Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-03
THE EQUITABLE ROW
Excitement in Financial Cir
cles Over Contest.
THEFIGHT FOR CONTROL
BIG FINANCIERS CoNTENDING
OVER CoMPANY'S FUTURE.
designations of Directors Provoke
Lively Comment and New Com
pEcations-Next Move.
THEFIGHT FOR CONTROL

has there been so much excitement in finan-
cial circles as there exists today as a result
of yesterdays developments IN the Equlia-
BILE Life Assurance Soeietys affairs. \
stirring contest for control had been ex-
pected, but the vehement debate in tie di-
rectors' meeting. the bitter character Of the
defense made by Jas. II. HYDE and the res
igna tions of Messrs. Frck Hartman and
Bliss from the societys directorate have
created a situation wholly unforeseen and
indicating new alignment of the forces
in high finance astonishing to the general
public. According to the Herald. Mr.. Frick.
in handing in his resignation. said he never
again would serve as director IN any cor
poratiOn OF which Mr.. Hyde WAS also Il
director.
The charge made by Mr.. Hyde that an
effort had been made by Mr Hartman
to take control of the society away from
him pointed to in connection with re-
ports circulated last night that one reason
for attacking Mr.. Hyde 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 railroad
lines westward to the Pacific coast and
eastward to the Atlantic. According TO
these reports the Union Pacific and Penn-
sylvania railroad interests and Mr. Frick
joined together to oppose Mr. Gould.
Mr.. Gould was one of those who attended
a conference in Mr.. Hyde's office yester-
day and considerable surprise was ex-
pressed when it was found that Mr.. Iiarri-
man, who UP to that time had been counted
upon as Hyde supporter, was not pre- sent
at the conference. A semi-official state
ment was made today that Mr.. Gould ex-
poets to have his lines finished to San Franz
cisco bay before June l. 1897.
Next Move of Directors.
What Wall street and the general public
n nit i,,.a ,oI4 bA
question as to what is To be the next step
taken. The selection of the new chairman
of the board Of directors, who is to be
named by the committee wit hin the next
few days, is awaited with great interest.
The promise has been made that he is
man of national reputation for business
ability and probity, and TO him is TO be in
trusted the tasl; of enforcing economies and
making such other changes : may be
deemed necessary to correct the present
business methods of the society. Ii is ex-
pected that the chairman viii be elected by
the board at its meeting next Wednesday.
Another point of absorbing interest was the
plan to be pursued TO take over Mr.. Hydes
majority holding of stock, through which
he has the power. at present. to elect all
the directors of the society. Mr. HYDE
acquiesced in the resolution that he be re-
queSted to diyest himself of the control of
his stock within three months on terms
satisfactory to himself and the society
Attention was drawn today to the fact
that Mr. Hyde in agreeing to this resolu-
uon declined to give any pledge as to His
action in the matter. Wall street discussed
also the action Of Jacob II. Schiff the head
of the firm of Kuhn. Loeb IL Co. in de-
Tending Second Vice President Tarhell. Mr.
Schifs firm has acted for years in close
relations with MI Hartman.
D. O. Mills Opinion.
D. o. Mills. who was named yesterday as
one of the committee of seven to nominate
q chain nj he hoa rd asL.d tn,,,Nr
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 proposition to appoint a nomi-
mating committee was voced down when it
was first brought up at the meeting of the
directors yesterday, and then the ma tier
was reintroduced after Mr.. Frick and Mr.
Hartman left the meeting. | am going to
stand on the first vote that threw the prop
osition aside
How about the others?' Mr. Mills Was
asked
Well" he said, Il don't think they are
in very happy frame of mind over the
matter. l can't say for sure. but | don't
think that any of them is particularly anx-
ious to serve on the committee
Are you going 10 resign a direct0rT'
Mr.. Mills then asked.
Il am all at the question today
Mr.. Mills answered. Il don't know what
will do"
Settled The1r D1ffereuceS.
James W Alexander and James II. Hyds,
president and first vice president of Inc
Equita BILE. met today. and. it is upderstood,
decided to forget their differences and 10
act together hereafter in Equitable af-
fairs
The basis of their agreement is said 10
have been that they would now attend To
life Insurance 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 conference it
was reported that they had agreed upon
Robert T. Lincoln as the man best fitted TO
assume the chairmanship OF the board of
directors Confirmation of this report
not obtainable.
Senator Depew's Statement
Senator Chauncey NJ. Depew made an ex-
tended statement today regarding yester-
days meeting of the Equitable He said:
The adoption of the report of the Friek
investigating committee would have meant
that every member who voted for il sab
scribed to everything that was in 1t. Its
adoption was impossible in view Of its at
tacking the deferred dividend system. under
which so per cent of the society 8 totaI
policies, aggregating Si,o~oWo"o, nave
been written After the answers OF the OF
ficers of the society had been made | done
think any one in the meeting agreed TO
that
.sWhat caused the designations of Messrss
Frick Hartman and Bliss?
.rrhose designations were due to what
might call composite causes. j mean that
they were the result of many other things
than the failure to adopt the report
"win there be other designations from
the board?'
II don't think So.
WAS the report just one?
II won't criticise the committee. IL WIS
a hard task they had in hand
Effect of designations.
"WiIl the designations have a bad effect
on the society,"
That you can never tell. There are a
great many distinguished men left" was
Mr.. Depew's reply.
The statement that Mr.. Hyde will relin-
quish his stock meant, Mr.. Depew said,