The Montgomery advertiser., 1905-06-11
PAUL MORTON
 IS INSTALLED Now Head of the Equitable Society. AUSPIcIOUSLY ATTENDED Chairman Has Assurances Of
 Approval. Cleveland, Westinghouse and Morgan Accept as Trustees of Hyde Es-
 tate stoek--Mutualisation
 Accomplished.

New York, July 10.-The instaila- ton of Paul Morton, Secretary of the Navy, as the head of the Equitable Life Assurance Society was auspi- cIousiy attended today by the prompt acceptances as members of the new board of trustees of the Hyde estate stock, of former President Grover Cleveland and George Westinghouse. Justice Morgan J. OBrien, the third member of the board, had already ac- cepted.
 MT. Morton also received assurances of full approval of his selection as Chairman of the Board of Directors from August Belmont and Brayton Ives, the latter of whom after resign ing from the board wrote to MT. Nor ton to explain his action and tender the assurance of his best wishes for his success.
 The new Chairman spent the greater part of the day in conference with President Alexander and other officials of the Society. He will not enter on the active discharge of his new du- ties until after his resignation as Sec vetary of tho Navy takes place on July 1.
 A letter has been sent to Thomas F. Ryan by George Westinghouse ct Pittsburg, accepting membership in the board of trustees of the Equita- ble Life Assurance Society. Mr. West inghouse is now in this city, he and Paul Morton being guests of the same hotel In Firth Avenue After the dt- rectors had finished their work by se- lecting MT. Morton as Chairman, Rog- CT Winthrop. Financial Manager of the Society. rendered his resignation. It was explained that he did this as a courtesy to Mir. Morton, that the new Chairman might not be embarrassed In any way in the plans that he had for tae re-organization of the Society.
 Talking of Result.
 While the result of tho directors meeting was widely discussed in the .avening by. the financters, few of those directly interested cared to say much for publication. In the evening MT. Morton attended the Pilgrims Club dinner to the former Ambassador to Great Britain, Joseph Choate. and was the recipient of many congratulations over his position.
 "Whcn will you take charge Of the Equitable affairs he was asked.
 As soon as I can be relieved of my duties in Washington. My resignation goes into effect on July 1. but I ex- pect from this time on to pay more or less attention to Equitable matters. l was here to look after the office for which I had been chosen by the Met ropolitan Subway syndicate, but any connection with that is now out of the question. do not know who will be put in that place."
 Charles Stewart Smith. an anti-Hyde director of the Equitable. who also att tended the dinner. denied that he op- posed in any way the election of Mir Morton as had been stated.
 T am perfectly satisfied with tho re- suit of the fneeting.' said he. We have done everything that the public required of us. and more. We have complied with everything that public opinion had demanded and rightly de- manded. This act means mutualiza- ton. It matters not who has control of the stock, naturalization must come and the board is seeing that 1t Is car ried out unless the court interferes, and do not imagine that anything of the kiDd will occur.
 As to Resignationa.
 T have had a talk with MT. Nor ton concerning the resignations that have been placed in his hands. I have advised him strongly not to accept them all. When a man starts out to run an establishment. he cannot afford to throw out all the old servants who
 
 Mir. Morton will be compelled to surround himself with men who are with the details. and be- lieve he will keep at least some of those who have resigned in the service of the society"
 Paul Morton. the newly elected chairman of the Equitable Life Assur- ance Society, said today that in his plans for the reorganization of the so- ciety he intends to consider first of all the interests of policy holders.
 You can say for me-" said MT. Morton. "that the watchword in my with the Equitable Life Assurance Society will be for the best interests of the policy-hoIders. I don't propose to reflect in any way on the former management I simply take matters as I find them and shall give all my efforts to carry on the society in the proper way. The inter- ests of the pollcy-holders are the greatest interests and 1t would seem Lo me that no policy leaving this fact put of consideration can succeed"
 MT. Morton was then asked whether Grover Cleveland had agreed to act as q trustee. /.
 T don't really know as to that" he said. Tn fact, I don't believe anyone knows what decision Mir. Cleveland has reached. I hope he will accept"
 George Westinghouse announced to- lay that he had accepted the trustee ship of the Equitable offered him by Thomas Ryan. T. J. o'Brian has also agreed to act as trustee.
 MT. Morton spent a part of the day In conference with President James W. Alexander and Vice Presidents Hyde, Wilson and Tarbell in President Alex ander's office. MT. Morton said after ward that he had called meeting of the executive committee of the Equita- ble Society for Wednesday. He said he would not be able actively to take up his new work until relived of his official duties at Washington. Brayton Ives today resigned as a director of the Equitable Society. Mir. Ives letter of is addressed to Mir. Morton and Is as follows:
 'In view of yesterdays events 1t seems proper that I should make the following statement:
 previous to the taking of vote for chairman urged the postponement of such action until there should be change in ownership of the majority of the stock of the Equitable Society. Al that time I had no knowledge of inc change of ownership that had al- ready taken place. Had I known 1t l 1hatiid have undoubtedly vnked for -xnls.