The Washington times., 1905-06-10


| will not be acted upon immediately.
just when or in what manner / cannot
say at this time. Having just accepted
my position with the Equitable Society
| II Is impossible for me to discuss either
mat society or It's business
Much comment was heard in insura nee
circles TINS morning because of the eIe-
sauoh or Mr- Morton to the chairman
snip OF the board CT directors. because
OF Mr.. Mortons connection with the
renste scandals of the Atchisoa railroad
49, ar Idorton, as vice president of that
state Commerce Commission, in 1901:
=. res, SIT; It was an Illegal contract
II was Illegal when we made it, and
Before the United States district
court at Los Angeles. he gave the fol-
lowing testimony:
made several endeavors-we
tried the costly experiment of being
lohest IN this thing-liying up to the
IA as we understood IT and declining
10 pay rebates-and we lost so much
DO as the Romans did,
his position in the Cabinet became
strongly embarrassing because Of the
faliroad fa rebate criticism, and the Of
lent opportunity to leave the Govern
ment service
Moffatt Claims Responsibility.
David H Moffat, one Of the directors
OF the Equitable, says that he he is
responsible for Mr.. Morton's selection
and that he wrote him at Washington
anu lInpIored hIm to become a candi-
date.
Justice Morgan j. O'Brien and George
westinghouse have accepted the an
! polntnent as trustees of the Ryan
STOCK, and 1t is understood that Grover
/ nd hoe nyx
pointment as trustee
James Hazen HYDE retains seva,tY-
I'VE shares Of the stock. and he win
| likely remain as director in the society.
The report Of the State superintenti-
| ent or insurance, Hendricks, will prob
ABLY be made public about June Is
ana until its findings become known
Inc designations Of President AIexan-
DER and Vice Presidents HYDE. Tar
oell, Wilson, MacIntyre and Financial
Manager Henry Rogers Winthrop, are
| III M 5he hands OF Chairman Morton, and
VIII not be acted upon until the Hen
drlcks report is made. These resigna.
tions were called for by Chairman Nor
ton Yesterday, Immediately upon his
acceptance of the office
Hyde's Denial Unexplained.
Mr. HYDE yesterday. at the time the
negotiations had been concluded for the
sale of the stock TO Mr.. Ryan, made the
announcement that no syndicate offer
was being considered What motive
Mr. Hyde had in making such a denial
at a time when the deal was concluded
is not known except that II comports
with the recent policy of the officials
of rnaking sweeping denials of all
charges and statements Yesterday
morning II became known that a chair
n N nd hAa col i.,,t
out that his name would not be made
public for Tear that factions would arise
before the board met 1t was purposed
II was learned this morning. to spring
Mr.. Morton s name as a surprise and
thereby prevent the formation of any
opposition. Brayton Ives, director,
made a speech, favoring deferment of
the selection OF chairman Until after the
Hendricks report. but he was voted
down
Metropolitan stock opened UP over 2
change on the strength of the acqusi-
ton OF the Equitable by the Ryan in
terests.
Investigation Still Needed.
The World. which first exposed the
scandal in the Equitable Society In
commenting on the new control in the
con- pany. says that the necessity for a
legislative investigation is more acute
than ever. 1t asks:
''Will Thomas f. Ryan and Paul Nor
ton restore to the policyholders the mil
lions of Gcllars which have been app~o-
priated by Equitable hnanciers?' and
concludes Ia follows:
The sooner Governor Higgins con
venes the Legislature in special session
to investigate Equitable corruption and
the life insurance system, the sooner he
Will have performed the most solemn
the most sacred, duty that any gov
ernor Of New York has ever owed the
people OF the State. Can he longer
delay?'
Paul Morton went TO the office of the
Morton Trust Company this morning
and had n conference with Mr. Ryan.
Later he went to the Equitable Offices
MI Morton's Task.
HIS task is to rehabilitate the Equita-
BILE. He is to restore the society 70 the
prestige II enjoyed before the internal
war began that has revealed such scan
dalous conditions in its management
His first business was TO prepare for
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