The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1905-06-22

New York, June 2l,-The aeceptanc
by Chairman Paul Morton of the res
ignation of James W. Alexander an
James Fl. Hyde as president and frs
! vice. e.president respectively of tn
Equitable Life Assurance Society i
ordered, according to the World to hav
far reaching effect ON the Office stat
of the executives. 1t is also expected
the World adds, that Mr.. Hyde vii
shortly retire from several offices il
controlled financial institutions and il
likely to resign from the directorate'
of the 81 corporations to which he
was elected because of his ownership
of majority of the stock of the
Equitable Society.
] The designations of Mr.. Alexander
and Mr.. Hyde. accepted yesterday were
for their positions as officers of the So
ciety, and not as directors. Both oi
them it is believed, will resign as di'
rectors within few days.
Although Chairman Norton refused
to commit himself on the subject it is
understood no effort TO elect new pres
ident or first vice-president Of the So
ciety will be made until the Board OF
Directors has been reorganized on the
mutual plan by the three trustees of
the Ryan stock, Grover Cleveland
George Westinghouse. and Justice Nor
gan j. 0'Brien.
Mr.. Ryans first choice for the man
to succeed Mr.. Alexander is said to be
former President Cleveland.
Samuel Untermeyer, chief counsel for
Mr. Hyde, is quoted as having said
that the acceptance of the resignation
did not come as surprise either to
Mr.. Hyde or those of his friends who
were aware of his wishes.
Mr.. Untermeyer said that the action
of Mr. Morton "Was in compliance
with Mr.. Hyde's expressed wish"
when he parted with his controlling in
terest in the stock and that since the
sale of the stock Mr. Hyde had re-
peatedly asked that action be taken on
his resignation, so that he personally
might be relieved of the duties of his
Office and that the new administration
might be relieved of any possible em.
barrassment.
This, Mr.. Untermeyer declared, was
of the plan under which the stock was
transferred to Thomas F. Ryan al
though Mr.. Hyde and his friends, as
large stockholders, would continue to
take an active part in the society.
1t is announced by another newspaper
today and on what is claimed the best
of authority, that frequent consulta-
tions with eminent lawyers, together
with the three trustees, Mr.. Cleveland,
Justice 0'Brien and Mr.. Westinghouse
taking the stand that as fast as the
developments of the accountants are
ready he will prosecute all persons
who may be found to have abused
their trust by using the funds Of the
society for their own personal ventures
and private profit.
The chairman, his legal advisers, and
the trustees, it is further asserted, will
attempt through the courts, to compel
the restitution to the policyholders of
all moneys diverted in any manner
during the last Is years. The allega.
cation is made that the accountants
already have made discoveries of d
surprising nature.
Many suits are, it is intimated, al.
ready in contemplation and will be
brought just as fast as the develop.
ments warrant the preparation of the
papers with the object of compelling
the restitution of all profits which can
be proved to have been acquired through
the use Of the society's funds.
The lawyers and other advisers Of
Chairman Morton and the trustees, it
was further stated, already have looked
over the books of the society for the
last fifteen years, and have become
conversant with the statue
Of limitations, and are prepared to
move in the matter. As result Of
the investigation by the accountants
already made, three directors, formerly
very active in the society and auxiliary |
are said to have been
slated for prosecution. Two men con
nected with an auxiliary financial in.
stitution also are mentioned.