The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-03
new MEN IN EQUITABLE ROW.
STATE INSURANCE COMMISSION
Ems TO TAKE 4 HAND.

Commissioners, which ~ composed OF
rsnre.entatlyes from The department Of
Insurance in each Sta in the Union, has
tsen called or next Thursday ut the Hoh'
man House in this city consider the
Equitable situation. The Insurance do
,s1ments Of outside States, Il was said,
Tin probably be guided In deciding whether
or not 10 intervene by the conclusions
reached by the executive committee.
The meeting was called by the unanimous
consent OF the committee. Two members,
r e. Folk Of Tennessee, q brother Of Gov.
Folk Of Missouri, and Henry r. Prewitt Of
Kentucky, are now in town arranging for
the coming meeting. They arrived yester-
dav They had conferences with Deputy
s,ne1ntendent Hunter who Is conducting
me Investigation for the New York State
dsna1ment, and with President James W.
Alexande-
Al the Hoffman House last night Com
missioner Folk spoke freely Of the plans
Tor the meeting. He said that he had
called on Mr.. Hunter with Commissioner
Previtt with the idea OF learning definitely
what the insurance depart ment OF this
state had accomplished. Mr.. Hunter, he
said. assured them that the Investigation
bv suut. Hendricks's department viii be
thorough. searching and exhaustive
The two committeeman made their call
on President Alexander late In the after
mon. They told Mr.. Alexander that policy
holders in their States were insisting upon
Brst-hand information as to the exact status
Of the society's Affairs President Alex
apder, the committeeman said, told them
that he would be very glad to assist them
m anv way that be could. Neither Of the
oommitteemen asked permission Of the
tociety's president TO mako any sort Of an
Investigation.
While they we're In the Equitable Build
ing the committeeman called also at Mr..
Hyde's office, but he had gone for the day.
Later they received word from Mr.. Hyde
that he would be glad TO see them at 1890
O'Clock this morning.
The president OF the national Asso-
ciauon's executive committee IL G. Il.
Cutting, Commissioner of Massachusetts,.
The other members OF the committee are
John C. Lennihan of New Hampshire,
Yeno NJ. Host Of Wisconsin and n. B. APP
pleton, second deputy superintendent Of
New York. Most Of the members are eI-
pected TO be in town to-day.
Two afidavits made by President james
N. Alexander had been fled with Justice
Maddox in the Supreme Court In Brooklyn
Ia answer 70 allegations made by Mr.. hyde
in his petition for permission TO intervene
IN the Lord suit.
In these afidavits Mr.. Alexander answers
the charges Of disloyalty made by Mr..
hyde in regard TO the formers service as a
trustee Of the Hyde stock and also other
allegations rejecting upon Mr.. Alexander
as an officer Of the society. Mr.. Alexander
contends that the most OF these allegations
are wholly immaterial TO the question at
issue in the suit and that tbs only force or
effect thereof Is TO drag into the litigation
a real or lima ginary controversy between
myself as an officer Of the society and MIR.
Hyde as an officer Of the society
Mr.. Alexander says that be docs not adj
nit the truth Of the staten'"-:.s made by
Mr.. Hyde IN his addrC.s - lne board OF
directors in February, which Is reproduced
IN Mr.. Hyde's petition: On the contrary,
says Mr.. Alexander, assert that In many
respects they are absolutely contrary to
the truth
The suggestion says he, that have
In any way been dereict in my duties as
trustee by reason OF having favored
naturalization Of the company IL wholly
fanciful one. l have cast no vote as a
member Of the board OF directors which
has not been concurred in by Mr.. Hyde
himself SO far as concerns the effect OF
naturalization upon the stock, my duties
as trustee IN no cpeCl IeQuuAb nc ~ PAO-
tect the interests Of the stockholders a.
such the duties OF the trustees as such
being confined TO the voting for directors
and collecting dividends by PROXY and
Attorney
now d years old and claims 10 be man
q ability and fully competent to manage
society as It's president, is paramount
10 any theoretical or fanciful duty that
l. 70 to " III ma
Hazen Hyde since he has attained the
eye Of u years.
fThe allegation in the afidavit Of Mr.
Hyde, says the Equitable president, that
since the beginning Of this action Mr.; Tar
bell and myself have, in violation OF any
agreement OF Of any pledges, renewed
any agitation 10 take away from the stock
the right reserved to IL by an alleged agree
ment OF all the parties is absolutely false.
Mr.. Alexander says that counsel for the
society has at his request done everything
possible since the amended charter was
adopted by the Equitable's board Of di-
rectors 10 procure the approval OF the state
Superintendent Of Insurance and that he
has e1erted every other effort possible 20
bring about the successful elimination
OF the naturalization plan But Mr.. Hyde,
he says, appears before the court In the
attitude Of anita gonizing the approval Of the
amended chartfT az II has beenaoopted.
Frank II. Platt, counsel for the policy
hold committee, issued q statement TO
gardiLg MIR, Hyde's representations IN his
smended petition. Nothing, says MIR. Platt,
could be more disingenuOus OF deceptive:
The statements in the petition he
declares, constitute merely another at
tempt 10 deceive the policyholdsrs into q .
bellgf that Mr.. hyde Is willing to conceCe
something substantial to them.
Mr.. Hyde pretends IN the amended
petition that az owner Of the majority Of
the stock he is willing 10 have the two year
pan 90 into effect, but he nevertheless
Insists that it can be done only by a vote Of
three-fiths Of the stock, which vote he well
knows cannot be obtained.
This subterfugs Is Characteristic and
ought 10 he understood by every policy
holder
In reference 10 Mr.. Hyde's proposal that
Ne transfer his stock to trustee for term
o. years with power TO vote for twenty
eight directors selected by the pOlicyholders
subject 20 the arrangement Of details.
MI Plat called attention to the fact that
one of the terms which he, Dir. Hyde, does
not mention is as 20 how the policyholders'
directors are 10 be named.
Mr. Hyde, says Mr. Plat, will be will
ing TO deposit his stock II he can name the
pohcyholders' directors, and that h the
meaning Of the reservation in his last offer"
=. do not think says Mr.. Platt, that
MS Petition Is seriously intended 10 affect
Susuc' Maddox, who Is too experienced
1nd aSi TO he deceived by such paper.