New-York tribune., 1905-06-10
A MEETING OF MOMENT0US lHsNGES.

afterwerd Withdrew their opposition, making his
election unanimous.
MR. MoRT0S's ENTRY APPLAUDED.
The nofnir,a ling committee then was dis
charged and President Alexander took the
chair. A recess of fifteen minutes was declared.
and Senator Depew and Messrs. Belmont and
Moffat were named d committee TO escort Mr..
Morton TO the board room.
They found him in the Office OF Thomas F.
Ryan
Their mission vas explained II him and he
returned With them to the Equitable Building.
Braytor Ives and George j. Gould had left the
meeting and did not return AS Mr.. Morton.
with his escort entered the board room, there
broke out burst Of hsndeIappnG.
President Alexander introduced Mr.. Morton to
the board. He spoke OF Mr.. Mo1ton's work
Secretary Of the Navy and of his previous WORK
as a railroad man. which had brought him into
touch with many men in Wall Street and hal
formed for him excellent business reputation
He said that the board unanimously had voteI
to extend this Office TO Mr. Norton and hoped
that he would give d favorable reply
MR. MORTON INSISTS ON FREE REIN
Applause greeted Mr. Morton again as he
rose to respond. His decision. it was apparent
had been formed in advance. In curt, decisive
sentences. he said that he would accept the place
if he could be allowed absolutely free rein.
There is onI.7 one condition which l can
undertake this vast work." said he II must
have free hand and clear field under
stand the magnitude OF the task I shall under
take ard the grave responsibility which I must
assume. l shall need the help of every man on
this board a complete reorganization un-
doubtedIy will be necessary. In that I shall
guard. first and always. the interests of the
poliCyholders. Next will Come the members Cf
this board. who do so much for the society.
After that win come the interests of every Off
and every employe OF the Equitable The
task viii be great one; the work almost too
much for one man. l must not be Handicapped
in any way s5ipulate now that L must have
absolutely a free hand
Mr. MORTON SUGGESTS RESERVATIONS
AS the first step toward ridding himself of any
possible ENHANCEMENT in his task Mr. Morton
suggested that President Alexander and all the
e-presdents give their designations to him.
10 be accepted declined his acquaintance
with the affairs of the society showed would be
for the best. Mr.. Hyde at once complied
HYDE.s LETTER OF RESIGNATION.
Mr.. Hydes letter telling of the sale Of his
stock and offering his resignation was as fol-
lows:
have betn eetermIinsd by The supreme Court Of
the State. have reached che conclusion. as the
result Of the most earnest and anxious reflection.
that the welfare of the society founded by my
ia theT. ard which have so deeply at heart. de-
mands that the stock control shall cease to bc
vested in any person. and that should part
with a majority OF the stock in such form that
one individual shall continue in control OF the
destinies of the society
] have accordingly but not without great hesita-
ton ard personal regret. sold the stock which nv
father placed in trust l am advised that rs tna
holder Of the controlling stock have the p9wer.
hence the responsbility. Of repairing the dam,
age that inflicted upon the society. IN 50
far as that may be possible
IL IS in the discharge uf that Responsibility mat
I have parted with the majority of the stock IN
tne interest tf the policyhodCrs and in n form
which I believe. will enable the society to re-
gain prestige and resume its interrupted era OF
prosperity. -.
In this connection, you Will. perhaps. pataou
r,a for repeating what I have so often said 70
Won that throughout my career with the soclety
i,e interest has always been uppermost ana
Rave never consciously done or omitted anytnln~
n,hich would be to It's injury or disadVsntage
7 hone / may be pardoned the statement that the