New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-29
EXPECTS TO WIN APPEAL
ALEXANDER TO AGENTS..
Peace To Be Sought at Equitable
Meeting WcdneSday.


s,rance Society. at their meeting on WEDNESDAY,
have heard the Frick committee report senator
Depew and others who have been WORKING lot
a settlement of the factional fight in the society
will put forth their strongest efforts II Is eN-
peeted toward ending the difficulty which has hurt
the companys business. They will argue that inc
report has not borne out the charges made against
the leaders of the factions in the beginning OF the
fight and that a reconciliation which shall take
no notice OF personal animus is necessary Tor the
welfare of the Equitable.
The only stumbling block in the OF other
attempts TO settle the difficulty has been the
naturalization of the society, held up pending the
decision of Justice Maddox. Now that he has de-
Cided against naturalization unless all the stock
holders consent to it, proposal will be made to
the directors by some member of the peace party
that Mr. Hyde he asked to put into effect offer
he made once in the course Of the naturalization
negotiations. put his stock into the hands OF
trustees for voting If ne let his trustees elect
the twenty-eight directors to represent pohcyhod-
ers. all difficulty about the pOlcyholders' voting
would be avoided. say those who favor this plan
yet the naturalization to which he and the Alex
ander party pledged themselves would be carried
This plan it is understood has been considered
by President Alexander and his lawyers. and by
william Nelson Cromwell. who is working for
peace in the society. They approve the idea and
Would favor 1t in the meeting. it is thought
whether Mr. Hyde's advisers would urge him to
/ carry 1t out, now that the Maddox decision has
/ leit MN in a position practically shut
.
IL Is known that they have been considering
plan OF asking the directors rescind the amend
! eo charter giving the policyhoders power to elect
. tWenty-eght directors.
Two objections to this present themselves accord
Ing to one of the directors: One that the directors
having passed unanimously these amendments
might consider they had not the power to rescind
teir action the other that since of the points
Incorporated in the amendments the sugges-
tons of Superintendent Hendricks, made confer
ence with all the parties concerned. it might be ex
treneiy nadvsable the board to take any action
! resembling those amendments.
LAWYERS THINK APPEAL WOULD WIN
! President Alexander sent out to the managers and
agents Of the Equitable yesterday communication
made to him by counsel for the society regarding
the Maddox decision in the Lord suit. The letter
was signed by William B. HornbIower, Adrian II
Jolne, ex-Judge William N Cohen and Charles E
Hughes It declared that the Appellate Court prob
ably would not affirm the decision Of Justice Mad
dox.
These lawyers said they held that the opinion of
no one justice could be conclusive. Their letter
I went
If. therefore, the opinion OF Mr.. Justice Maddox
stands correct Interpretation of the legal
status Of this society, single stockholder holding
legal right to defy the wishes of the remaining 999
the polloyholders and to prevent for all time any
66oaTGSsl3n Wh4soeTsr TO- the claims which the
three times unanimously declared to be just and
equitable. of policyhoders to a share at least in
the management of the vast assets of this great
.
The sams result follows as to all other life in
SuranGe companies organized under the act OF
opinion certainly most startling and are Of the
greatest moment to the rights of policyhoders in
When the proposal to extend to poIcyholders of
brought by you to the attention Of tie board of
alreGtoTs at its regular meeting in February last,
ono to the effect that the board had the right to
vote Of the board to confer on p9Ieyhoders hod
1nS policies OF over 5000 the right to vote the
s 3oif % OF the existing insurance law by ma
10 1I vote on poiicyholders generally.
b,It HeSe opinions were not hasty or perfunctory.
careful consideration and after examination OF the
latest decisions Of the supree GoGrt oS the the
United States and Of the courts Of this state
of Mr.. Justice Maddox we remain frml yp'5 com
We gave in February last and With fSll @ sens
D. our professional responsibility, feel 1t
Ne are of opinion that the learned justice has
effect the statutory law Of this Sae as 9Pp nad
10 me charter Of this society and the powers of
stockholders
We are clearly of opinion that the decision of
that II should be and will be reversed upon appeal
what the board Of directors have heretofore uGi-
dertaken to accomplish in the direction of mutual
izlng this society as TO its control and management
S0 as 10 carry out IN part at least what the
Rarer w as adop s2dcey had in mind when the
The amended charter, now before the superin-
the unanimous result of the views of the members
Of the board and cOnfers upon the polcyhoIders
the right to elect a majority of the board 1t
would, In our opinion, be most injurious the in
terests of the society and its welfare and
its permanent prosperity If the amended charter
should not be carried into effect, by reason Of the
firmly of opinion that the appellate courts will de-
cline to approve of the views expressed by Mr.
Justice Maddox to the validity of the proceed
ings Of this board in adopting the amended charter
The result. says PTesiden: AiexaHdero to the
agents, lis not final disposition of the questions
involved. I have undiminished confidence that the
just and sautary action of the board in the adop-
ton of the amended charter will eventually be
sustained by the courts
Agents Of other insurance companies already are
using the argument in their Canvassing it was
learned yesterday, that the Equitable Is not 50
choice investment a other companies as If is
pOlIcyholder ever could have q word to say about
the disposal Of the surplus accumulated from his
premiums
Samuel Unternyer William c. CULVER, G. B.
conferences all day yesterday. They are preparing
for a fight a finish in the meeting on wednesday,
Mr. Hyde's friends declare that harmony play
will be needed, for they intend force the fight
until the leaders of the other faction confess their
defeat.
The report revived that soon after tho meet
ing President Alexander and Gage F. TarbelI
would resign, Both have denied that they would
action Of the Attorney General until their terms
have expired. There seemed 70 be a feeling
some Of the directors that the Attorney General
might take such action to the company, If the
fight settled
Superintendent Hendricks is expected return
this city to-day. but he will resume his ex-
animation Of witnesses. it IS thought until after
the meeting on Wednesday.
NJ Az ID " LTTTT 7 TT 4T1rO