The Montgomery advertiser., 1905-06-10

who have followed events Is in the nature of a compromise. and victory for the Hyde faction. In any event, the outcome was seemingly a surprise to some of the members of the so-cailed Alexander forces. There were two ses- sins of the Board. recess being taken at o'clock this evening, when com mittee consisting of Senator Depew, Mr. Belmont and MT. Moffatt was ap- pointed to notify MT Morton. who had already been elected n director. Tne committees spent almost an hour iook- ing for Mir Morton, who was escorted Into the room between files of expect ant employees The session following the recess was comparatively brief. II was after o'clock when the directors took their final adjournment MT. Hyde proceeded to his private ohice where, after a consultation with bis lawyers. he issued letter. which is in part. as follows:
 gro the Board of Directors of the Equitable Life Assurance Society or the United States:
 Dear sirs--Now that the legal rights of the stockholders have been deter mined by the Supreme Court of the state. I have reached the conclusion. as the result of most earnest and anxious reflection. that the welfare of the so- ciety founded by my father. which ! have so deeply at heart. demands that the stock control shall cease ,o pc vested in any one person and that l should part with a majority of the stock In such, form that no one fndi- vidual shall continue in control of the destinies of the society. have ac- cordingly, not without great hesitation and personal regret. sold the stock which my father placed in trust
 Rcpairing Damage Done.
 T am advised that as the holder of the controlling stock have the power and hence the responsibilit yof repair ing the damage that has been inflicted upon the society. in so far as that may be possible.
 it Is in the discharge of that respon- sibility that I have parted with the majority of the stock in the interest of every policyholder and in a form which believe will enable the osclety to re- gain its prestige and resume its inter rupted era of prosperity. If that be the result shall be content. shall retain substantial stock interests and hope to continue to be identified with the affairs Of the society as director and in such other ways us may be deemed desirable.
 aIn order that the chairman who has been selected may have a free hand in the management, I shall hand to him my resignation as vice-president for such action as you deem advisable You may rely on my earnest cc-operation at all times in the accomplishment of the task of reinstating the society in the public confidence and esteem. The purchasers of the stock have expressed their intention to divest themselves of all voting power and immediately put control of the company in the hands of policyhoideFs, notwithstanding the pending litigation by conveying the stock to those not connected with any financial institution and giving them power to vote for the election for di- rertors as to twenty-eight of the nifty four directors and as to the remaining twenty -four directors. according to the uncontrolled Judgment of the trustees, thus following the plan of mutualiza- tfon aa approved bx the insurance de- pertinent and eliminating power to which so much objection has been made.
 Provision is intended also to be made for an amendment of the charter, so as to perpetuate this control of the policy-holders.
 T think you will find that everything possible has been done to insure the resumption of the interrupted pros perity of the society.
 Very respectfully yours. SdAAGc n. IAS4G.
 Morton Will Give Fall Time.
 Mir. Morton declined to discuss the meeting except to say that he had re- linquished the position as chief of the Metropolitan Traction Company and its proposed subway extension. and that he had accepted the Equitable chair manship.
 This evening Mir. Ryan made public letter to MT. Cleveland, named as one of the trustees. Copies were also sent to Justice oBrien and MT. Westing- house. Mir. Ryan asks Mfr. Cleveland to accept a place on the Board of Trus- tees fin the following words:
 T beg you to act as one of this Board with other gentlemen. who shall be of character entirely satisfactory to you. I should not venture to ask this of you on any personal grounds. but to restore this great trust. affecting so many people of slender means. to soundness and public confidence would certainly be great public service, and this view emboldens me to make the request
 ''The duties of the trust would be very light, as in the nature of things when a satisfactory Board is once con stftuted there are few changes and all the clerical and formal work would be done by the office force of the com pany.
 T have written similar letters to Jus tice M. J. OBrien, presiding Justice of the Appellate division of our Supreme Court, and to MT. George Westinghouse of Pittsburg. two of the largest policy holders in the Society,""
 Mir Morton's election is believed to mean the solution of the controversy which began between the Hyde and Alexander factions in the Equitable So- ciety some six months ago. and which became publicly known in February of this year. There were charges of ir- regularities and gross extravagances on both sides the fight at times waging with such bitterness as to threaten the welfare of the institution. which num- bers some 600.000 policyholders with assets in excess of $4o0,000.0o0 and a surplus estimated at $S0.000,000.
 Justice M. J. OBrien tonight an- his acceptance of a place on the Board of Trustees. Charles Smith in an interview tonight declare that he had favored Mir. Morton for the 'all reports to the con trary." He added that he was perfect ly satisfied with the result of the days meeting.
 Paupers on Strike.
 New York, June 9--Considerable mer- riment has been caused by a strike of paupers in a county almshouse just 1Ak tl-I