Daily Kennebec journal., 1905-06-12
viii Handle Hyde's Con.
trolling Equitable Stock,
They Will Have Naming 4
Twenty-eight New Directors,
Chairman Morton Gives Outline Of His p,ts
for the Socieb's Future,

New York, June 11.--Ex-Prss,..
Grover Cleveland. George Wes,i.n'
house and Justice Morgan ]. op,i|
Saturday. accepted -hc trusteegbIn :.
the Equitable Life Insurance socia,,S
stock offered them by Thomas r py..
who heads the syndicate which has =
cured control of the society.
Paul Morton, the newly elso,.,
chairman of the board Of direc,nrV
said today, that in his plans for -
organization he intends to consid,.
first Of all the interests Of the poIior
holders.
You can say for me-" said Mr.. Mor
ton, that my watchwori in nv con
nection with the Equitable Life Assn.
ance Society will be, for the best n.
terests of the policyholders.'
II do not propose to reflect in anv
way OH the former management. I sim.
ply take matters as / find them ana
shall give all my efforts to carry IN
the society in the proper way.
Il fully appreciate the honor tha,
was done me by the directors of tho
Equitable in selecting me to act AZ
their chairman. 1 can only say that
shall do everything in my power to ad.
minister the affairs of the society in
such a way as to deserve the fullest
confidence of the policyholders and
public generally"
Mr.. Morton will be the active head
of the society, and the trustees will no.
only name % directors, majority o.
the board. upon recommendation Of the
policyholders, but select the other ?.
directors to represent the stockholders.
Although James H. Hyde has sold
his stock in the company. and his
resignation, together with those q
President Alexander and the threa
other vice presidents is i'm the hands
of Mr.. Morton, it is now regarded as
extremely unlikely thai Mr.. Hyde will
be retired from the vice presidency.
That Mr.. Morton will find it desirable
to accept the designations of President
Alexander and Second Vice President
Tarbell is regarded as certain, however,
and there are many who believe tina.
the retirement of the two men. whom
Mr.. Hyde blames for the troubles that
have made it necessary for him to dis
pose of his stock, was made one of the
conditions of the stock transfer.
Mr.. Ryan purchased the Hyde hold
ings upon condition that Paul MortoL
should be elected chairman Of the
board, and Mr.. Hyde is understood u
have required before closing the deal
that his enemies should be forced out.
Mr.. Morton has announced that the
designations will not be acted upon IN
til after State Supt. Hendricks has
made his report.
1t is the general belief also that Mr..
Hydes friends and supporters. Sd Vice
Pres. George T. Wilson, 4th Vice Pres.
William II. Mcintyre and Henry Rog-
ers Winthrop, secretary CT the eXecu-
tive committee, will be retained.
Mr.. Morton spent part of the day
in conference with Pres. James w.
Alexa nder and Vice Pres. Hyde. Will
son and Tarbell, in Pres. Alexanders S
Office. Mr.. Morton said afterward that
he had called a meeting OF the execu-
tive committee of the Equitable socie-
ty. for Wednesday.
Brayton Ives resigned rs a director.
Saturday, he being one of those oppos-
ed to Mr.. Morton, and August Belmont
issued a statement in which he ap'
proved of Mr.. Morton's selection. and
stated that he had not opposed him.
Both the letter of Mr.. Ives and the
of Mr.. Belmont reveal one
thing of interest. that only those in on
the deal were allowed to know that the
Ryan syndicate had lought the Hyde
stock until after Mr. Morton was elect
ed. 1t is evident that some of those
behind Mr.. Morton were afraid that
the knowledge of their control Of the
society might operate against Mr.
Morton's candidacy.