The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-20
EQUITABLE NATURALIZATION.
POLICYHOLDERS COMMITTEE
WANTS 1T NOW.

Frank Platt, Counsel for the Committee
saws That Only Prompt and Practical
Intimidation Can stop the Demand
for an Investigation OF the society.
Frank II. Plat. counsel for the Equitable
life PolIoyholders' Committee, said yester-
day that a statement appearing In some
OF Saturdays papers 10 the effect that Mr..
HYDE does not feel that II would be safe to
give the polcyhoders OF the Equitable the
Immediate control which Is ultimately con-
tempated, confirms the fears and suspic-
ions entertained by the policyhOlders'
committee
This will be disquieting news to the
policyholders,' said Mr.. Platt THE
movement for naturalization sprang from
a settled conviction that a continuance OF
one man control OF the society, with It's
vast funds, was detrimental 20 the interests
Of the policyhoders and must be terminated.
Tho concession OF naturalization, credita-
bic as It may be TO Mr.. Hyde and his ad-
yisers, was due to the strength OF the de-
mand and the reasons underlying it. 1t can
hardly be said 10 be logical that the one man
control Of the Equitable Is 80 dangerous a.
10 require termination, and at the same time
that its abrupt terminal ion is itself danger
/ know something Of the reasons underly-
ing this demand, and II will suffice 20 say
that they are cogent and sound. 1t Is great
pity that the ofer Of naturalization Is not
made in uumistakRble form, that It cannot
be realized with promptness and that the
momentary satisfaction with which 1t was
received by the policyholders must give
way to a feeling that II Il less substantial
than it appeared and that the contest for
the protection OF the policyholders' in
terests must be continued.
naturalization is either necessary or
It Is not necessary. The question has no
Importance as a mere contest between
conflicting theories Of control. The Equl-
table Life Assurance Society has had
record OF unbroken success sihoe Its es-
adjustment The question Of mutualiza-
ton never became pressing until wide
distrust arose as to the dfsinterestedness
and safety Of the one man control. The
suggestion that the present board OF direct
ors are ment Of great experience in the
business Of insurance and peculiarly capa-
BILE, aside from their high standing and
character, OF giving the Equitable highly
trained and efficient supervision, is one
that / think the board Of directors them
selves would not take seriously. The
board Of directors meets quarterly. 1t Is
composed Of men In every walk Of life, many
Of whom do not reside in New York, AID
only a relatively small proportion OF whom
attend its meetings. It's composition has
been fully set forth and widely CRITICISED
In the papers. With a few exceptions the
board are merely nominees OF Jhe bloCh-
holding control.
sThe committee OF the board has recon-
mended that a majority Of the board here
after be elected by the policyholders II the
conditions demand corrective measures
Of this sort It Is silly 10 postpone theRPpli-
cation Of the corrective far period Of four
years. 1t has been stated that Mr.. Hyde
feels that, having the power 70 nominate
and elect twenty-four directors, he stu
believes that he may gain the three or four
additional votes TO give him the actual
control. This can haI dly be regarded as "a
argument In favor Of the substantial char
acter Of the concession OF naturalization.
/ do not attach much importance 20 It,
however, as do not believe that any one
can control twenty-four men OF character
and Independence In the sense that 1t would
appear Mr.. Hyde believes he can.
while such talk Is somewhat disquietlng
10 the policyholders, whom the committee
Of the board Of directors and the board
itself are manifestly concerned In appeasing
we believe that with the substantial ma
jority Of the board Of directors 1t would be
impossible to carry any measure that was
not In the interests Of the polioyholders
OF 10 continue any condition that was not
in keeping with their interests. The post
ponement however, Of the passage Of con-
troll Is regarded as a distinct qualification
Of the proposed plan, and unless some way
can be found OF realizing the proposed
naturalization movement except after a
four year postponement, with all the posi-
biiues Of its defeat through scheming
and intrigue, l am convinced that the wide
spread movement among the policyhoders
for the assertion and securing OF their rights
will be carried on with renewed Hgor.
Il furthermore believe that nothing can
stop the demand for an investigation of the
society except the practical, prompt and
unmistakable naturalization Of It. The
latter would give TO the policyholders the
clear power ne well as right 10 investigate
and TO institute needed changes and re-
forms. postponemcnt OF qualification
of that opportunity will but accentuate
the growing feeling that there Is not only
n conflict Of interests but q very clearly
outlined contest between the policyhold-
ers, on the one hand, and the strongly
intrenched interests who arc seeking TO
continue their power within the society
by curtailinC and qualifying the loudly
heralded naturalization