New-York tribune., 1905-06-10

fe nv greatest @ souree pride and consolsen
sion With the management OF the society es 10 e'
verdict Of al fair mnded men w when tSe 'hs false ant
sonsassonsi attacks upon shall have passed
shs q 5se 5sta 10 spesfasaai se dentsd sa0e With AFFAIR:
Of the society as director and In su0h u''''' :.
may ader ee asat the Chairman who has been Sc
lecsed may have sr free @ hand na h as
cent for such action as you may ounerstioa at al
Zines tn tie Accomplishment Of the task O and
stating the society in the pubic e'hN1e
stock hsye "a s EDosns o%sr oRs
nsaoa g ysst Da eoatro of the IL
The hands Of poleyhodeers the stock
sGa g. usfees Of Such character as to conn anS
nysTsai and aaG Ring to ySss
Il for Tie Election Of dTeet0TT Tst4ueted as sS By The pol
eyhoiders Rs hes Tseaas Tsaeeonsnoea
Of se Tses following the p os pepa
ation areaay appIovea e os ONE eD man power which
so much direction has bee eTso TO be made an
s0sment Of the as to perpet"a'e 'i'
oqnG Of v6 the W d possible Dts has
been 1hRa dome 70 insure the resumption OF 'ns ''s'
rupted prosperity OF the sociev'
DIRECTORS THANK Mr. HYDE
Individual members of the board snooh n"ilu'
Nth Mr. Hyde who had thus announced .lS :.
..-.-,a,t from Office and disposal OF coh'roi %
ss,a RON
,sorat introduced q resoIuuoh'
unanimously passed. as follows
resolved That the beard appreciates stT sne wieh
sense of duty in the interes. q Hyde de and begs
gsoaeT S,rn the thanks OF the societs ioi s
The resignation is TO be HANDED MI n, a.
-,.,,-. consideration and subject TO ms oi'
position ocu
OVER stooo.ooo FOR HYDE STOCK
.. uas learned, sold sol shares of
- The trust created by Henry b. aSuo
consisted of 500 shares. The price couio No.. io -
,ae-ne6. hui it is understood to be consiaeia a'''
-. tban 100000 Mr.. Hyde recently hss
-.t,,.es two offers of S5.0OO000 for the trust
s+ooD He his mother and his sister, Mrs' oiu
nev Dillon Ripley. retain seVenty-h's
Mr. HYDE will remain as olrecto' %
society. although it is understood liia' 4'-s T
,,s+ion as vice-president will be accepted Nr
- &C chairman. also will accept the resls-
.,o,x NJ President Alexander ana Gags L.
rr.-,s,I according to the belief OF one oi 'iio III
rectors.
0ER PRESENTS RESIGNATION
1,.,e;5e,+ Alexander then rose slowly anu
- -o,,d the board room. He had been con-
,.c+e5 with the society for forty years. ne sa4u'
and although he did not care to retain ms OIL
6ca aTv longer It was a hard task. a Feai slieA'
for him to divest himself of the ouroeH ne Hau
horne SO long. Yet the conditions whlch hau
arisen in the society seemed to demand IT. anu
he believed that by placing his formal reslsIa-
,ion in the hands of the new chairman ne wouio
be acting for the best interests OF the EqultaOie
and carrying out his duty toward IT.
Senator Depew got up when MI Alexander
had finished
ciety has been in important oIncia . Ieia - t4
with it for forty years, most of the time as lts
vice president" said he During that perioo
he was the conidant and able assistant OF tne
extraordinary man who created the society ano
hr,ilt il uu to the condition where 1t was the
leading financial institution In the country II
not IN the world. in its line at the uiLle o1 Lt'
death Since his death under the administra-
tion of Mr. Alexander. the success or the com.
pany has been more phenomenal than that OF
any other life assurance company IN the world
as an effort for peace, for harmony. for the
prosperity of the society, for the success OF the
the part of Mr.. Alexander of his office to the
charm = is an act of gracious courtesy, whlcn
the board appreciates. and therefore move that
the thanks of the board be rendered to Mr.. Alex
ander for his action
TARBELL DIDN'T WANT TO RESIGN.
And then came a distinct surprise Gage E
Tarbeli. who at first was President Alexander's
ally in trying to get Mr. Hyde out of the board.
and later cut loose from the president when he
Joined with Mr.. Hyde in protest against the
Frick report objected to resigning.
NO act of dishonesty of disoyalty to the
society ever has been charged to me- said he, in
substance. The Frick report which found
charges against other officers true, left me un-
censured. unscathed by criticism more serious
than that much extravaganza in my department
had been found. That extravaganza, if it was
extravaganza, resulted from methods which are
in use in all large insurance companies The
success of my methods is shown by the building
up Of the societys business.
My first duty. believe, is to the policyhold-
ers; my next 10 the agents 1 have gathered
around me. I don't think, in justice to them, I
ought to be called on TO resign at this time 1
should remain to care for their interests NV
faithful work and devotion to the society surely
deserve some better reward than retirement
now"
DO understand that you resign?" asked Mr..
Morton.
"of course If I must resign, want it 70 he
understood that my resignation is in the hands
of the chairman answered Mr. Tarbel. and
sat &C n
The re~ignations Of George T. Wilson. third
vice-president: William H Mcintyre. fourth
Vice-president, and Henry Rogers winthrop. as
sistant secretary and financial manager. also
We're rendered to Mr.. Morton. The meeting then
was adjourned. subject to the call of the chair
al ole enc OF tne meeting the following official
statement was made:
- oS-Ss'bou Nle AMENDED bylaws
t. e Once o. chairman and reorganizing the execue
i've committee, and for the holding of rnontbiv
meetings Of the board and for the executive co1n
hStses th powers being limited to the approval of
me board at its monthly meetings "
On motion Of Chauncey NJ Depew seconded bv
NJ: Ao--a OF Colorado, Paul Morton SecretaTyy
ot tne Navy, was placed in nomination and elected
chairman OF the board and directors. COMMITTEES
vas appointed: consisting of Messrs. Depew Bel
mont and Moffat to call on Mr.. Morton and invite
MN 10 come before the board. Mr. Morton ON
pelng received, expressed his qualification at the
eecCon and his determination to his best in the
once Ior Ine interests OF the pocyholders and the
socaety. ne said that he accepted the chairman-