New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-06-11
NOW CONTROL EQUITABLE.
Continued from firvt page.


serves great credit in view of the fact that had
the decision of Justice Maddox in the Lord suit
have uutualized the company while there
single dissenting share of stock x now looks
like happy solution of the internal troubles
BRAYToN IVES RESIGNS.
Brayton Ives, one of the two directors who
voted against the election of Mr.. Morton TO the
craftsmanship. counselling delay. sent his resig-
nation from the society to Mr.. Morton yester-
day Mr. ives explained that there was no bit
terness in this, either against the society or lts
officers or against Mr.. Morton.
''I was a director by virtue of stock not my
own" said he. when this stock changed own
ers 1 considered that it only courteous to
the new owners only fitting. that should not
hamper them in any plans they might nave
by remaining in the board. Therefore, sent my
resignation to Mr.. Morton.
There really why should re-
main in the board. All that hoped would come
to pass has occurred-all that predicted. L
told Mr.. Hyde in private and in meetings, that
the fight never could be settled while he retained
control of the stock. He has Invested himself
Of the control of that stock. which passes to
group of individuals who will act for the policy
holders. / told him that settlement could be
arranged while he remained officer Of the
society, and 1 told Mr.. Alexander the same
thing. I said that attacks them and unsavory
publicity as to the company's affairs must con-
| tfnue until they gave up their places. They have
resigned, and the vice presidents with them.
II have nothing but the best wishes for Mr..
Morton and for the Equitable, but there is
nothing I could do the board now"
Mr.. Ivess formal letter to Mr.. Morton was as
follows:
In view of yesterdays events. 1t seems proper
that I should make the following statement;
Previous to the taking Of a vote for chairman
l urged the postponement Of such action until
there should be a change in ownership Of the
majority of the stock Of the Equitable Society.
At that time had knowledge Of the change
of ownership that had already taken place. Had
known ii I should undoubtedly have voted for
you 1 had not mentioned any other oandi-
date and had none in mind. expressly stated
that had personal opposition to you:
Inasmuch not stockholder in my
own right, and as the stock under which quail
flied has changed hands, and in order to give you
free hand which you desire and need. 1t Is
fitting that should tender my resignation as a
director Of the Equitable Life Assurance So
cfety, and hereby do so resign
In taking this action, / assure you Of my
cordial wishes for your success in your new Of
flee, in which wishes L shall be Joined, I am
sure by all public spirited citizens.
The new chairman plunged into his work yes
terday. He took up temporary quarters the
third floor OF the building, adjoining President
AIexanders Offices, and there and in the offices
of the various vice-p presidents held conferences
with those officers most of the day. He is try
ing to get a grip on the situation and declines
to discuss his policy until he has ACQUIRED the
facts which to base theory of work
STATEMENT FROM Mr. MORTON.
He was at the Morton Trust Company early in
the morning in conference with Thomas F. Ryan.
From there he went to the Equitable offices,
reaching there before 10 o'clock. He went into
conference at once with President Alexander.
Half an hour later he issued a formal statement,
as follows:
My watchword will be to act in every way for
the best interests of the policyholders. do not
wish az all to reflect upon the old management
of the society, but shall strain every nerve to
bring the present crisis to a successful issue.
OF course, it is impossible for me to make
definite statement as to what is to be done at
the present time until have looked over the
ground; but you may rely upon it that nothing
will be undone to restore the confidence of the
policyholders in the society. am going back to
Washington tonight.
Mr. Morton's conference with President Alex
ander lasted most of the morning. He visited
James H. Hyde for a time and had a long talk
with him. In the afternoon Mr.. Morton, Presf-
dent Alexander, Gage E. Tarbell and William
Alexander, secretary of the society, were
closeted together for couple of hours, discuss
ing statement which was to be issued
At length Mr. Morton left this meeting saying
that no statement would be issued then.
1--WE were preparing one," said he, but we
decided that as couldn't finish it and get IN
the material we wanted we would not give II
out until next Wednesday. meeting OF the
executive committee will be held then. 1 have
not decided when to call a meeting of the board.
T can't discuss the nature Of the statement
which is being prepared"
He said that he had not taken up the charges
of misconduct against the various officers.
a
Morton Trust Company. where he had long
talk with Mr.. Ryan and his lawyers, and then
went to the ferry on his way TO washington ne
will be back early this week.
After the conference. President Alexander said
nothing especially new had developed in the Sit
nation. He and Mr.. Morton and other officers
of the society had been holding conferences
most oF the day, but nothing definite had been
outlined
"I don't know what Mr.. Morton has planned
said Mr.. Alexander. az can't talk about the
statement which we were preparing oo'i
know who the members of the syndicate are
which has purchased Mr.. Hyde's stock. beyond
Mr. RYAN 1 may go to Princeton to-norFo"
for the commencement exercises. and II DO
undoubtedly shall see Mr.. Cleveland put L
haven't decided yet whether I'll CO.
August Belmont denied with considerable heat
a story that he had opposed MI morton eeo
tton to the craftsmanship because OF rivalry De-
tween himself and ThoInas Il. f'yeii o'ei '
affairs. Said he
What has been done, and the manner IN Whlch
q was done has and had at the meeting my
fullest Endorsement / was not aware tlIi iats
last evening who composed the pu[ct a
syndicate and 1t was really not material ~ -, me
The principle Is the right one. and hao oesii
advocating practically what has oeen accom-
nIished It is not true has been stated; th 1l
Nv i