The Washington times., 1905-06-03

Concerning the directors the report
says. that the title of the great ma
Jority of the board to their oflicf. as di-
rectors is open TO question under the
law OF the society by reason OF the fact
that the shares of stock Eeld by them
| were transferred TO them for the pur-
pose of qualifying them - directors.
That there has not been q time for
years when there were enough rala
stockholders IN the corporation owning
five shares Of stock to constitute the
number OF directors required by the
charter; indeed. at the present date. not
!. more than half enough for that pur-
pose
Far Short Of Duty.
In conclusion the report says.
''Tiie committee finds that general
| looseness has prevailed In the adnainfs-
tration OF the society's affairs recurring
! prompt and thorough rectihcation, ana
that there IS a general licking IN the
organization OF the stro8. moral fiber
SO essential for the accom- olishnent OF
satisfactory results.
the extraordinary powers Of the
principal officers Of the society carry
with them the highest measure of res
sponsIbility. The committee finds that
OF these the president. vice president,
and the second vice president have
fallen far short of their duty both in
acts OF commission ard emission, and
changes in these offices should be made.
The shortcomings of Inferior exeeuz
tive officers are largely due to tha
methods which the principal officers
have encouraged or permitted, and so
far as correction OF these Irregularities
calls for further removals of officers
PolicyhoIders Have Chance.
One fact stands out clearly as a re<
suit of the extraordinary situation IN
the affairs of the society. rhe fact Is
the poiicyholders now ha an excez<
lent chance TO come into their own.
Hyde and Alexander, not only IN an
alliance but agreeing TO surrender most
ii not all of their power along with
the things they have been so hotIy con-
tending for-Such is the spectacle that
is presented today. 1t Is announced
that the bitter enemies were driven into
the alliance and the surrender OF their
power In order 70 defeat the plot or the
Standard Oil Company to gain control
OF the Equitable and its $50. CO., 900 OF sur
plus
port Of the F'rick investigating commits
tee to deliver the society over to tina
Rockefeller band is asserted by. the
friends OF both Mr. Alexander and Mr..
Hyde, and therefore they Joined forces
TO defeat II with the result that ths
board OF directors repudiatsd the find
ings OF its committee by vote Of q
TO 16.
Both Shorn of Powers.
Following the rejection of the Frick
report the board adopted resolutions re-
lating to the future control Of the So
eiety. These resolutions sheer both Mr..
Hyde and Mr. Alexander OF their pow
ers. but both voted for IT. Here are the
resolutions:
First That a chairman of She board
be created. with pIenery power over all
departments and affairs OF the society.
Second-That nom mating COMMITTEES,
eonsistin@ of D. O. NILS. John A. Stew
art, A. ]. Cassatt, 7. Jefferson Coolidge,
August Belmont, j. B. Forgan. and RoD-
ert T. Lincoln be requested to report
at a meeting Of the board TO be called
on Wednesday. a candidate for chair
man.
Third-That at that meeting of the
board the executive committee be reor-
ganized. and that appropriate amends
ments to the bylaws be prepared foE
submission To that meeting for the pI1r-
pose of carrying out the resolutions.
Fourth-That James Ha2an Hyde be
requested within three months to divess
himself of the control of the stock oz
the society on such terms and conditions
as shall be satisfactory 20 him and 70
the board.
Concessions Are Made.
The significance OF these resolutions is
that while Mr.. Alexander retains the
title of president he submits to becoming
a subordinate and TO having the execu.
tive committee reorganized SO 10 taka
1t out of his control.
AS for Mr.. Hyde he agrees TO the res
tanning of his enemy, Alexander, In the
position from which he recently sought
10 unseat him.
The meeting was one long and eontin-
uous uproar.
Hyde. in language that one Of the dis
Teetofs afteIWard declared was the mos