The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1905-07-05
BIG EQUITABLE SHAKE-UP.
Paul Morton Chosen as Head Of Lie
Assurance Society.
fYDE AND ALEXANDER RESIGN

TarbeIl and the Former Officers Also
Out-Grover Cleveland, George West
inshouse and Justice o'Brien Are
Asked to Serve as Trustees-Hyde ke-
tains Seventy-fve Shares OF His Stock
New York City. Matters or the
greatest Importance to the policy hold
ers Of the Equitable Life Assurance
Society and to the public generally
were announced after the meeting OF
the socicty's Board of Directors.
Briefly. they were:
!. James IIazen Hyde. the sooiety's
first vice-presidcnt and the controlling
factor in its management. has sold q
majority of the society's capital stock
to a group of policy holders represented
by Thomas +. Ryan, vice-president OF
the Morton Trust Company.
.. One of the conditions Of the sale
is that the stock shall be placed i'll the
hands Of trustees in p~erpetulty. THESE
trustees to be vested with power 10
elect twenty-eight directors rs desig'
nateQ by the pollcI uOiuelS.
j. Paul Morton. Gecretary of tie
Navy. has been elected Chairman OF
the Equitable Board Of Directors, with
plenary power over all the officers ana
affairs Of the society.
4. The designations Of James w.
Alexander, president; James Hazen
Hyde. vice-president: Gage L. Tarbell.
second vice-president; George L. Will
son. third vice-presiGent, and VIM. I'll.
Mcintyre. fourth vice-president, have
been placed in the hands of Mr.. Nor
ton. subject to whatever action he may
deem necessary after State SuperIn-
tendent Francis f. Hendricks has
made public his report Oh the lnvestl-
cation of the EQuitable's affairs.
Secretary Morton was the almost
unanimous choice of the board. Bray
ton Ives, who was q member Of the
Frick investigating committee, voted
against him. 1t was reported that
Charles Stewart Smith also voted
against Mr.. Morton, but he said that as
soon as the move was fully explained
he joined the majority. ~
August Belmont voted for MIR. Nor
ton. He had opposed in every way III
the meeting OF the nominating COM
mittee any change which would lead.to
the selection of Paul Merton or Of the
trustees who are to rehabilitate the So
ciety, and it was not until Mr.. Belmont
saw that he could. not stem the Ma
CARA which insisted on a thorough
Louse-cleanins go that the society may
begin all over again with economical
measures and strict life insurance
methods that he succumbed. AS 4 mat
ter of fact it was only at the very last
moment that Mr.. Belmont seemed to
see the handwriting on the wall and
accepted it.
MI. Morton was escorted into the
board room by 4 committee of three
directors. and accepted the place after
he had made it plain that he would
come into the society only with the un-
Outstanding that there should be no
strings on him and that he would be
free TO recommend the retirement OF
the present officers rs he saw fit.
MI. Morton announced after the
meeting that he would resign the posi-
ton which he accepted recently as head
of the Metropolitan syndicate for the
construction of the new subway IN this
city. at that time he said that he
would retire from the Cabinet Gil July
!. and it is understood that be will not
assume control Of Equitable affairs un-
til after that date.