The daily morning journal and courier., 1905-06-10
MORTON CHOSEN HEAD
 OF EQUITABLE BOARD
SECRETARY OF THE NAVY UYAy-
 IMoUsLYELECTED BY THE =as DIRECTORS

Men-This Granted and Alexander, Hyde and TarbeII Resign-Hyde Dr.
 vests Himself of Majority of Stock to
 PolicyhoIders Represented by Thomas
 F. Ryan.
 New York, June 9.--PauI Morton, who retires from the secretaryship of the navy on July 14. was to-day elected chairman of the board of directors of the Equitable Life Assurance society. His election marks the first and most important step in the reorganization of the society and was followed by the tender of the resignations of President James W. Alexander, Vice President James H. Hyde, Second Vice President J. c. Tarbell, Third Vice President George T. Wilson. and Fourth Vice President William H. Mcintyre. MT. Morton. as explained by Senator Chauncey M. Depew, was the unarli- nous choice of the board of directors of the Equitable, although the meet ing was not altogether harmonious
 It is known that Brayton Ives and Charles Stewart Smith, who were from the outset of the controversy on the side of the conservative element, pro- tested against some of the proceedings of the meeting and are believed to have voted against MT. Morton's cleo tion. The new chairman, to quote fur ther Senator Depew, did not consent to take office unil the had received posi- tive assurance that he would have a
 free hand as to measures and men.
 MT. Hyde "divested'' himself of the majority control, but as made clean in his letter to the board, retains sub- stantial interest in the society.
 All of the resignations submitted to the meeting are subject to the pleasure of Chairman Morton, and none has vet been accepted
 Just what action MT. Morton will take as to these resignations was not disclosed but 1t was strongly intimated that President Alexander. Vice Presi dents Tarbell, Wilson and Mcintyre re- tired with the belief that their execu- tive relations with the Equitable had ended.
 The interests to which MT. Hyde dis posed of his stock number two score in dividuals, 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. MT. 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 purchase of the Hyde holdings.
 The price paid for the Hyde stock. which is to be trusteed practically in perpetuity, was not disclosed but esti- mates vary from $3,500,O00 to St, ,0oo. .oo0.
 In addition to the BOP shares held by the Hyde estate. which includes the widow of Henry B Hyde, founder of the society, and his daughter, Vice President Hyde is said to hold between l6o and TO shares, and it is theseshold ings which Mn Untermyer refers to as the substantial interests which his client retains. MT Untermyer makes this statement relative to the Hyde ir,- terests in statement quoted below.
 He has since the beginning of fife E,qaitable controversy acted as MT ,Hydes counsel. The men requested to hold the stock by MT. Ryan are former President Grover Cleveland, George Westinghouse of Pittsburg and Morgan J. OBrien, recently elevated to the chief justiceship of the appellate divi- sion of the supreme court of this dis- triot.
 MT. Ryan is the acknowledged head of the Metropolitan Traction compan- les, and only a fortnight ago induced MT. Morton to ally himself with this tn- terest as the operating chief of the New York City Railway company. bv which title the Metropolitan surface lines and their affiliated companies in Manhattan and the Bronx are corpo- rately known.
 Concerning the purchase of the Noui- table stock and the disposition Of if. Thomas F. Ryan said:
 In connection with some other noI- icyholders, who, like myself, have nev- CT mad any relations with the Equitable except as policyholders, have pur- chased from MT. Hyde a majority of the stock of that society. We have made this purchase for the sake of putting an end to the present unfortu- nate condition of the company's af- fairs, not only Tn the interest of the policyholders, but for the general busi- ness interests of the entire country We purpose upon receiving the stock to immediately dipest ourselves of all voting power and accomplish, in sub- stance and effect, the plan of mutual 1zatton already approved by the super 1ntendent 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 univer- sal confidence, and having no connec- ton with Wall street, with power to vote the stock for the election of direc- tors, as to twenty-eight directors in accordance with the instructions of the policyholders of the society, and as to the remaining twenty-four directors in accordance with the uncontrolled judg- ment of the trustees.
 ! This will at once accomplish the ob- jeet of putting the control of the com pany in the hands of the policyholders 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 MT. Morton to accept the chairmanship Of
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