New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-05
EQUITABLE FIGHT is HOT.
Mr.. HYDE STRIKES BACK.
Friends Say He Win Tyy to Force
Mr. .AIerander to Resign.

With not even a breathing space. the hgbt be-
tween James W Alexander and James Hazen
Hyde for control oG the Equitable Life A.
surance Society went on yesterday The vsrious
engagements. however were only sxirrlishos
preparatory - a great crucial encounter to-
morrow At special meeting of the board os
directors. for which call was sent out In this
battle royal the Hyde forces undoubtedly VIII
make one great effort to overwhelm their adver-
saries
Instead Of an amicable adjustment OF a mutual-
ization policy II is considered probable that the
meeting viii develop a request for President
Alexander's resignation. Mr. Hyde at two meet
ings recently charged Mr.. Alexander openly
with bad faith. and those closest in his conf
denee predict that the young man. bis patieucs
gone finally because OF the continued attacks on
his business career and his personal honor, VIII
repeat his declarations that Mr. Alexander and
his adherents are animated now not by any feel
ing for the welfare Of the policyholdels OF tho
society the good OF the society itself. but
solely by personal animus. Such conduct his
friends say he will point out. has resulted in
incalculable harm to the Equitabe's business.
and renders its perpetrators unit to hold of1cs
under the society.
MAY ASK MR.. ALEXANDER TO RESIGN.
Mr.. Hyde and his lawyers have discussed a
! forced resignation OF President Alexander. and
I
would prevent the directors from requesting ths
president to retire. even though he has been
elected for a year. Such step would b taken
only II the factiOnaI became 50 bitter that
no hope Of reconciliation was left. but that it IA
being considered seriously by both sides. was
evident yesterday.
That Mr.. Hyde feels strongly the attacks
made on him was shown by his address 20 the
directors at the February meeting, a COPY OF
which was made public yesterday. In that ad-
dress he declared that only two days before the
| annual meeting was he told OF the fight against
him. and then was told in plain. almost bru-
tai demand that he mutualize the company, and
not only retire from the society," bEt give I'D his
| stock. Accompanying these demands wers
threats, Mr.. Hyde declared. OF exposure OF i'm
proprieties on his part. OF such threats he had
little to say. save that such improprieties II
they existed would be a good reason for con-
tinuing in power the present directors. under
whose term the society had prospered so sig
| nally- He proposed TO turn his stock
trustees for five years. to be voted in accord
ance with the directions Of the board Mean
/ time. the board could consider the naturalization
question. and. if it were found Desirable hs
would take up gladly the question Of retiremeue
of the stock.
In spite OF this in spite OF Mr.. Alexander'z
consenting to the naturalization plan. in spite
of still further concessions. the Alexander peo-
pie are holding ouN for particular demand,
/ but simply to keep up the controversy in the
society. the Hyde people declare. If Mr. HYDE
goes to extremes and voices demand that the
malcontents be retired he viii be acting for the
good Of the socisty end its poicyhoIders. sons
Of his friends say.
/ INVESTIGATION GOES ON
The investigation OF the society was IN prog
ress yesterday. under Isaac vanderpoeI. chief
/ department. investigator and a section Of his
staff. They have had set apart for them an
Office in the Equitable Building. where they will
take whatever books and records OF the society
| they need for examination Nothing has been
| done yet to examination Of the officers OF
| the society.
President Alexander was not at hts Office all
day He was in conference at his home with
| his lawyers in the forenoon and again in the
afternoon. cambridge Colby OF hts personal
counsel, declared that he was not surprised az
the report that President AIexander's resigna-
ton was to be asked for. although he feared the
request would meet the same fate as a similar
request on February 16 when the motion which
came at the directors meeting was voted
down IS to . Mr.. Hyde. also. was IN confer
ences most Of the day with his lawyers
POWERS OF EQUITABLEs PRESIDENT
As to the declaration by Mr. Alexander that
Mr.. Hyde mas usurped the duties and authority
OF the president. it was pointed out that through
the bylaws of the Equ1table practically all the
powers Of the society are vested In the president
Articles VI to IN OF the bylaws are as follows;
Article s. The president shall have the general
direction and supervision the affairs OF the So
ciety The president shall appoint All clerks and
other employees not appointed by the board OF
Article : The vice-prcsdent and the second
third and fourth vice-Dresidents shall assist the
Article s The secretary, assistant secretary
treasurer and assistant treasurer and auditor shall
perform their duties under the direction Of the
Article . The actuary Of the society shall make
society, subject TO the approval OF the president
Every oficer is directly placed under the con-
troll Of the president; they are All to perform
the duties delegated to them by the president
letter written by Mr. Alexander March
p to the Superintendent OF Insurance is referred
TO BY the friends or Mr.. Hyde as another proof
Of their assertion that Mr.. Alexander had acted
in bad faith to his board OF directors. He and
Mr. TarbelI had joined with the other members
Of the naturalization committee in recommend
ing the amended charter which passed the board
and was forwarded by the directors by UnaDi-
nous consent to the Superintendent Of Insurance
for approval. All cOntending parties agreed e
support that charter When the question cane
before the superintendent last Tuesday the only
apparent opposition was from the part OF ths
poIieyhoIders' committee controlled by Mr. Platt-
This opposition. according to Mr.. Hyds's frenfs
was inspired by Mr.. Alexander. In The face ca
his agreement to the terms and approval OF tss
charter
As Mr.. Hyde made large sacrifices from what
he believed 20 be his legal rights 10 get unani-
nous action by the board and was assured that
these concessions meant the end 81 the agit7-