New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-15
POLICYHOLDERS TO VOTE.
PEACE FOR EQUITABLE.
Stockholders to Elect Only "a of
the 59 Directors.

Having suddenly reached an agreement which
was entirely unexpected. even by close friends
of the contestants. the committee of seven an
nounced a mutualizaton plan for the Equitable
Life Assurance Society last evening, after
meeting which had lasted practically all the
afternoon. The pclicyholders are TO be allowed
to elect twenty-eignt of the directors two more
than half the board. it was announced in an Off
cial statement
On it's face an overwhelming victory for the
Alexander side in this great contest for the
control of the Equitable, with its millions of
assets, this plan in all probability viii work
out so that the control of the Equitapie re-
mains exactly where it is at present and shows
clearly the adroit nanoeuvring of the Hyde peo-
pie. Thirteen directors OF the society are elect
ed each year, to serve for four years. Under
the new arrangement seven will be elected by
the policyhcIders and six by the stockholders.
Since only seven representatives of the policy
holders may be elected in year it would be at
least four years before they could be in a ma
jority in the board of directors.
Mr.. Hyde will retain control of his stock
which probably viii enable him to elect to the
directorate his own men for all the places to be
filled by the stockholders votes. His friends
feel confident that in addition to these twenty
four directors he would be able to win to his
side some of the directors elected by the policy
holders if any question of internal policy en-
gendered difference, which would leave him in
control of the destinies of the Equitable, as now
At the least it viii be four years before he loses
control. they say, and in four years many things
might happen.
The question of whether the poicyholders
shall be allowed to vote by proxy or only if
they personally attend the meetings has not
been decided yet. This will be arranged before
the committee submits it's report. Since a real
naturalization plan has been worked out, it is
believed that the Hyde people will allow the
proxy idea to go uncontested. 1t would be un-
just to shut out from voting any Of the policy
holders is the argument if some are to be
allowed to vote.
NOT TO RETIRE HYDE STOCK.
There viii be no forced retirement of the Hyde
stock. This Idea, which was one of the things
most desired by the Alexander people, was ar
gued strongly bv them at the beginning of the
controversy but neither Mr. Hyde nor his
friends would listen to any such proposition.
Nothing was said in the official statement about
the indemnihcation of stockholders for confer
ring on the polcyholders the right to vote, al
though in the resolutions appointing the mutual
ization committee it's members were authorized
to report on that phase in connection with the
naturalization scheme.
The meeting yesterday began soon after noon.
Conferences in Philadelphia and this city be-
tween the lawyers for the two factions had
brought forth proposals from the Hyde people
and counter proposals and demands from the
Alexander side, all leading. up TO the idea that
complete deadlock would result yesterday, as
had been practically the case at other meetings
Special efforts were put forth. however, and
every member of the committee was present
The members were in conference for a couple
of hours then took a short recess, after which
they resumed their conference which lasted
until almost p. m.
THE PLAN Is ANNOUNCED
Then came the announcement that the COM
mittee had adopted unanimously plan which
was followed by the official statement appended:
The special committee OF the board Of directors
sisting of James w. Alexander Cornelius n.
Bliss, T. De Witt Cuyler. Chauncey NJ Depew,
James II. Hyde, Valentine p. Snyder and Gage
E Tarbell unanimously
Resolved, at a meeting held to-day, TO recon-
mend TO the board Of directors that the charter
of the society be forthwith amended so as 10
confer upon the policyhoders the right TO elect
a majority of the board of directors, namely. 2S
out Of 30.
Such action was taken with the express con-
sent and approval of Mr. Hyde as the represen-
tative of the majority of the capital stock of
the society.
4 meeting of the board of directors has been
called for next Tuesday, March p. 1900 when
Continued third page.