day that by re-
5ucrlon in sal1ries and the working force by the
cutting down OF commissions and through resis-
nations. yearly saving of 100000 viii be
=rscted
The financial report for the business written
On rhe first six months o. this year read 10
the board. n was very satisfactory. in spite OF
cu The trouble the society has gone through.
Th- directo-s all were Eruln pleased with il. Il
ves S1rprisinEly good. The pocyhOlders need
have no fear as 10 the s0Ivency Of The Equitable,
although hardly think aHy DolicyholGer has
ever questions that
Archibald c. Haynes. the general agent who Is
critcising sfr. Morton ana accusing Gase T.
Ts-DeI OF breaking MS promises. and Mr. Tar
Dcu were summoned before SIR. Morton yester-
day Mr Morton had said earlier in the day
t.st he ancR nothing a5oat sIT I-aynes's con
teutiors and had seen no copies OF the letters
which NJ Haynes had said passed between him
snd Nr Tarben Alr- AT0rton's attitude as he
sid u indicated tnat h. intended 10 make an
lnvesti CATION of the affair.
What passed al the Interview yesterday was
rot divuged. Mr Haynes and NJ Tarben both
refused 10 talk. and NJ. Morton would say moth
ing
II vas said however. by sore OF the agents
that Afr Hayres hos *old Mr Morton that prob
a8ly he Was being greatly deceived by the state
ueuts showing that the Equitable was doing
Food business These could be prepared 20 show
good volume Of business written. they said
hut unless the actual paid for business was con-