The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-10

| of the board room ne was greeted with
loud applause, which was, by the way
I Euuitubles board Of directors. Mr., Nor
ton took the floor almost Immediately
I He said that in acce pting the post lie wanted
! to have 1t unde rst God that he was to have
an absolutely, free hand as to men and
/ methods" in the society.
/ He promised that he would endeavor
! to conduct the Affairs of the society in
such way as to meet the approval OF
the policyholders, directors, agents and
all employees of the company. He said
special policy which he would pursue,
! but that he would make Diet allied st ate
| ment later. He thanked the board for the
honor which it had conferred upon him.
ALEXANDER AFFECTED.
President Alexander then surrendered
the chair to Mr.. Morton. This was really an
| affecting sight. Mr.. Alexander had occu-
| pied the chair for many years for more
| years in fact. than some Of the directors
could remember. and he was visibly af-
! fected when he turned 1t over to MIR. Morton.
Mr. Morso1 IN made another h speech pee b,ed
He said that he would like to have the Off
! GERS of the society place In his hands their
designations, to be acted upon at his dis
! cretioIL
Mr.. Tarbel jumped to his feet; He +,
| Re classed with Alexander and Hyde
Specific charges Of wrongdoing. he said +.
had been made against both Of them but
no charge of dishonesty had been filed
against him.
Equitable ought to count for something
he thought. He said that il his resignation
were called for, the designations OF all the
other Independents also, ought to he
| demanded He would hard his in, he de-
clared. under no other conditions.
prosiIapt Alpvu pGar po and
handed in his resignation. The venerable
president was plainly showing the effects Of
the strain again, Mr.: Hyde followed He
made speech in which he announced TO the
stock, and had arranged to have it tr,lsteed
Most of the board had hear I'd the news
before Mr.. Hyde announced it formally.
but 1t caused a connection and there was
loud applause. Then Mr.. Hyde submitted
his letter Of resignation, and Wilson and
Mcintyre and Tar eli followed suit
Mr.. Morton explained to the board then
that he would consider the designations
only in the event that the officers we're
found guilty by the Superintendent OF
Insurance.
Most of the directors came cut ,f the
meeting. which was adjourned at o'cl lock,
smiling and looking happier than they have
for good many weeks: All were ready
and willing to say that in their opinion
satisfactory end Of the trouble in the 20 ciety
there would Re peace and prosperity.
Mr.. Morton. with Mr.. Hyde's lawyers,
Samuel Untermyer. William c. Gulliver
and Elhiu Root, went at once to the Offices
long conference with Mr.. Ryan Further
than that the details OF the transactions
We're being arranged no news Of the con-
Terence was given out
DEPEws TRIBrTE TO ALEXANDER.
After President Alexander had resigned,
Mr. Depew said at the meeting;
Mr.. James w, Alexander, the president
of the society, has been in important official
relations with it for forty years. most OF
the time as its vice-president During that
period he was the contidnnt and al lie assist
ant of the extraordinary man who created
the society and built it up to the condition
where it was the eading financial institution
in the country. if not in the world, in its
line at the time of his death,
Since his death. under the administra-
ton of Mr.. Alexander. the success of the
company has been more phenomenal than
in the world. AS an effort for peace, for
harmony for the prosperity of the society,
for the success of the chairman, this i'm
mediate and cordial tender on the part of
Mr.. Alexander of his office to the cha rman
is an act Of gracious courtesy which the
board appreciates, and I therefore move
that the thanks of the board be rendered
to Mr., Alexander for his action"
MoRToN's RAPID ADVANCEMENT.
From an Office boy in a freight office at
SS6 month to the vice presidency of great
raroa d system. then the head of the Amer
lean navy and now selected as the head of a
great insurance company, unaided by
any effort save his own, is briefly the record
of Paul Morton.
He is a son of j. Sterling Norton who
was Secretary Of Agriculture in President
Claveland's Cabinet He was born at Ann
lrl,n tNh 81 -
edu cation became an office boy at ia in the
freight Office Of the Chicago. Burlington and |
Quincy Railroad. He filled successively |
the jobs of clerk, rate clerk and general |
clerk. until he became general passenger
agent. While he was passenger gent there
Of the road. which was fought successfully
by Mr.. Morton. although it was estimated
that it cost the railroad between 100000 |
and s., OO00O0. The money was considered
well spent. however.
For two years he was general freight
agent of the road and then for six years he
was president Of the Colorado Freight and
Iron Company, the Southwestern Iowa
Railroad and the Illinois Western, On
Jan. l. 1895, he was made third vice-president
two years later he became second vice.
president. having entire control of the
traffic manager ent of the road. He re-
tanned this position until he became Sec
rotary Of the Navy
Mr.. Morton first met the President when
Mr., Roosevelt was a Civil Service Commits
sioner. When Mr. Morton met his father, who
was then in Cleveland's Cabinet he said:
Il like that man Roosevelt whom l met
this morning. He said, 4 knew your father,
and he was good, square man. am glad
70 know his SON. And he's good fellow,
I'm sure.
After that Mr.. Morton and Mr.. Roosevelt
were close friends. When Mr. Morto
gay up the traffic management of the Santa
f'a. he quit $35 900 n year job for an 5000
ob,
As Secretary Of the Navy Mr.. Morton was
considered "a Lre breeziest and most hust-
ing Cabinet o icer that Washington had
seen in long time.
Mr.. Mortons retirement from the navy
vas announced on June /, to take effect on
July l. 1t was then announced that he was
% have charge of Mr. Ryan's railroad inter-
,sts in this city
INGALLS, KEEPS 100000 POLICY
lCh nm fnr Z n Z ot