The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-02

tive Committee, Leaving -Four Hyde
Men There-Crimmins Committee TO
Name Two Successors and @. n. miss
Two, Making the Board TO A-Mu-
tuallzatiOn In Two Years Instead Of
Four Is . Part OF the Proposed Com
promise, which Is Approved by supt.
Hendricks and by EIihu Root on h.
half OF soCIety- Crimmins Content.
After practically surrenderlng yesterday
control Of the executive committee Of the
board Of directors Of the Equitable Life
Assurance Society, Vice-President James
II. Hyde made a formal demand on the
State Insurance Department for an invesh-
cation OF the condition and management
Of the society
At a conference at the Office here OF the
Superintendent Of Insurance he oOn-
scented to the retirement Of four Of
his supporters from the executive
committee and the selection in their stead
Of four policyholders' directors. This viii
give the policyholders eight Of the twelve
members Of the committee and allow them,
If suitably represented on the COMMITTEES,
10 dominate not only the policy Of the
society but its financial activities.
While this concession by Mr.. Hyde IL
acceptable to the Crimmins pohcyholders'
committee. which has been pushing the
contest for complete naturalization ever
since Mr.. Hyde consented TO oonosde
ffrhf Of tho Hfra.0f.rn an
the board TO the policyholders. it is not at
all certain that It viii be accepted by Preai-
dent james W. Alexander and those behind
him.
ALEXANDER PARTY HAS NOT APPROVED,
II was stated by a man close TO the Alex
ander interest last night that NJ. Alex
ander had not yet agreed 10 ab De by the
concessions as sufficient 70 allow Mr.. Hyde
TO retain his place an official OF the society,
although the strongest possible efforts
were being brought to bear on him toward
this end The anti-Hyde faction in the
society and those behind President Alex
ander, II is said, feel now that things have
gone 80 far that the int gritty Of the society
demands nothing less than the resignation
OF Mr.. Hyde or a thorough oificial investi-
CATION Of the conduct Of the sooiety's bust
ness under the management Of his board
Of directors.
The position Of Presid ent Alexander
in the matter might not, Of course, prevent
the adoption Of the newly proposed plan
by the Equitable board OF directors, for
Mr. Hyde still has a controlling vote in that
body, and Superintendent Of Insurance
Francis Hendricks, whose approval would
be necessary before the society's charter
could be amended, favors il. Mr.. Alex
ander, IL he nccepts the new proposition,
will, it il thought, accept il only as an
additional step toward ousting Mr. Hyde
as an official of the society.
NATURALIZATION IN TWO YEARS.
In return for the surrender which Mr..
Hyde agreed yesterday 10 make In the
matter Of the executive control the policy
holders committee agreed to be content
with mutuallza ton In two years, fourteen
Of the policyholders' directors to be elected
in 1905 and fourteen in 1905, to which he
assen ted. The former concession made
by Mr.. Hyde 90 the naturalization com
mittee Of the Equitable's board Of dlrec-
tors contemplated four years for the
change, and the demand Of the Crimmins
committee that the board be mutualized
at once was one Of the points fought hardest
by Mr.. Hyde and his supporters. The
Crimmins committee has declared in It's
public circulars that Mr.. Hyde wanted
the time TO obtain control over the organ
lied agencies and thereby be able TO elect
the polcyholders' directors at the annual
meetings. That Mr.. hyde would be abls
to accomplish the same thing under the
two year plan proposed the members Of
the Crimmins committee deny. The con-
troll Of the executive committee, they say,
was what they wan ted, and with Il In the
hands Of the polcyholders Hyde and his
supporters will be able to accomplish
nothing.
OFFICIAL AMMO UKoEMBHT or PLAN
The agreement between the Crimmins
committee and the Hyde faction was reached
after a Ave hour conference in the ofioe
Of the Superintendent Of Insurance at II
Broadway. Here il the Official statement,
the result Of the conference,
as handed out at tho Superinte ndent's
office:
AT q conference held before the Super.
intendent Of Insurance the Crimmins COM
mittee, representing policyholders In the
Equitable Life Assurance Society, submitted
for his consideration the following report;
They demanded q representation In the
at the ratio Of % 10 ~, one half
10 be elected In 1905 and the other hall
In 1905. the two existing vacancies in the
board Of directors to DO Allied by men
whose names were 10 be proposed BY the
committee. These two
names, 30 suggested by the polcyholders'
were TO be put upon the exscu-
live committee. The executive committee
Of twelve member, Il was sug-
yested that two additional names for mem
oers Of the executive committee should
DO designated by c, N. Bliss. In order 10
,ecure four vacancies TO enable the policy
nolders' committee 10 name two representa-
Ives and Mr.. Bliss the two others suggested,
{ was suggested that tho Superintendent
II Insurance should designate the four
lames which should retire from the present
,XeCutive committee.
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