Arizona republican., 1905-06-11
Paul Horton at the Head of the
 Equitable.


 Happily for the welfare of the Equitable Life Assurance society and its 6OO,O0O policy holders, MT Paul Morton, the secretary of the navy. is to become chairman of the board of directors of that great company on the first of July.
 A week ago such a fortunate ending of the company's troubles seemed hardly possible. The committee of in vestigation appointed by the directors had completed it's report, and the re- suit was a scathing arraignment of President Alexander, Vice President Hyde, and the management generally Following this report, nearly all of the fifty directors rendered their resigna- tions. Thereupon it was announced that the separate investigation which had been conducted by the insurance department of New York would result in report and recommendations which would place the executive off, cers in a most uncomfortable position. The disruption of the company seemed not improbable. While the insurance department could summarily force the retirement of the culpable officials. MT Hyde, as owner of most of the stock could wreck the organization if he saw fit. It was realized that public confl- dence in the company could be re- stored only by thorough house clean ing-the retirement of all the officials who had been under fire, to be followed by a new management which could command the confidence of the masses throughout the United States. The di- rectors' committee had reported in fla vor of creating the office of chairman of the board-an official who would have direct control over the president and other officials and the general di- rection of the company's affairs.
 The difficulty was to find a man big enough-a man of such pre- eminent business ability and such a reputation for sterling honesty that the policy holders and the 3,OO0,OOO of prospective widows and orphans who are to benefit from the policies, as well as the people at large, would acclaim him the proper
  it was necessary to secure the purchase of the Hyde holdings by financiers of recognized integrity. For chairman of the board multitude of men passed under consideration, but by a logical process of elimination the choice finally narrowed down to a list of four or five names, which comprised Grover Cleve- land, Judge George Gray and Paul Morton. The selection of Mir Morton for the place is evidence of the com mittees good judgment.
 By reason of MT. Morton's position at the head of its affairs. and the con summation of the reforms above indi- cated. the Equitable will at once re- gain its former position in public con- hdence. The developments of the past few days are of national importance. for the hundreds of millions covered in the cOmpany's assets represent the hard earned savings of people in mod crate circumstances in every state and territory of the union-the savings which 6O0,O00 anxious and thoughtful men have placed with the company for the protection of their wives and children.
 The other day, when Mir. Morton was suggested for chairman of the Equit- able board, a policy holder wrote the following concerning him to the New York American, and the remarks quoted fairly reflect the views of the whole country:
 When the Santa Fe wanted an en- trance into the city of San Francisco and was held up by a crooked Iegis-