Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1905-06-15

Secretary Of the Navy win Direct
Equitable Affairs.
HYDE AID ALEXANDER BOTH RESIcI



ed chairman Of the Equitable Life A.
surance Society. His election marks
the iiiEt and most important step ia
the reorganization Of the society and
was followed by the tender Of the res.
ignations Of President James W. Alex
ander, Vice President James II. Hyde
Second Vice President J. q. Tarhell,
Third Vice President George T. VIII
ron, and Fourth Vice President Will
liam H. Mcintyre.
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. 4
The new chairman, to further quote
Senator Depew, did not consent to
take ofice until he had received posi-
tive assurance that he would have a
free hand as to measures and men,"
Mr.! Hyde Invested" himself Of the
majority control. but, as made clear
in his letter to the board, retains a
substantial interest in the society.
All Of the negotiations 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, bit 1t was
strongly intimated that President AL
exander and Vice Presidents rarbell.
Wilson and Mcintyre retired with the
belief that their executive relations
with the Equitable had ended.
The interests to which Hyde disposed
of his stock number some forty indi-
viduals, led by Thomas r. Ryan, vice
president Of the Morton Trust com,
pany, which has close relations with
the Mutual Life Insurance company,
one Of the Equitable society's princi-
pal rivals. Mr.. Ryan is said to be
heavily insured in the Equitable, as
are, according to report, many Of the
others who acted with him in the pur
chase Of the Hyde holdings. The
price paid for the Hyde estate stock,
which is to be- trusted practically in
perpetuity, was not disclosed, but es
Inmates vary from $500 900 to 5000.
O0G.
In addition to tho bO2' shares held
by the Hyde estate, which include the
widow Of Henry B. Hyde. founder Of
the society, and his daughter, Vice
President tTvde 10 eaid to he'd hNt-"ocr
100 and 40 shares, and II is these
holdings which Mr.. Untermyer refers
to as the Substantial interests" which
his client retains. Mr.. Untetmyer
makes this statement relative to the
Hyde interests In a. statement quoted
below. He has since the beginning OF
the Equitable controversy acted as
Mr.. Hyde'e counsel
The men requested to hold the ma
jority stock by Mr.. Ryan are Former
President Grover Cleveland, George
Westinghouse. Of Pittsburg, and Nor
gan ]. O'Brien, recently elevated to
the chief justiceship Of. the appellate
division Of the supreme court Of this
digtrict.
Mr.. Ryan is the acknowledged head
Of the Metropolitan Traction compa-
MES and only q fortnight ago Induced
mr.. Morton to ally himself with this
interest as the operating chief OF the
New York City Railway company, BY
which title the Metropolitan surface
lines and their afillated companies in
Manhattan and the Bronx are Corpo-
FAtely known.
Concerning the purchase Of the
Equitable stcl'lS, and the disposition Of
It Thomas r. Ryan said: "
SIN connection with some other poll
icy holders who, like myself, have
never had any relations with the Eqit.
able except as policy holders, have
purchased from Mr.. Hyde q majority
Of the stock Of the society. We have
made this purchase for the purpose Of
putting an end to the present unfortu-
nate condition Of the company's AZ,
fairs, not only in the interest NJ the
policy holders. but for the general
business interests Of the entire coun'
try. We purpose. upon receiving the
stock, to Immediately diyest ourselves
Of all voting power and accomplish
In substance and effect the plan Of
naturalization already approved BY the
superintendent Of insurance. We pro,
pose TO do this BY conveying the stock
TO q board OF trustees composed Of
men Of such character az to command
universal confidence and having nc
connection with Wall street. with
power 10 vote the stock for the elec.
tion OF direotors-as to rs directors
N accordance with the instructions o.
the policy holders Of the society. ant
q 70 the remaining y directors q
accordance with the uncontrolled
Indictment a. the trnslees.s
~. forton's eIecflon "a believed e
mean the solution Of the controversy
which began between the Hyde and
Alexander forces, and the establish
neat Of the reforms demanded
As.s..nsns 81 or weIls.