The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-01
MORTON REPLACES ]. 4. HYDE.
NEW CHAIRMAN FOR EQUITABLE
EXECUTIVE COMMITTEE.

william II. Mcintyre, Dropped as Fourth
yice-Prcsident, Was Close to Hyde
More Directors DlsgOrEe Syndicate
PrOnts-AIr. Mayc@s Suits Delayed.
James Hazen Hyde surrendered yeeter-
day the craftsmanship OF the Equitable's
executive committee, and Paul Morton. the
new chairman OF the board OF directors,
was elected to succeed him.
Mr.. Hyde's retirement was voluntary.
His resignation was presented aca &C.
oepted at q meeting Of the committee in
the afternoon. 1t was said for him after
tho announcement Of his resignation that
he had expected ever since Mr.. Morton
assumed the reins in the Equitable to retire
from this position as we'll az from the office
Of first vioe-president. and that his relin-
quishment of the craftsmanship was In
fact, ono Of the conditions on which Mr..
| Morton consented to become the head OF
the society.
1t was said further for Mr.. Hyde that he
had no intention OF retiring OF his own
accord as member Of the committee,
although it was Of course entirely possible
that he might be left out In the reorganiza-
ton Of the committee, as provided for in
/ the resolution recently adopted by the
board of directors. This resolution was to
the effect that the committee shall be made
up Of the president, first vice-president,
comptroller and four other directors.
Along with the announcement OF Mr..
Hyde's resignation came the statement
that Chairman Morton had accepted the
resignation Of William H. Mcintyre as
fourth vice-president. Mr. Mcintyre placed
IL l.. ~ ,l.t,- IA han Io
! at the same time with Alexander, HYDE
Tarbell, George r. Wilson and Henry r.
Winthrop, to be acted upon at MFR. Morton's
discretion.
Mr.. Mcintyre has been in the Equitable's
employ for more than twenty-five years.
He began at the age Of IA years as Henry
B. Hydes office boy. Then he became
Mr.. Hyde's private secretary and conf
dental man and later assistant secretary
Of the society. Upon Mr.. Hyde's death
in 1909 he was elected fourth vice-presi-
dent at the same time that james II. Hyde
was made first vice-president.
Mr.. Mcintyre was very close to young
Mr.. Hyde, and Supt Hendricks, report
showed that his salary was increased from
$40, 600 in 1900 to $4,000 in 1901, to $4,000 in
1902. to $4,000 in 1908 to $4,000 in 1905.
Besides this Supt. Hendricks showed that
Mr.. Mcintyre got yearly 3s,4io in fees from
the Equitable society and six of its affiliated
companies. Mr. Mcintyre was also one Of
the biggest holders in the james H. Hyde
ana 4naer wi, hs syn sfnre hin,
the designations Of Second Vice President
Tarbel, Third Sice-President Wilson and
Financial Manager Winthrop.
Two other members Of the Hyde UNDER
president Of the Mercant lie Trust Company,
and Valentine P. Snyder, president of the
National Bank OF Commerce, have made
restitution to the society Of the profits
which they got on the sale OF securities
to % the Equitable p D. Wts gave ,hs .s 1
disgorged by ex-President James w. Alex
ander, this makes 81 900 OF the policy
holders money that has been returned
to them. More is coming 1t was said
yesterday that it is pretty certain now that
every director who participated in the
with the possible exception OF Mr.. Hyde,
will disgorge voluntarily Mr.. Hyde has
already asked the Acknowledgement to
bring. suit against him to determine once
which he put up as a deposit wi the Equita-
ble's cashier. The other directors who
were in the syndicates are George X. Squire
and Mcintyre, who made profit OF $l4,-
APO so. each; Louis Fitzgerald. who got
$2,2s4.4o, and A. W. krech, who made
Grated in these transactions by the State
Superintendent, as he was not elected to
the directorate until after the syndicate
operations had been put through
Mr.. Deming said yesterday that he had
returned the syndicate profits Immediately
after the Hendricks report was published,
out of Difference to the opinion expressed
in that document and in the Friok report.
He said that although he had not formally
rendered his resignation, he had when
Chairman Morton assumed office told him
that he would resign at any time when the
chairman so desired.
The decision of the syndicate members
to follow the example set by ex-President
Alexander was brought about through
the cooperation of the Attorney Generals
Office and the lawyers whom Mr. Morton
has selected to represent the society in the
efforts to compel restitution of the policy
holders money. 1t was emphatically de-
clared that no immunity whatever went
If they should be found guilty Of the VIOLA
ton OF any law it was said, they would have
to pay the penalty just the same as though
they had not turned in their profits volun-
taIly.
Acknowledgement Mayer came to this
city from Albany yesterday and spent |
the greater part Of the day in his Office, at
81 William street He Is being delayed |
in the preparation of his proposed actions
against Equitable officers and directors
by the failure Of the State Insurance De-
partment to place at his disposal copy OF
the testimony taken in the Equitable in
vestigation. This delay, it was said, was
unavoidable, as the compilation OF the tes-
timony in practical working shape was
a most difficult job. The Attorney Cen |
eral expects to have it In his hands early |
next week. Until then he will not be able |
to make any definite announcement as to |
the persons against whom he will bring |
actions. Wayne MacVeagh called on At |
torney-General Mayer Yesterday in the
interest Of group OF Philadelphia policy |
holders. He was with the Attorney Cen |
eral for about an hour 1t was said that |
he was contemplating. no legal action,
but that he wanted to obtain for the Phia- |
delphia policyholders a general UNDER
of the situation.
WASHINGTON, June 30.-Paul Morton quit |
the Government service this afternoon and |
started on q night train for New York, |
where he will take up his duties tomorrow |
as the practical head OF the reorganized |
Equitable Life Assurance Society and be- |
come associated with other interests OF |
Thomas F. Ryan. Mr.. Morton said good |
by to the naval bureau chiefs to-day, and |
at the same time presented them to Charles |
n.1A