New-York tribune., 1905-04-12

one out OF a total of one thousand shares. who
are trying to quash naturalization"
How many shares does your client own?"
asked Justice Maddox Of Mr.. Untermyer
He has five hundred and Then Mr. INTER
myer hesitated and changed his answer to He
has more than a majority" It has been said
good authority that Mr. Hyde recently has
acquired stock enough to make his holdings SO
Per cent of the total issue. President Alexander
himself is a director by virtue Of I'VE shares of
Hyde stock. it is said.
Mr.. UNTERMYER's ANSWER.
Mr.. Untermyer. the next TO speak. declared
that the attitude taken by the defendant had
made it essential that he intervene to protect
the rights of Mr.. Hyde in the naturalization.
II had been supposed that naturalization plan
had been reached which would preserve those
rights he went on. but from the arguments of
the defendants lawyers it would appear that
II the court sustained their contentious Mr..
Hydes stock rights would he forfeited. Speak
ing about the petition he would file. Mr.. Inter
myer went on:
We do not dispute the validity Of the - action t;3I!
IN favor Of carrying through this mutualIzation
by the superintendent of Insurance. and will
que in its favor but upon lines which as we thlnk
require Mr.. Alexander to keep his contract and
not to use the rights which we have TehnqHisaed
to be reserved and retained by US.
contention that section 3 cam be INVOKED without
to the rights s Of the stock oson SRG in SfGF @
charter allowing the stock to retain tWenty-tour
result is that the society is in that way committed
10 carry through a naturalization with the con
port their contention section 50 reserves these
we have been hung up and have given away
property rights which could not have been taken
away from US without our consent II is not - only
ton. the control Of the board Of directors
We want the amendment of this charter made
in form that is going 10 protect this stock that
have re these @ rights shall not take ad
vantage Of their surrender TO take from us some
d,,sfio 70 take TIE position that it is quite i'm
stitutionaI power of the legislature not. be
assented il is upon this ground and this only that
have como here 10 support this motion tc u T.
tervene.
STOCKHOLDERS SAFE, SHEPARD SAYS.
1t was in his final argument that MI. Shep-
ard made the attack on Superintendent Hen
bricks. He was not sparing in others on the
opposition lawyers Mr. Untermyers argu-
nlent he declared was even less moral than
Mr Hornblower's' There was no haste to
charter amendments. he said. and a temporary
injunction would give opportunity for review
of all the phases of the controversy in the
courts. All the society's surplus, by no reason
ing, could belong to the policyhOlders. If the
affairs Of the Equitable were liquidated, what
was left after the payment of all obligations
must go To the stockholders He cited many
opinions 10 show t.lat directors could not amend
charters without tine consent of stockholders
John d. Crmmins. chairman Of the policy
holders committee said that he could not tell
when the next meeting would be held. but ac-
cording 10 present arrangements IL would lie
necessary To have twenty-four hours notice o
summon his committee. He was rather
prised that Mr. Morse had interviewed in the
Lord suit. He considered appeal to the legis-
lature for naturalization I'm case the Lord suit
tied up the present plan extremely unlikely.
Any recourse TO the courts would be taken by
stockholders anxious TO get their hands the
assets Of the society he said. and the courts
could be relied to protect the policyhOders.
Frank H. Platt counsel for the Crimmins
committee, said that he did not see how the
suit of Mr.. Lord would affect the committee or
the object for which it was contending If this
suit succeeded i'm stopping the naturalization,
the delay would be only temporary. he thought.
The committee is arranging its plans so that
in the event Of injunction issuing 1t will have
another way of attacking the old plan of run
ming the society it is believed. Asked if the
Crimmins committee would attempt to go into
court 10 fight the Lord action. Mr. Platt said:
I do not see how could have any standing
For myself | would not take the initiative in
advising the committee to do It seems TO
me that the best thing do just now is to
wait and see what the outcome will be.