The Providence news. (Providence [R.I.]) 1891-1906, 1905-06-10
MORTON LEADS The
EQUITABLE; HYDE RESIGNS
Continued on page Eight.

way extension and that he had accepted
the Equitable charmanship
Last evening Mr.. Ryan made public
the following letter 10 Mr.. Clevclani,
named as one OF the trustees. Copies
Of this letter were also sent 10 Justice
o'Brien and Mr.. Westinghouse:
LETTER TO MR.. CLEVELAND.
MY Dear Mr.. Cleveland-You may pc
aware that a bitter controversy exists
regarding the management OF the Eauit-
able Life Assurance society and that
public confidence has been shaken in the
safety Of the fund under the control
OF a single block OF stock left by the
late Henry b. Hyde. This loss OF conn-
dence affects great public trust OF more
than 500 600. representing the savings
OF over COO. 900 poicyholders. and the pres
ent condition amounts TO a public mis-
fortune
In the hope OF putting an end 10 this
condition and in connection with change
In tho active management OF the society.
] have. together with other policyholders,
purchased this block Of stock and 9rC-
pose 10 put it I'm the hands OF a 5oard
of trustees having no connection with
Wall street, with power 10 vote Il for the
election Of directors. as To 2S OF the ~
directors I'm accordance with the instruc-
tions of the policyhoders OF the society,
and as TO the remaining - directors I'm
accordance with the uncontrolled iudg-
ment of the trustees.
This division OF IS and 81 is in accord
ance with plan OF giving substantial
control to policyholders already approved
by the superintendent OF insurance
II have written similar letters TO Jus-
uce Morgan J. O'Brien. presiding Justice
OF the appellate division OF our Sunre ne
court. and 10 Mr.. George Westinghouse
OF Pittsburg. two OF the largest pollcy-
holders I'm the society
THOMAS F. RYAN"
BELIEVED TO BE SOLUTION.
Mr. Morton's election is believed IN
mean the solution of the controversy
which hogan between the HYDE and Alex
ander factions In the Equitable society
some six months ago and which became
publicly known in February Of this year.
There were charges OF Irregularities
and gross extravagances on both sides.
the fight at times waging with such bit
terness as TO threaten the welfare OF the
institution, which numbers some COO oon
policyholders with assets i'm excess of
An,oo0.o0 and surplus estimated at $50
100000
Chief among the charges preferred nv
Vice President HYDE was that Presi-
dent Alexander. as a trustee OF the HYDE
stock, was desirious OF wrestling control
from the estate
on the other hand II was charged by
Mr.. Alexander that Mr. HYDE and his
friends were conducting the affairs OF
the society without regard for the welfare
Of the policyhoders
INTEREST IN PAUL. MORTON.
In financial and railway circles intor-
est Will doubtless be excited i'm Mr. Nor
tons elections because or his close rela-
tions with the Ryan interests
As is generally understood these inter
ests have formed coalition with the New
York New Haven and Hartford road
by which II is believed something more
potential than n consolidation OF the
local surface roads with the proposed
additional subways is aimed at
Mr. Belmont, as the head Of the Tnter
borough Rapid Transit company. or exist.
ing subway lines. is making every etfor.
to defeat the plans of Mr.. RYAN and his
friends with regard to the new under
ground roads
Mr Belmont was one OF the commit,
toe which nominated Mr. Morton and his
attitude In this connection is likely 10
create the impression the Interhoroueh-
metropolitan interests have reached or
will reach some definite understanding
with regard to the future develo opments
OF the underground road
Charles Stewart Smith. in an interview
last night. declared he had favored Mr.
Morton for the craftsmanship "all re
ports 10 tho contrary" He added he was
perfectly satisfied with the results Of the
days meeting
Justice Morgan J O'Rrien said las,
night that he regarded II as a public duty
Tor him 10 accept the office OF trustee.