The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-10

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r he thought his action was the most mag
nihcent exhibition of public spirit and un-
selfshness that he had ever encountered
. within one hundred miles of Wall Street.
HYDE HAD MANY OFFERS.
Mr.. Untermyer, with William c. CULVER
represented Mr.. Hyde in the negotiations
for the transaction. Although the deal for
the sale Of the stock was not consummated
until 10 O'Clock yesterday morning. a few
hours before the board Of directors went
into session, Mr.. Hyde was approached
tives Of some Of the largest of the Equi-
table s policyholders in regard to the trans
action. Previous to that Mr.. Hyde had
had the two offers referred to above nd
also had been approached repeatedly by
persons representing banking combina-
tions.
1t was declared last night that he had
held out against al of these offers because
he had made up his mind that If he ever
such a way that the one man control Of
the society would be perretuated.
The proposal was made to Mr.. Hyde
that these policyholders would get together
This, ii was said last night, was the only
proposition that seriously, appeal led to
him. He had declared that he would never
go out Of the society under fire, but that
was before he realized to what an extent
the scandal was going to leopard the
society's business interests
When the policyholders' offer made
to him he had come to appreciate thor
oughly that the society was facing most
serious conditions thar the situation de-
manded enormous concessions on his part
or great loss to all concerned in the insti-
tuition Mr.. Hyde il was said last night
feels that he has done the only manly thing
and regards his resignation and surrender
n Ia OF M anti, n no u nf u
Under fire. He will. it was decla red last
night, stand up and fight to the end the
charges that have been made against him
just As hard as he would have if the sale OF
his stock had never been made.
II the Superintendent of Insurance finds
against him he intends to fight the matter
in court, it was said. regardless Of the fact
that he has turned his resi- gnaticn over to
Chairman Morton, to lie acted uIN n at his
discretion I his was taken to mean that
Mr. Hyde would. if Mr. Morton recon-
mended his retirement, make fight against
any attempt which Supt. Hendricks might
bring to have him ousted as director of
, the society
The representatives of the policyhoders,
, when they first approached Mr.. Hyde
were told that if Mr. Hyde could he assured
that the control of the stock would be dis
tributed and that the society would not be
! put into the hands Of the agents under the
! form of sham naturalization the propose
would lie favorablv cons dered. The entire
negotiations were conducted with the utmost
! secrecy and without tho slightest knowl-
edge of the other factions, past and present,
! in the society, of what was going on,
! NOMINATING COMMITTEES oUAHDAHY.
Mr., Morton's name was not suggested
| by the nominating committee which was
) appointed at last Wednesdays meeting
( for the purpose Of selecting a candidate.
candidate. 1t was composed Of Senator
| Channcey Nj. Depew David H. Mofat.
! August Belmont, j, p. forgan and Louis
! Fitzgerald.
/ The committee held meeting at II clock
/ in the Equitable Building. and had hoped
to be able to come to some definite con-
! clusion by one. the hour set for the meeting
! of the board Of directors.
At / o'clock, though, the committee was
as much at sea as ever and they asked for
two hours more. but could accomplish
nothing. Mr. Morton's name vas sug-
gested at the meeting of the committee.
but Mr.. Belmont opposed it.
pEPEw NAMED MORTON.
Mr.. Morton was nominated in the direc-
seconded by Mr., Moffat, Joseph H. Choate
and Judge George Gray Of Delaware also
were suggested. but the feeling was
general for Mr. Morton that their names
were never brought to vote.
The meeting Of the board Of directors
was called to order at 3 o'clock with Presi-
dent Alexander in the chair. The first
business to come up was the amendment of
the society's bylaws providing for the crea-
ton OF the new Office of chairman. 1t was
quickly &c spatchet and then Senator Depew
announced that the committee had failed to
decide upon candidate, He was of the !
opinion though, he said that definite action
ought to Ee taken al once.
The welfare Of the society and the in |
terests of the policyholders demanded it,
he said. II they could not get one man
for the place, they ought to get somebody !
else. He nom ..ted Paul Morton. After !
Mr.. Mofat he'd seconded it. the names
OF Choate and Gray were mentioned, but |
It was evident that there was a good deal |
OF uncertainty as to whether either would |
even consider the offer
Brayton Ives said that he thought it |
would he a mistake to take definite action |
in regard ia the chairman at the meeting. |
He was in favor OF postponing matters for |
a day or two. Nothing. he declared, could
be accomplished until Mr.. Hyde had di-
vested himself of the stock control
URGE HYDE To GIVE Up.
August Belmont and Charles Stewart
Smith pleaded with Mr.. Hyde to surrender
his stock in Some way fol. the, good of the
society. Mr.. Belmont said that the first
vice-president would surely be target for
the press and the Legislature to aim at AS
long as he held the stock The sooner he
Invested himself of the control the better
it would be for the society.
Brayton Ives spoke again. He declared
that there could re no real success for the
Equitable until the Hyde stock control had
been given up. The society, he asserted.
did not need the hot water treatment, but
the knife, and it, he declared, ought to be
used freely Whatever action was taken
ny the beard. Mr.. Ives said, must be in
accord with what the public wanted and
decidedly in the interest of the policy
holders.
After long discussion along these lines
Mr.. Depew's motion was finally put, and
was carried with only two dissenting votes.
The motion was then made and carried
that Mr.. Morton be elected a director Of
the society. A committee composed of Mr..
Depew, Mr.. Belmont and Mr.. Moffat, each
of whom served on the nominating COM
mittee, was appointed to find MIR. Morton
and escort him to the board room, and the
board took Il recess.
That was at 5J5 o'clock Half an hour
later the committee stepped out of an ele-
vator on the second floor Of the building
and started down the corridor toward the
Loard room. The corridor was crowded
with persons, many of them employees of
the society, but some who had teen at
tracted to the place merely out of curiosity.
In the crowd were good many of the So
ciety's general agents who have hurried
on to this city to see what they are going
to get In the way of advances since the
p,, rI ,.otal nj .v. WoJpaudn w.