Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1905-06-16
A NEW HEAD FOR
THE EQUITABLE
sHcBETARY MORTON is ELECTED
AND ACCEPTS cHAIRMANsHIP
ALEXANDER AND HYDE OUT
Resign Their Positions, and the Latter
Relinquishes Majority Control
Of the Stock, But Retains
Substantial Interest.
ALEXANDER AND HYDE OUT

New York, June 1O.-Paul Morton,
who retires from the secretaryship OF
the navy on July l, was on Friday
elected chairman of the Equitable Life
Assurance society. His election marks
the hrst and most important step in
the reorganization OF the society and
was followed by the tender OF the res
ignations OF President James w. Alex
ander, Vice President James H. Hyde,
Second Vice President j. G. Tarbell,
| Third Vice President George T. Wilson
and Fourth Vice President William H.
| Mcintyre. Mr.. Morton, as explained
| by Senator Chauncey NJ. Depew, was
the unanimous choice of the board of
directors of the Equitable, although the
meeting was not altogether harmoni-
Gus. 1t is known that Brayton Ives
and Charles Stewart Smith, who were
| from the outset of the controversy on
the side of the conservative element,
| protested against some OF the proceed
ings of the meeting and are believed
to have voted against Mr.. Morton's
election. The new chairman, to fur
Their quote Senator Depew, did not con-
sent to take Office until he had re-
ceived positive assurances that he
would have a free hand as to meas
ures and men,"
All OF the designations submitted to
the meeting are subject to the pleasure
of Chairman Morton, and none has
yet been accepted. Just what action
Mr.. Morton will take as to these res
ignations was not disclosed, but it was
strongly intimated that President Alex
ander and Vice Presidents Tarbell,
Wilson and Mcintyre retired with the
belief that their executive relations
with the Equitable had ended.
Hyde Gives UP Control.
Mr.. Hyde "diyested" himself of the
majority control, but as made clear in
his letter to the board, retains a
substantial interest in the society.
The interest to which Mr.. Hyde
disposed Of his stock number
some two score individuals, led
by Thomas F. Ryan, vice president Of
the Morton Trust company, which has
close relations with the Mutual Life
Insurance company, one of the Equita-
BILE society's principal rivals. Mr. Ry-
an is said to be heavily insured in the
Equitable as are, according to report,
many of the others who acted with
him in the purchase OF the Hyde hold
ings.
/ The price paid for the Hyde stock,
which is to be trusted practically in
perpetuity, was not disclosed, but esti-
mates vary from $3,500,OO0 to $5,0SO,-
600. In addition to the SOP shares held
by the Hyde estate, which includes the
widow of Henry B. Hyde, founder OF
the society, and his daughter, Vice
President Hyde is said to hold between
100 and 10 shares, and it is these
holdings which Mr.. untermeyer re-
fers to as the substantial interests, .
which his client retains. Mr. Inter
meyer makes this statement relative
to the Hyde interests in statement
quoted below. He has since the begin
ming OF the Equitable controversy act
cd as Mr.. Hyde's counsel.
The men requested to hold the major
ity stock by Mr.. Ryan are former Pfesl-
dent Grover Cleveland, George Westing-
house, of Pittsburg, and Morgan j.
/ OBrien. recently elevated to the CHIEF
justiceship OF the appellate division o,
the supreme court of this district. MT
Ryan is the acknowledged head OF the
Metropolitan Traction companies, and
n only fortnight ago induced Mr.. Nor
ton to ally himself with this interest as
the operating chief of the New York Cit,
J, Railway company, by which title tht
kstrurentan surface lines and their AZ