The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-06-10
PAUL MORTON
TO HAVE CHARGE
Chosen Chairman of Equitable Board
of Directors.
THE OFFICIALS ALL RESIGN
YOUNG HYDE's STOCK SOLD TO
SYNDICATE.

of the navy on July !, was today
elected chairman of the board of direc-
tors OF, the Equitable Life Assurance
society. His election marks the first
and most important step in the Teor-
ganizatiOn of the society, and was fol-
lowed by the tender of the designations
of President James w. Alexander, Vice
President James H. Hyde, Second Vice
President Gage E. TarbeIl, Third Vice
President George T. Wilson and Fourth
Vice President William H Mcintyre
1t is known that BraytOn Ives and
Charles Stewart Smith. who were from
the outset of the controversy on the
side of the conservative element, pro-
tested against some of the proceedings
of the meeting and are believed to have
voted against Mr.. Morton's election
The new chairman, to further quote
Senator Depew, did not consent to take
office until he had received positive as
surance that ne would have a free
hand as to measures and men"
Hyde No Longer Controls.
Mr.. Hyde Invested" himself Of the
majority control, but as made clear in
his letter to the board, retains sub
stantial interest in the society
| 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
| disclosed, but it was strongly minated
| that President Alexander and Vice
| Presidents Tarbell, Wilson and McIn-
/ tyre retired with the belief that their
| executive relations with the Equitable
/ had ended.
Bought by Syndicate.
The interests to which Mr.. Hyde dis
posed of his stock number some two
] score individuals. led by Thomas F.
Swan. vice president of the Morton
| Trust company. which has close rela-
/ tions with the Mutual Life Insurance
/ cOmpany. one of the Equitable society 5
principal rivals. Mr.. Ryan is said to
be heavily insured in the Equitable, as
are, according to reports, many of the
others who acted with him in the pur-
chase of the Hyde holdings
| The price paid for the Hyde estate
stock. which is to be trusted practical
| ly in perpetuity, was not disclosed, but
estimates vary from 81. 900 TO So
OO0, OO0
In addition to the SOP shares held by
the Hyde estate. which includes the
| widow of Henry b Hyde. founder of
the society. and his daughter. Vice
| President Hyde is said to hold between
$50 and 10 shares. and it is these hold
ings which Mr. UnteTmeyeT refers to as
| the substantial interests which his
| client retains. Mr.. UnteTmeyer makes
this statement relative to the Hyde IN
terests in a statement quoted below.
| He has since the beginning of the Equi-
! table controversy acted as Mr. Hyde
counsel
Trustees Noted Men.
III. 49,, ,-o..,,,.sta7 n hold ma iOritv
| stock by Mr. Ryan are former Presi-
dent Cleveland. George Westinghouse OF
Pittsburg and Morgan J. O'Brien- re-
/ Gently elevated to the chief justiceshlp
of the appellate division of the supreme
court of this district
Mr.. Ryan is the acknowledged head
! of the Metropolitan Traction company
and only fortnight ago induced Mr.
, Morton to ally himself with this in
| terest as the operating chief of the New
! York City Railway company by which
/ title the Metropolitan surface lines and
| their affiliated companies in Manhat-
| tan and the Bronx are corporal
known.
Statement of MIR. Ryan.
Concerning the purchase of the Equi-
table stock and the disposition OF IT,
Thomas Z Ryan said:
In connection with some other pol
had any relations with the Equitable
| except as pOIicy-hOlders, ! have pur-
chased from Mr.. Hyde majority of the
! stock of that society We have made
this purchase for the sake OF putting
an end to the present unfortunate con-
dition of the cOmpany's affairs, not only
/ in the interest of the pOllcy-holdeTS
| but for the general business interests
( of the entire country We purpose
uuou receiving the stock to immediately
divest ourselves of all voting power and
| accomplish@fn substance and effect the
plan of naturalization already approved
by the superintendent of insurance
We propose to do this by conveying the
| stock to a board of trustees, composed
of men of such character as to com
( mend universal confidence and having
no connection with Wall street, with
| power to vote the stock for the election
of directOrS-as to twenty-eIght dlrec-
tors in accordance with the instructions
of the poIicy-holders of the society. and
as to the remaining twenty-four direc-
tors in accordance with the uncontrolled
! Judgment of the trustees
No More One Man Power.
These will at once accomplish the
object of putting the control of the
company in the hands of the policy
| holders and will eliminate entirely the
. ! On6-T1an DONEE 10 NlllCu ~ AiAuNA w
lection has been made.
| The directors of the Equitable went
into session this afternoon at O'Clock
| For some hours prior TO the board
meeting Messrs. Depew, Belmont and
Noffat. who. with Louis Fitzgerald and
IL. B. Forgan of Chicago, constituted
the nominating committee, were in Ses-
sion
! Victory for Hyde Faction.
The selection of Mr.. Morton in the
| opiniou of those who have followed
events. is in the nature of a cOmprO-
mise andf~a victory for the Hyde fac
1 ton. In any event. the outcome was
seemingly a surprise to some of tbs
! members of the sO-called Alexander
the board. a recess being taken at
o'clock this evening. when a commit
| tee consisting of Senator Depew, Mr.
Belmont and Mr.. Moffat. was ap-
pointed to notify Mr.. Morton, who haC
already been elected a director The
committee spent almost an hour look
ing for Mr. Morton. who was escorted
into the room between files of eX-
pectant employees. As the door closed
behind him the sound of handclappins
was heard The session following TIT
recess was comparatively brief. tn,
| first director to leave being Mr.. Ives
who. il has been reported about thu
| corridors. was a candidate for tn
Craftsmanship of the board.
Then Mr.. Depew came out and CAV
an informal summary of the action o
the directors. President Alexander
| who was with the senator, aequiesce'
/ f(.r4;.,.1 -. D,za .