The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-06-10
MORTON TAKES IT
Secretary of the Navy Accepts
Equitable Craftsmanship.
All the Present Officers Tender
Their designations.
HYDE SELLS CONTROL.
Stock viii Be Placed With a
Board Of Trustees.
Grover Cleveland Is Asked to
Make One of the Board.

new 4OEk, June lU.-Haul MOIIOD,
who retires from the secretaryship Of
the navy on July l, has been elected
chairman of the Equitable Life Assur-
ance Society. His election marks the
first and most important step in the re-
organization of the society and was fol-
lowed by the tender of the resignation
of President James W. Alexander, Vice
President James H. Hyde, Second Vice
President Geo. E. Tarbell, Third Vice
President George T Wilson and Fourth
Vice President William H. Mcintyre.
The new chairman, to quote Senator
Depew, did not consent to take Office
until he had received positive assur-
ances that he would have free hand
as to measures and men,
Mr.. Hyde "divested" himself of the
majority control but retains substan-
tial interest in the society.
Hyde May Stay.
All of the designations submitted to
the meeting are subject to the pleasure
of Chairman Morton, and none has yet
been accepted.
Just what action Mr. Morton will take
as to these designations was not dis
closed, but it was strongly intimated
that President Alexander and Vice
Presidents Tarbel1, Wilson and McIn-
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 r.
Ryan, vice president of the Morton
Trust company, which has close rela-
UOns with the Mutual Life insurance
company, one of the Equitable sOciety's
principal rivals. Mr.. Ryan is said to
be heavily insured in the Equitable, as
are, according to report, many of the
others who acted with him in the pur-
/ chase of the EVGe holdings
The price paid for the Hyde estate
\ stock, which is to be trusteed practical
! " in perpetuity, was not disclosed but
| estimates vary from So, SO, 900 to $5,000,-
OOO
Hyde StiU Has an Interest.
/ In addition to the 502 shares held by
the Hyde estate which includes the
widow OF henry B. Hyde, founder of the
! society, and his daughter, Vice Presi-
/ dent Hyde is said to hold between 100
and 40 shares, and It is these holdings
which Mr. Untermyer refers to as the
| substantial interests which his client
/ retains. Mr.. Untermyer makes this
statement relative to the Hyde interests
in a statement qtoted below. He has.
since the beginning of the Equitable
controversy, acted as Mr. Hyde's cOun-
sci.
The men requested by Mr.. Ryan to
hold the majority stock are former
/ President Grover Cleveland, George
| Westinghouse Of Pittsburg. and Morgan
! J. O'Brien, recently elevated to the
chief justiceship of the appellate divis-
ion of the supreme court of this district.
4 Mr.. Ryan is the acknowledged head of
the Metropolitan Traction companies
and only a fortnight ago induced Mr..
Morton to ally himself with this interest
as the operating chief of the New York
City Railway company, by which title
the Metropolitan surface lines and their
affiliated companies in Manhattan and
the Bronx are corporately known.
Sends Stocks Up.
New York. June 10.-The stock
market was revived today by the
mornings reports of a settlement eff
fected in the long standing Equitable
Life dispute The long drawn out dis
! cussion of this topic has weighed
| heavily on the market and great re-
/ lief was felt over the prospect of get
ting it away. The result was the ac-
! cumulation of large buying orders on
the market which were pretty well
! distributed all through the list There
| was a momentary check to the rise on
account of the inviting profits offered
| on the over night advance but prices
then began to go forward again. Ex-
cept for the accumulated orders at the
opening business was small. and the
market seemed to be still largely in
the hands of the professional element.
The holiday in London deprived the
market of one usual source of de-
rnand Advances of from 1 to Il
points became fairly general during
the course of the first hour of trading.
Metropolitan street railway was con-
spicuous with a gain of 3 points
Outlines His Policy.
New York, June 10.-The newly
elected chairman of the board of di-
rectors of the Equitable Life Assur-
ance society, Paul Morton, said today
that in his plans for the reorganiza-
ton of the society he intends to con-
slider first of all the interests of the
policy holders.
you can say for me-" said Mr..
Morton, that my watchword in my
connection with the Equitable Life AS
surance society will be for the best
interests of the policy holders. I do
not propose to reflect in any way on
the former management. I simply
take matters as find them and shall
give all my efforts to carry on the
society in the proper way The inter
ests of the policy holders are the
greatest interests and it would seem to
me that no policy leaving this fact out
of consideration can succeed.
Mr. Morton was then asked whether
Mr.. Cleveland had agreed to act as a
trustee.
II really don't know as to that" he
said IN fact, I don't believe any one
knows what conclusion Mr. Cleveland
has reached. I hope he will accept"
Continuing. Mr. Morton said: i
fully appreciate the honor that has
been done me by the directors OF the
4 Fouitable in selecting me to act as
their chairman can only say that 1
shall do everything in my power to
administer the affairs of the society
in such a way as to preserve the fullest
confidence OF. the policy holders and
public generally"
Mr.. Morton expects to leave for
washington tonight
George Westinghouse announced to-
day that he had accepted the trustee
lshiD Of Equitable stock oHered him