The Brandon news. (Brandon, Miss.) 1892-1961, 1905-06-15
PAUL MORTON
| THE CHAIRMAN
EQUITABLE DIRECTORS FIND
MAN FOR SOCIETY HEAD.
FREE HAND HAS BEEN GIVEN
Former Officers all Resign Subject to
Tho Pleasure Of Chairman Morton.
Cleveland Accepts Place on Board.
Hyde is Divested.

tires as secretary Of the navy on July
|, was elected chairman Of the board
OF directors Of the Equitable Life As
surance Society. His election marks
the first and most important step in
the reorganization Of the society and
will be followed by the tender Of the
designations Of President Alexander,
Vice-President Hyde, Second Vice
President Tarbell, Third Vice Presi-
dent, Wilson and Fourth Vice Presi-
dent, Mcintyre. The new chairman,
to quote Senator Depew, did not con-
sent to take office until he had re-
celved positive assurances that he
would have a free hand as to meas
ures and men.
Mr.. Hyde Invested" himself Of
the majority control, but, as made
clear in his letter to the board, re-
talns substantial interest in the So
ciety.
All the designations submitted to
the meeting are subject to the pleas
iure Of Chairman Morton and none
has been accepted.
just what action Mr.. Morton will
take as to the designations was not
disclosed but it was strongly intimat-
ed that President Alexander and Vice
Presidents Tarbell, Wilson and Nc
lntyre retired with the belief that
their executive relations with the
| Equitable had ended.
The interests to which Mr.. HYDE
disposed of his stock number some
two score individuals led by Thomas
r. Ryan, vice president Of the Morton
Trust Company, which has close re-
lations with the Mutual Life Insur-
ance Company, one of the Equitable
principal rivals.
Mr.. Ryan is said to be heavily in
sured in the Equitable, as are, ac-
cording to report, many of the 9TH
ers who voted with him in the pur-
chase of the Hyde holdings.
The price paid for the Hyde estate
stock, which is to be trusteed prac-
tically in perpetuity, was not diclos-
ed, but estimates vary from $780,
900 to $5,OOO,OOO.
In addition to this 500 shares held
by the Hyde estate which includes
the widow of H. B. Hyde, founder Of
the society, and his daughter, Vice
President Hyde is said by Mr. Inter
meyer to hold between 100 and ITO
shares and it is these holdings which
Mr.. Untermeyer refers to as the
substantial interests" which his
client retains.
Mr.. Untermeyer makes this state
ment relative to the Hyde interests
in statment quoted below. He has
since the beginning of the contro-
versy acted as Mr.. Hyde's counsel.
The men requested to hold the ma
jority stock by Mr.. Ryan are former
President Cleveland, George Westing-I
house, Of Pittsburg, and Morgan j.
O 'Brien, recently elevated to the chief
justiceship Of the appellate division
of the supreme court Of this district.
Mr.. Ryan is the acknowledged head
Of the Metropolitan Traction Compa-
ny and only a week ago induced Mr..
Morgan to ally himself with this IN
terest as the operating chief of the
New York City Railway Company,
by which title the Metropolitan sur
face lines and their affiliated COM
panies In Manhattan and the Bronx
are known
Concerning the purchase of theel
stock and tine dispositions
of it, Thomas F. Ryan said:
elm connection with some other
policy holders, who like, myself have
never had any relations with the
Equitable except as polfcyholders, d
have purchased from Mr. Hyde ma
iority Of the stock Of that society.
eve have made this purchase for
the sake Of putting an end to the
company's affairs, not Only in the i'm
terest Of the policyholders, but for
the general business interests Of the
entire country. We propose upon
receiving the stock, to immediately
divest ourselves Of all voting power
and accomplish in substance and IN
effect the plan Of naturalization al
ready approved by the superintendent
Of insurance. We propose to do this
by conveying the stock to a board
Of trustees composed of men of such
character as to commend universal
confidence and having no connection
with Wall street with power to vote
the stock for the election of direc-
tors-as to twenty-eight directors IN
Decorated With Cross.
Hcr@ n Rontlnv Mott thn