The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-06-03
STREET SExCITED
New York Financial Circles Have
Not Been So Agitated
Since the Corner in Northern
Pacific Four Years Ago.
CONTEST FOR CONTROL
Of the Equitable Life Assurance
Society Millions.
Frick Declines to Serve on Di-
rectOrate With Hyde.
Hyde and Alexander Bury the
Knife and TOmahawk.


New York, June 3.-Not since the
great corner in Northern Pacific of
four years ago has there been so much
excitement in financial circles as ex-
lists today as a result of yesterdays
| Developments in the Equitable Life
Assurance society's affairs. A stirring
contest for control had been expected
but the vehement debate in the di-
rectors' meeting, the bitter character
of the defense made by James H
Hyde and the designations of Messrs
F'rick, Hartman and Bliss from the
isociety's directors have created a situa-
ton wholly unforeseen and indicating
a new alignment of the forces in. high
finance as to the public.
According to the Herald, Mr.. Friclx
IN handing in his resignation, said he
never again would sit as director in
any corporation of which Mr.. HYDE
was also director.
The charge made by Mr.. Hyde that
an effort had been made by Mr. Har-
rlman to take control of the society
away from him was pointed to in con
nectiOn with reports circulated fast
night that one reason for attacking
Mr.. Hyde was that he was friendly
with George J. Gould and that other
interests desired to prevent Mr.. Gould
from obtaining any assistance from
Equitable funds in extending his rail
road lines westward to the Pacific
coast and eastward to the Atlantic
According to these reports the Union
Pacific and Pennsylvania railroad in
2 terests and Mr.. Frick joined together
to oppose Mr.. Gould. Mr.. Gould was
| one who attended the conference in
: Mr.. Hyde's Office yesterday and con-
siderable surprise was expressed when
it was found that Mr.. Hartman, who
up to that time had been counted
upon as IL Hyde supporter, was not
present at the conference. A semi
official statement was made today that
Mr. Gould expects to have his lines
finished to San Francisco bay before
June 1. 1907.
What Next?
What Wall street and the general
: public discussed with most interest to-
> day was the question as to what is to
l be the next step taken. The selection
of the new chairman of the board of
{ directors, who is to be named by the
: committee within the next few days,
I is awaited with great interest The
/ promise has been made that he is to
be a man of national reputation for
{ business ability and prObity and to
= him is to be entrusted the task of en-
forcing economies and of making such
necessary to correct the present busi-
l ness methods of the society. It is ex-
pected that the chairman will be
I elected by the board at it's meeting
next Wednesday, Another point of
: absorbing EltereSt was the plan to be
pursued to take over Mr.. Hyde's ma
; jority holdings of stock, through which
he has the power, at present to elect
| all the directors of the society.
Mr.. Hyde acduiesced in the request
that he be required to divest himself
of his stock in three months on terms
satisfactory to himself and the society,"
l Attention was drawn today to the fact
that Mr.. Hyde in agreeing to this reso-
luton declined to give any pledge as
to his action in the matter. Wall
i street discussed also the action of
Jacob H. Schiff the head of the firm
/ of Kuhn. Loeb & Co., in defending
l Second Vice President Tarbeu. Mr..
= Schiff's firm has acted for years in
close relations with Mr.. Hartman.
D. o. Mills, who was named yester-
| day as one of the committee of seven
to nominate a chairman of the board,
was asked today when the committee
would meet.
.'That depends" he replied. "on
whether or not the members of the
committee will serve. None Of them
( has given his consent as yet The
4 proposition to appoint d nominating
e committee was voted down when it
q was first brought up at the meeting
Z of the directors yesterday and then
the matter was reintrOduced after Mr.
s Frick and Mr.. Hartman left the
meeting. I am going to stand on the
first vote that threw the proposition
e aside"
I ''How about the others?" Mr.. Mills
was asked.
'FWeH. I don't think they are in a
: very happy frame of mind over the
! matter. I can't say for sure but I
don't think that any of them is par
ticularly anxious to serve on the COM
mittee''
Are you going to resign as a di-
rector?" Mr.. Mills was then asked.
''I am all at sea today" he answer
ed. ''I don't know what I will do"
HYDE and Alexander Make Up.
James w. Alexander and James H.
Hyde, president and first vice presi-
f dent of the Equitable met today and
I differences and to act together here
after in Equitable affairs The basis
q of their agreement is said to have been
e that they would now attend to life in
surance alone and keep Wall street out
of the affairs of the society. The two
men were in conference with certain
of their friends and advisers for over
two hours.
After the Hyde-Alexander confer
ence It was reported that they had
agreed upon Robert T. Lincoln as the
man best fitted to assume the chair
manship of the board of directors
. Confirmation of this report was not
{ Eobtainable.
Senator Chauncey Depew made an
) extended statement today regarding
t yesterdays meeting of the Equitable,
: s.The adoption of the report of the
! Prick investigating committee would