Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-04
Choice of Morgan for Head of
Equitable Life.
MORTON is TO BE RETIRED
Election of President Is to Take
Place March /.
RUM0Rs OF TRACTION MOVE
Sales of Stock Regarded as Indi-
cation Of New operations-Bank
Merger Reports Denied.

NEW 1ORh, december I'll the pidHS
of ]. .Pierpont Morgan. who Thursday
acquired control of the Equitable Life
Assurance Society through the purchase
of Thomas f. Ryan's majority stock
holdings, are carried out George B. Cor
telyou. formerly Secretary Of the Treas
ury and now president Of the CONSOLE
dated Gas Company, will be elected at
the next meeting Of the board of direc-
tors. March 1. 1910, TO succeed Paul Nor
ton as president of the Equitable society.
While not confirmed either by Morgan
or Cortelyou, this Information comes
authentic.
Morton Sees Morgan.
Morton spent some time, yesterday at
the offices of ]. P. Morgan & Co. 1t is
understood that he talked over the at
fairs of the Equitable society with Nor
gan personally.
When asked II he anticipated change
in the presidency of the Equitable, Nor
ton replied:
THAT is matter entirely for the board
of directors to consider
Morton said he was not prepared to
speak for Morgan as to his views and
purposes in regard to the complete mu-
tualiZation of the company or as to the
regarding the returning of profits to
policyholders.
In answer to direct question as to
mutualizing the company, Morton said:
That is a question which will have to
be taken up with the state superin-
tendent of insurance"
Selection No Surprise.
,Morgan's desire to have Cortelyou head
Of the Equitable Life Assurance Society
will not come as a surprise to the finan-
cier's business associates and close per-
sonal friends.
The friendship between Morgan and
Cortelyou dates back for eleven years.
when Cortelyou first became secretary to
President Mckinley. The manner in
which Cortelyou handled the financial
situation during the panic of 1907, 1t is
said, so impressed Morgan that he de-
termined II possible to induce the Sec
petary of the Treasury to leave public
life and assume control Of one Of his
financial institutions.
Later. when Cortelyou's name was
mentioned lin connection with the presi-
dental nomination. it was generally I'M
derstoods that his candidacy would have
Close friends of Cortelyou know that
when President Roosevelt's term WAS
drawing to q close the Secretary Of the
Treasury-through the influence of Nor
eral OF the largest financial institutions
in New York. but that he declined these
Offers Ito become the executive head Of
the Consolidated Gas Company.
Bank Merger Denied.
a report was to the effect that the
change IN the control Of the Equitable
society would result in extensive banking
alliances. probably eliminating in the
merger Of five large trust companies. An
other result Of the sale was q report that
a syndicate would be former to take over
large block of the National Bank of
Commerce stock now held by the Equi-
table and Mutual Life Insurance COM
paniee..
Henry p. Dawson Of J. p. Morgan &
Co. who has acted as Morgan's spokes-
man In announcements regarding the
purchase Of Ryan's holdings In the Equi-
table, gave denial to the reports OF pos
sible trust company mergers.
There is nothing In those reports" he
AT the same time Dawson took oc-
tons statement regarding the future
management Of the affairs OF the EQui-
table society.
.'Mr. Morton is right" he said, when
he announces that the company's af-
fairs will be conducted, as heretofore, by
the board of directors for the best in
terests Of policyholders."
1t is generally believed that when Nor
ton retires from the presidency of the
Equitable he will become the executive
head Of a large railroad system. He was
offered the presidency Of the Atchison,
Topeka and Santa Fe last yeaf, but de-
clined to leave the Equita BILE.