Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-06-13
MORTON AT
THE HELM
SECRETARY OF NAVY ELECTED
CHAIRMAN OF THE EoulT.
ABLE DIRECTORATE.
WARNING LEADERS OUT

designations and the Indications
| Are That the Affairs Of the Society
VIII be Conducted on Better Basis.
New York, June 10.-In answer
to the question, when will you
take charge Of the Equitable af-
| fairs" Secretary Morton said:
GAS soon as I can be relieved of
my duties in Washington. My res
tgnation goes into effect July /,
but expect from this time on to
pay more or less attention to
Equitable matters. was here to
look after the other office for
which l had been chosen by the
Metropolitan Subway syndicate
but any connection with that Is
now out of the question. I do not
know who will be put in that
place."
Princeton, N. j., June 10. = For
mer President Grover Cleveland
said today that he had received Of
fetal notification of his selection
Equitable Assurance society and
that he thought it his duty to &C.
cept
New York, June 1o.-Paul Morton
has been chosen to solve the problem
of the Equitable's destiny.
The retiring secretary of the navy
was elected chairman of the board of
directors of the assurance society late
yesterday afternoon, and accepted on
condition that he should have "free
hand as to measures and men"
This first and important step in the
reorganization of the society was fol
lowed Immediately by the tender of
the designations of President James
w Alexander, Vice President James
H. Hyde, Second Vice President Gage
I! E. Tarbell, Third Vice President
George T. Wilson and Fourth Vice
President William H. Mcintyre.
Ryan Is In Control.
Behind Paul Morton, who is to be
the administrative head of the reor.
ganized corporation, there looms the
figure of Thomas F. Ryan as the new
power in control of the association and
its millions upon millions of resources.
! Wall street and the whole financial
world has been treated to an almost
unprecedented sensation in the sud
den elimination of affairs, and in the
hours of the first excitement specula-
ton is rampant regarding what it may
mean.
Hyde Sells Stock.
Mr.. Ryan and his associates have
come into power through the purchase
from James H. Hyde, son of the foun-
der of the society, of majority of the
capital stock, which, in its entirety, is
nominally $100,000-a sum not great
er and perhaps less than the chairman
of the board of directors will receive
as his yearly salary. The price paid
for the controlling portion of the stock
is kept secret. but is variously esti.
mated at from $3,5O0,000 to $5,000,000.
Effect In Money World.
1t may mean a complete realignment
of financial dynasties in New York, for
with one warning element solidified in
control of both the Equitable and the
Mutual Life the Morgan Vanderbilt in
terests are left with only the resources
of the other big company-the New
York Life
The assets, individual and combined,
of these companies show what the
change may mean to the rival financial
interests that dictate policies of in
vestment and guide the flow of the
millions into the streams of industry.
The assets of the Mutual alone total
$440 ,978,371, while those of the Euuit-
able amount to $413,953, 02O. Combined
the interests controlling the two or
Plantations will have power over the
enormous sum of 1854 ,931,391. The as
sets of the remaining company of the
'big three" the New York Life, in the
hands of the rival element, amount
to only S39O,66O,26O.
Cleveland on the Board.
There are about two score individ-
uals embraced in the personnel which
actually deyides the stock purchased
through Mr.. Ryan, and it is announced
the controlling portion is to be trusted
in perpetuity, those selecting to hold
it being former President Grover
Cleveland, George Westinghouse of
Pittsburg and Morgan J. O'Brien, re-
Gently elevated to the chief justiceship
of the appellate division of the SUI
preme court of this district.
More surprise than otherwise at
taches to the selection of Mr.. Morton
to head the directorate of the reor-
ganized company, because it had been
proclaimed he was coming to New
York to undertake the management
of the local transportation system of
the metropolis. Whether Mr.. Ryan all
the time had the present surprise in
store is matter of conjecture Some
declare Mr.. Morton himself was not
in the secret until very recently.
All Unite on Morton.
Mr.. Morton, as explained by Sena
tor Chauncey M nepou woc tho ,,pop