Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-06-10
Elected Chairman Of The
Equitable Directors.
All Officers Resign Morton viii
Name Their Successors.
Hvte Sells Controlling Stock Interest, bot
Will Stay With Company.

will retire from the secretaryship of the
navy july /, was. today, elected chair
man Of the board of directors of the
tnritable Life Assurance Society. His
.l,r;ion marks the first and most inn
uort1rt step in the reorganization of
tt, society and was followed by the
tender of the designations of President
J.,,nes w. Alexander, Vice President
James II. Hyde. Second Vice President
I G. Tarbcll, Third Vice President
George r. Wilson, and Fourth Vice
PRECEDENT William II. Mcintyre.
MIR. Morton, as explained by Senator
Chauncey NJ. pepew, was the unani-
nous choice of the board of directors of
the Equita BILE although the meeting
was not altogether harmonious.
The new chairman, to further quote
Senator Depew. did not consent to take
the Office until he had received posi-
tive assurances that he would have a
"frce hand as to measures and men.
MIR. HYDE "divested' himself of the
majority control, but as made clear in
his letter to the board. retains SUBJ
stantiai interest in the society.
All of the designations submitted to
IRE of Chairman Morton, and none has
yet been accepted.
Inst what action Mr. Morton will
take as to those designations was not
disclosed. but it was strongly intimat-
cd that President Alexander and Vice
Presidents Tarbell. Wilson and Mcln-
tyre 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 Co. which has close relations
with the Mutual Life Insurance Co.,
one of the Equitable Society's principal
rivals Mr.. Ryan is said to be heavily
insured in the Equitable, as are, ac-
oolding to report. many of the others
who acted with him in the purchase of
tine Hyde holdings.
The price paid for the Hyde estate
stock, which is to be trusted practical
" in perpctuity, was not disclosed, but
estimates vary from s3,500,000 to S.
100000.
In addition to the SOP shares held by
tNt Iiyut tSltte, HIIOll liiCiudCS tHC
widow of Henry L. Hyde. founder Of
the society, ana MS daughter, Vice
President Hyde IS said to hold bt tween
100 and 10 shares. and it is these hold
ings which Mr.. Unite rmyer, Mr.. Hyde's
counsel, refers to in Il statement quot
cd below as the substantial interests"
which his client retains.
The men requested to hold the ma
jority stock by Mr.. Ryan are Former
President Grover Cleveland, George
Wcstingh Ousc of Pittsburg. and Nor
gan J. O'Brien, recently elevated to the
chief justiceship Of the appellate divf-
sion Of the supreme court of this dis
trict
Mr.. Ryan is the acknowledge head OF
the Metropolitan Traction Cos and on
ly a fortnight ago induced Mr.. Morton
10 ally himself with this interest rs the
operating chief of the New York City
Railway Co, by which title the Metro
pnli:an surface lines and their affiliat-
ed companies i'm Manhattan and The
ErOnX are corporately known.
or Concerning the purchase of the
Equitable stock and the disposition OF
1t. Thomas +. Ryan said,
"Ir connection with some other pol
icyhndcrs who. like myself. have never
had any relations with the Equitable
except as policyholders, 7 have pur-
chased from Mr.. Hyde a majority OF
the stock Of that society. We have
made this purchase for the sake o
putting IN end to the present unfortu
nate condition of the COmpany's al
l,,, In hn intarpSf nf INT
Inlicyholders, but for the general busl
ness interests Of the entire country.
Mr.. Morton then states the purpose
Of the new owners of the Hyde stock
us outlined in his letter to Mr.. Cleve
land, quoted below, and continues:
This will ut once accomplish the Oh
jet of putting the control OF the com
,pany in the hands of the policyhold
ers 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 accept the craftsmanship o
TIE board and to undertake the re-or
e ization Of the society, which 1t Il
our wish to have made as thorough ant
complete as possible.
Il have already asked ex-Presiden
Cleveland, Justice Morgan ]. OBrien
presiding justice of the appellate divi
sion OF the supreme court Of this de
partment and George Westinghouse o
pittsburg. to act as trustees OF tn
stock. TIE last two named are alOni
the large policyholders of the Equita
BILE
The directors of the Equitable wen
into session, this afternoon at O'CLOCK
the meeting being attended by 2. OF TN
remaining 81 directors.
The selection of Mr. Morton. In tn
opinion of those who have follows
events is in the nature of a compromis
and victory for the Hyde faction. L
any event, the outcome was seemingi
a surprise to some of the members Q
the so-called Alexander force.
Upon leaving the meeting, Mr.. Hyd
proceeded to his private Office. where
after consultation with his lawyer:
he issued the following letter:
10 the board of directors Of tn
Equitable Life Assurance Society O
the United States.
Dear Sirs:-NOw that the lega