The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-01
NORTON REPLACES ]. 4, HYDE.
NEW CHAIRMAN FOR EQUITABLE
EXECUTIVE COMMITTEE.
william II. Mcintyre, Dropped rs Fourth
vice.Presiient, Was Close to Hyde
More Directors DisEorg syndicate
Pr0fits-Mr. Mayors Suits Delayed.


Profits-Mr. Mayors Suits Delayed.
James Hazen Hyde surrendered yester-
day the craftsmanship OF the Equitabe's
executive committee, and Paul Morton, the
new chairman of the board Of directors,
was elected to succeed him.
Mr.. Hyde's retirement was voluntary.
His resignation was presented and ao-
oepted at meeting Of the committee in
the afternoon. 1t was said for him after
the announcement OF his resignation that
he had expected ever since Mr.. Morton
assumed the reins in the Equitable to retire
from this position as we'll as from the office
Of first vioe-president, and that his relin-
quishment OF the craftsmanship was, in
fact, one Of the conditions on which Mr..
Morton consented to become the head OF
the society.
1t was said further for Mr.. Hyde that he
had no intention Of retiring of his own
accord as a member Of the committee,
although it was of course entirely possible
that he might be left out in the reorganza-
ton Of the committee. as provided for IN
the resolution recently adopted by the
board Of directors. This resolution was to
the effect that the committee shall be made
up of the president, first vice-president,
comptroller and four other directors.
Along with the announcement OF MIR.
Hyde's resignation came the statement
that Chairman Morton had accepted the
resignation OF William H. Mcintyre as
fourth vice-president. Mr.. Mcintyre placed
his resignation in the chairman's hands
at the same time with Alexander, Hyde,
Tarbell, George T. Wilson and Henry r.
Winthrop, to be acted upon at Mr. Morton's
discretion.
Mr.. Mcintyre has been in the Equitable's
employ for more than twenty-five years.
He began at the age Of IA years as Henry
B. Hyde's Office boy. Then he became
Mr.. Hyde's private secretary and conf
dental man and later assistant secretary
of tho society. Upon Mr.. Hyde's death
in 1909 he was elected fourth vice-presi-
den. at the same time that James H. Hyde
was made first vice-president.
Mr.. Mcintyre was very close to young
Mr.. Hyde. and Supt Hendrckss report
showed that his salary was increased from
$4,000 in 1900 to $4,000 in 1901, to $4,000 in
1902. to $4,000 in 1908, to $4,000 in 1905.
Besides this Supt. Hendricks showed that
Mr.. Mcintyre got yearly sS,4io in fees from
the Equitable society and six of Its affiliated
companies. Mr. Mcintyre was also one of
the biggest holders in the james II. hyde
and Associates underwriting syndicate.
Chairman Morton still has before him
the designations of Second Vice:pre 'ident
Tarbell, Third eice-Pres ident Wilson and
Financial Manager Winthrop.
Two other members Of the Hyde UNDER
writing syndicates, Henry {. Deming'
and Valentine P. Snyder president of the
National Bank Of Commerce. have made
restitution to the society Of the profits
which they got on the sale of securities
to the Equitable Demi WItts gave We H .s5 go
ander. this makes ST. 900 of the policy,
holders money that has been returned
to them. More is coming. 1t was said
yesterday that it is pretty certain now that
every director who participated IN me
with the possible exception Of Mr.. Hyde,
will disgorge voluntarily. Mr.. Hyde has
already asked the Acknowledgement to
bring suit against him to determine once
and for all the ownership Of the $4,000
be's cashier. The other directors who
we're in the syndicates are George H, Squire
and Mcintyre. who made profit OF $li,-
400 50. each; Louis Fitzgerald, who got
s2.2s4.4o, and 4. W. ,Krech, who made
$3,068.2l. Mr.. Krech, however, was exon
Grated in these transactions by the State
Superint endent, as he was not elected TO
the direct orate until after the syndicate
operations had been put through.
Mr.. Deming said yesterday that he had
returned the syndicate profits Immediately
after the Hendricks report was published,
out of Difference to the opinion expressed
in that document and in the Frick report.
He said that although he had not formally
rendered his resignation be had when
Chairman Morton assumed office told him
that he would resign at any time when the
chairman 80 desired
The decision OF the syndicate members
to follow the example set by ex-President
Alexander was brought about through
the cooperation OF the Attorney -General' s
Office and the lawyers whom Mr.. Morton
has selected to represent the society in the
efforts to compel restitution OF the policy
holders money. 1t was emphatically de-
clared that no immunity whatever went
with the action of the syndicate members.
If they should be found guilty Of the viola
ton OF any law, i was said, they would have
to pay the penalty just the same as though
they had not turned in their profits voun-
tarily.
Attorney General Mayer came to this
city from Albany yesterday and spent
81 William street, He is being delayed
in the preparation Of his proposed actions
against Equitable officers and directors
by the failure OF the State Insurance De-
partment to place at his disposal copy OF
the testimony taken in the Equitable in
vestigation. This delay. it was said, was
unavoidable, as the compilation Of the tes-
timony in practical working shape was
a most difficult job. The Attorney-Gen-
eral expects to have it in his hands early
next week. Until then he will not he able
to make any definite announcement as to
the persons against whom he will bring
actions. Wayne MacVeagh called on At
torney-General Mayer Yesterday in the
interest of group of Philadelphia policy
holders. He was with the Attorney Cen
eral for about an hour. 1t was said that
he was contemplating. no legal action,
but that he wanted to obtain for the Phila-
delphia policyholders a general under
stan ding of the situation.
WASHINGTON, June 3O.--Paul Morton quit
the Government service this afternoon and
started on night train for New York,
where he will take up his duties tomorrow
as the practical head OF the reorganized
Equitable Life Assurance Society and be-
como associated with other interests OF
Thomas F. Ryan. Mr., Morton said good
by to the naval bureau chiefs to-day, and
at the same time presented them to Charles
J. Bonaparte OF Baltimore, his SUCCESSOR.
Mr.. Bonaparte will take the oath OF Office
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