The Topeka state journal., 1905-04-21
GO INTO COURT.
Equitable Policy Holders Ask
for a Receiver.
Say Their Interests Suffer From
Actions Of Officials.
HYDE AND ALEX ANDER
IYDE AND ALEXANDER
Are Named Specifically in the
Papers Filed.
General Agents Confer With
Superintendent of Insurance.

Chicago, April 21-A bill for the an
pointment of a receiver for the Eouit-
able Life Assurance society of the Unit
ed States and seeking an accounting
was filed in the United States district
court here today by Attorney J. D.
Schuler- The petition is filed in the
name of Abraham Sitron and others,
policy holders in the society. Sitron
says he holds a $1,000 policy in the So
ciety and that his interests are being
dissipated by the officers and directors
of the society. He names specifically
President J. w. Alexander and Vice
President James H. Hyde
Agents Say Hyde Must Go.
Syracuse, N. Y, April 21.-The gen
eral agents committee of the Equitable
Life Assurance society arrived today
and arranged a conference with Super
intendent of Insurance Francis Hen
bricks.
Joseph Bowers of Baltimore. was
spokesman OF the committee. To Mr.
Hendricks, the state superintendent Of
insurance, Mr.. Bowers reviewed the ae-
| ton Of the agents convention in favor
of naturalization and then made an cd
dress. He declared the agents were in
position to know what policy holders
wanted. The prevailing conditions had
alarmed the policy holders. The original
plan of the founder, he said, conten-
time the question of ownership of the
vast surplus had arisen. The time had
come for the change and when the so
clety could no longer be regarded as the
patrimony of one man. He was inform
ed on reliable authority he said, hat
SO or 40 directors do not own the amount
Of stock required by the charter. There
is no animos1ty among the agents
against Mr.. Hyde, he said, but a change
must be made to deprive him of the m
mense power he wields. The compro-
mise effected was a miserable one, which
is disappointing, the realization of which
will be delayed by litigation. The pclicy
holders in the meantime suffer.
Mr.. Hyde's elevation, he asserted
was due to sentiment because of his
descent from the founder For five
years he had been watched, helped
and forgiven until sentiment was ex-
E. A. Woods of Pittsburg, president
of the agents, next addressed Mr..
Hendricks. He told of the immense
tangible interests of the agents and
declared that under the present sys-
tenn of control the Equitable stock
could be transferred to party even
more dangerous that Mr.. Hyde. The
agents were opposed to any change
which did not conserve the interests of
policyhoIders and had suggested
committee of policyholders as trustees
IappOinted by President Roosevelt or
to designate ex-PresIdent Grover
! Cleveland or a committee of COLLEGE
presidents. He believed adverse leg1s-
lation in other states could be pre-
vented by prompt action in New York.
Archibald Haynes, of Portland, Me-,
followed with similar remarks.
Hendricks Reply.
Superintendent Hendricks in reply
said that he had expressed himself
clearly in favor Of naturalization and
that no was sure relief could be OBJ
tained by legislation. He said that II
Judge Maddox decides in the Lord suit
that he has no power to put in force
the amended charter, an appeal will be
made to the court of appeals or to the
United States courts He asserted that
he did not believe the Hyde interests
instituted the Lord suits. Mr.. Lord IS
opposed to the naturalization plan, said
Mr. Hendricks, only because he be-
Iieves his stock viii be impaired by the
amended charter Mr.. Hendricks ex-
pressed himself in favor of the pre-
position in the hands of the attorney
General concerning policy holders rep
| Tesentation upon the directorate, max
! ing it only a question of time when
policyholders viii be in control In
closing MI Hendricks said:
And I will tell you, too, that before
get through with this company will
find out dummies I will find out alb
soluteIy You can rely on this. When
we get done we will tell you the true
condition of the society. can't tell
how long it will be, whether days,
weeks or months, but it will be thor
/ ougtly done In the meantime the
Frick committee has asked questions
which viii require 80 or 40 days to an
swer."
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