Waterbury evening Democrat., 1905-06-10
MORTON CHAIRMAN.
Former Secretary of Navy to
 Head Equitable.
HEAD OFFICERS RESIGN THEIR POSTS
Hyde Surrenders-GrOver Cleveland, George Westinghouse and Morgan J. O'Drien to Be Trustees of
 Society's Millions.

NEW YORK, June 1O.-Paul Morton, who retires from the secretaryship of the navy on July 1, has been elected
 and has accepted the cfairmanshp of the board of directors of the Equitable
 Life Assurance society His election
 marks the first and most important
 step in the reorganization of the so-
 ciety and was followed by the tender
 of the resignations of President James
 w. Alexander. Vice President James
 H. Hyde, Second Vice President Gage
 E. Tarbell, Third Vice President George T. Wilson and Fourth Vice President
 William H. Mcintyre
 Mir. Morton, as explained by Senator Chauncey NJ. Depew, was the unani-
 nous choice of the board of directors of the Equitable, although the meeting was not altogether harmonious.
 The new chairman, to further quote Senator Depew, did not consent to take office until he had received positive as- surances that he would have a free hand as to measures and men,
 Mir. Hyde "divested" himself of the majority control, but, as made clear in his letter to the board, retains a sub stantial interest in the society.
 All of the resignations submitted to the meeting are subject to the pleasure of Chairman Morton, and none has yet been accepted.
 : The interests to which Mir. Hyde dis posed of his stock number some two score individuals, led by Thomas F. Ryan, vice president of the Morton Trust company which has close rela- tions with the Mutual Life Insurance company, one of the Equitable socie- tvs principal rivals. Mir. 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 purchase of the Hyde holdings.
 The price paid for the Hyde estate stock, which is to be trusteed practi- cally in perpetuity, was not disclosed, but estimates vary from $5,50O,0OO to $5.OOO.OOO.
 The men requested to hold the major ity stock by Mir, Ryan are former President Grover Cleveland, George Westinghouse of Pittsburg and Mor- gan J. O'Brien, recently elevated to the chief justiceship of the appellate divi- sion of the supreme court of this dis trict.
 Mir. Ryan is the acknowledged head of the metropolitan traction companies and only fortnight ago induced MT. Morton to ally himself with them.
 Mir. Hyde sent letter to the direct ors. which says in part:
 Now that the legal rights of the stockholders have been determined by the supreme court of the state. have reached the conclusion as the result of the most earnest and anxious reflection that the welfare of the society founded by my father and which I have so deeply at heart demands that the stock control shall cease to be vested in any one person and that should part with a majority of the stock in such form that no one individual shall continue in control of the destinies of the soci- ety.
 "I have accordingly but not without great hesitation and personal regret sold the stock which my father placed in trust"
 Mir. Ryan made public letter to Mir. | who is named as one of the The letter says in part:
 You may he aware that a bitter con troversy exists regarding the manage ment of the Equitable Life Assurance | society and that public confidence has been shaken in the safety of the fund under the control of q single block of | stock left by the late Henry B. Hyde. This loss of confidence affects a great public trust of more than S40O. 100000. the savings of over 6O0.-