The San Francisco call., 1905-06-10
MORTON
IS SELECTED
AS CHAIRMAN
Continued From Page !, Column 3.


Continued Prem Page I, Column 8.
with Wall street. with power to vote
the stock for the election Of directors
as to twenty-eight directors in acord-
ance with the instructions of the policy
holders Of the society and asNto the re-
naming twenty-four directors in ac-
cordance with the uncontrolled judg-
ment cf the trustees.
This will at once accomplish the OBJ
ject of putting the control OF the COM
pany in the hands of the policy holders
and will eliminate entirely the one-man
power to which so much objection has
been made
VICTORY FOR HYDE FACTION.
The directors of the Equitable went in
to session this afternoon at o'clock. For
some hours prior to the board meeting.
Messrs. Depew, Belmont and Moffat, who
with Douis Fitzgerald and j. B. Forgan
of Chicago constituted the nominating
committee, were in session.
The selection of Morton, in the opinion
of those who have followed events, is in
the nature of compromise and victory
for the Hyde faction. In any event. the
outcome was seemingly surprise to
some members of the so-called Alexander
forces. There were two sessions OF the
board, recess being taken at 5 o'clock
this evening when a committee consisting
of Senator Depew, Belmont and Moffat
was appointed TO notify Morton, who had
already been elected director. The com
mittee spent almost an hour looking for
Morton, who was escorted into the room
between files of expectant employees. AS
the door closed behind him, the sound Of
hand-clapping was heard. The session
following the recess was comparatively
brief, the first director to leave being
Ives, who. it has been reported about the
corridors, was a candidate for the chair
manship of the board.
Then Depew came out and gave an in
formal summary OF the action of the di-
rectors President Alexander, who was
with the Senator, acquiesced in the state
ment. 1t was after clock when the df-
rectors took their final adjournment
Hyde proce eded to his private Office,
where, after a consultation with his law
yers, he issued a letter in which he de-
clared that since the legal rights of the
stockholders had been determined by the
Supreme Court of the State, he had deem
ed it to be for the best interests of the
society to part with a majority of the
stock in such a form that no individual
should contest.
ASKS CLEVELAND TO ACCEPT.
He mentioned that he would retain a
substantial stock interest, and expressed
the hope that he should continue to be
identified with the Equitable.
Following this was the tender of his
resignation as vice president. Later came
Untermeyer's statement, which follows:
MIR. Hyde has sold a majority of the
stock to a representative of the policy
holders represented by Thomas F. Ryan
and of whom he is one. Mr.. Hyde retains
i
tinue to be identified with the company.
All the officers including Mr.. Hyde have
placed their designations in the hands of
Mr.. Morton, subject to the control and
disposition of Mr. Morton. The interests
of the policy holders have been most care
fully safeguarded by Mr.. Hyde as will
be apparent from the terms of his letter
to- the board"
This evening Ryan made public letter
to Cleveland, named as one of the
trustees. Copies were also sent to Justice
OBrien and Westinghouse.
After reviewing Equitable affairs in the
letter Ryan asks Cleveland to accept
place on the board of trustees, saying:
ST beg you to act as an agent of this
board with other gentlemen, who shall
be of character entirely satisfactory to
you.
II should not venture to ask this of you
on any personal STOuIiOS, Uul u ItSiOIe
this great trust, affecting so many peo-
pie of slender means, to soundness and
public confidence would certainly be a
great public service, and this view en-
boldens me to make the request"
Morton's election is believed to mean
the solution of the controversy which
began between the Hyde and Alexander
forces and the establishment of the re-
forms demanded.
Interest in the report of superintendent
of Insurance Francis Hendricks will be
heightened by to-days events, 1t having
been declared for several days that one
or more of the men proposed for the
chairmanship of the society felt con-
strained to decline until they knew the
extent of the superintendent's findings.
Hendricks expects to complete his report
this week and submit it to Governor Hig-
gins by the 18th Of June.
Justice Morgan ]. O'Brien tonight an
nounced his acceptance of a place on the
board of trustees of the society
Charles Stewart Smith, in an interview
tonight, declared that he had favored
Morton for the Craftsmanship despite "all
reports TO the contrary" He added that
he was perfectly satisfied with the re-
suit of the days meeting.
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