The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-06-10
Hyde, Alexander, TaTbs|I and
Others TGRdsr Their Re-
sigRatiOns as officials
HYDE OISPOSES OF
CONTROLLING INTEREST
y
Thomas F. Ryan and Associates Ac-
quire It-Grover Cleveland and
George Westinghouse Asked
to Serve as Directors.

New York, June Paul Morton, who
retires from the secretaryship of the
navy on July 1. was today elected chair
man of the board of directors of the
Equitable Life Assurance society. His
election marks the first and most import
ant step in the reorganization of the So
oiety and was followed by the tender of
thu designations of President James w.
Alexander. Vice President Hyde, Second
Vice President Tarbell, Third Vice Presi-
dent Wilson and Fourth Vice President
Mcintyre.
The new chairman. t. further quote SEN
ator Depew. dio not consent to take Of
nce until he had received positive as
su~ance that he would have free hand
as to measures and men,"
Mr.. Hyde "divested' himself of the ma
iority control, but as made clear in his
letter to the board, retains a substantial
interest in the society.
Subject to Morton's Pleasure.
All of the designations 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 designations was not disclosed,
but it was strongly intimated that Presi-
dent Alexander and Vice Presidents Tar
bell, Wilson and Mcintyre retired with
the belief that their executive relations
With the Equitable had ended.
The interests to which Mr. Hyde dis
posed of his stock number some two score
individuals led by Thomas f. Ryan, vice
president of the Morton Trust company,
which has close relations with the Mu-
tual Life Insurance company, one of the
Equitable society's principal rivals. Mr..
Ryan is said to be heavily insured in
the Equitable, as are, according TO re-
ports. many of the others who acted with
himsin the purchase of the Hyde hold
lngs.
The price paid for the Hyde estate
stock which is 10 be trusteed, practically
in perpetuity was not disclosed, but esti-
mates vary from $500, 600 to IS. 900 900.
In addition to this 502 shares held by the
Hyde estate. which includes the widow of
ii. B. Hyde, founder of the society, and
his daughter, Vice President Hyde is said
to hold between 16O and 10 shares.
Cleveland Among Those Selected.
The men requested to hold the majority
stock by Mr.. Ryan are former President
Grover Cleveland George Westinghouse
of Pittsburg, and Morgan j. OBrien. re-
Gently elevated to the chief justiceship
of the appellate division of the supreme
court of this district.
Mr.. Ryan Is the acknowledged head of
the Metropolitan Traction company and
only 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 affi-
lated companies In Manhattan and the
Bronx are corporately known.
Concerning the purchase of the Equita-
BILE stock and the disposition of 1t, Thomas
f. Ryan said:
Ryan Makes Statement.
"In connection with some other policy
holders who. like myself have never had
any relations with the Equitable except
as policy holders, / have purchased from
Mr. Hyde a majority of the stock of that
society. We have made this purchase for
the sake of putting an end to the present
unfortunate condition of the company S
affairs, not only In the interest of the
policy holders but for the general busi-
ness interestssof the entire company. We
purpose upon receiving the stock, to inn
mediately divest ourselves of all voting
power, and accomplish in substance and
effect the plan of naturalization already
approved by the support of insurance.
We propose to do this by conveying the
stock to a board of trustees composed
of men of such character as to command
universal confidence and having no con-
nection with Wall street, with power to
vote the stock for the election of direc-
tors-as to twenty-eight directors in ac-
cordance with the instructions OF the
policy holders of the society, and as TO
the remaining twentyfour directors In
accordance with the uncontrolled Judg-
ment of the trustees.
This will at once accomplish the OBJ
iect 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
Our willingness to take this course has
been influential in inducing Mr.. Morton
TO acsept the chairmanship of the board,
and to undertake the reorganization OF
the society, which it is our wish to have
made as thorough ana compete as poS-
sible.
"I have already asked ex-President
Cleveland Justice Morgan j. O'Brien, pre-
siding Justice of the appellate division
of the supreme court of this department,
and Mr. George Westinghouse of Pitts
burg TO act as trustees of the stock. The
last two names are among the large
policy hOlQeTS VI thS i~AuieNbiS'
Twenty-seven Directors Present.
The directors of the Equitable went into
ssseion this afternoon at o'clock, the
meeting being attended by twenty-seven
Of the remaining directors. They were
7. w. Alexander, Chauncey NJ. Depew'
"A O. Deming, G. Fl. Squire, I. d. Jor-
dan. Charles Stewart Smith. Valentine
p. snyder. Alvin w. Krech, William Alex
a,der I / McCook. C. Ledyard Blair,
Brayton ives. James II. Hyde, Gage II.
Tarbell, c. P. Alexander, M; Hartley
Dodge. j. f. Denavarro, Bradish John-
son' Alfred @ Vanderbilt, August Bel
mont II. r. winthrop, George J. Gould
Pc. T. Wilson, Thomas T. Eckert, w. II
MCINTYRE, H. M. Alexander and ID. ii.
Mcffatt.
For some hours prior to the board meet
ings Messrs Depew. Belmont and Monatt
Il who with Lewis Fitzgerald and ]. B. For
Il gan of Chicago constituted the nominat-
4 ing committee. were in session.
4 Rumors of various sorts as to the Sc
f(.a atinued on Second Paoel