The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-01
MORTON REPLACES j. 4. HYDE.
NEW CHAIRMAN FOR EQUITABLE
EXECUTIVE COMMITTEE.

william II. Mcintyre. Dropped as Fourth
vice-President, Was Close to Hyde
More Directors DisgOrge Syndicate
Pronts-Mr. Mayors Suits Delayed.
James Hazen Hyde surrendered yester-
day the craftsmanship Of the Equitaole's
executive committee, and Paul Morton. the
new chairman of the board OF directors
was elected to succeed him.
Mr.. Hydes retirement was voluntary.
His resignation was presented and 40
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 well as from the ONCE
Of first vice-president, and that his relln-
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 member Of the committee
although it was OF course entirely possible
that he might be left out in the reorganlza-
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 Mr.
Hyde's resignation came the statement
that Chairman Morton had accepted the
resignation Of William II. Mcintyre as
fourth yce-president. Mr.. Mcintyre placed
his resignation in the chairmans hands
at the same time with Alexander, Hyde,
Tarbell, George T. Wilson and Henry r,
Winthrop, to be acted upon at Mr.. Morton 8
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 the society. Upon Mr.. Hyde's death
in 1909 he was elected fourth vice-prtssi-
dent at the same time that James h. hyde
was made first vice-president.
Mr.. Mcintyre was very close to young
Mr.. Hyde, and Supt Hendricks; report
showed that his salary was increased from
SO 900 in 1900 TO S12 900 in 1901, to $50 900 in
1902. to $25,oOO in 1908, to $4,000 in 1905.
Besides this Supt. Hendricks showed that
Mr.. Mcintyre got yearly ss.4i0 In fees from
the Equitable society and six of its affiliated
companies. MIR. Mcintyre was also one Of
the biggest holders in the James II Hyde
and Associates" underwriting syndicates.
Chairman Morton still has before him
the resignations of Second Vice-President
Tarbell Third vice-President Wilson and
Financial Manager Winthrop.
Two other members of the Hyde UNDER
writing syndicates. Henry c, Deming,
president of the Mercantile Trust Company.
and Valentine p. Snyder, president OF the
National Bank Of Commerce, have made
restitution to the society OF the prohts
which they got on the sale OF securities
and Snyder $l.5lO52. With the $4,000
dsgorged by ex-President James W. A lex
ander, this makes 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 nat
syndicate transactions with the society,
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
ble's cashier. The other directors who
we're In the syndicates are George II. Squire
and Mcintyre. who made profit OF $l4,-
42O so. each; Louis Fitzgerald. who got
S3Oes.21. Mr.. Krech, however. was exon
Grated in these transactions by the state
Supernt endent. as he was not elected to
the directorate 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 he had when
Chairman Morton assumed Office told him
that he would resign at any time when the
chairman SO desired.
The decision Of the syndicate members
to follow the example set by ex-Presdent
Alexander was brought about through
the cooperation of the Attorney Generals
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, it was said, they would have
to pay the penalty just the same as though
they had not turned in their profits volun-
tarily.
Attorney General Mayer came to this
city from Albany yesterday and spent
tne greater part Oh tNe Gay III HIS ollltt, az
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
most difficult job. The Attorney-Gen-
eral expects to have it in his hands early
next week. Until then he will not be 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-Gen-
eral for about an hour, 1t was said that
he was contemplating no legal action,
hut that he wanted to obtain for the Phila-
delpha polcyholders a general UNDER
standing Of the situation.
WARRINGTON, June 3O.-Paul Morton quit
the Government service this afternoon and
started on a 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-
come associated with other interests of
Thomas F. Ryan. Mr.. Morton sad good