The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1905-06-05
sLAIE DEVELOPMENTS In EQulT-
ABLE LEE AFFAIRS CAUSE
MUCH EXCITEMENT.
RIVAL RAILROAD INTEREST INVOLVED
HARTMAN OBJECTED TO GOULD
SECURING sociETYs FUNDS
TO EXTEND LINES.

great Northern Pacific corner Of four
years ago has there been so much ex-
citement in financial circles as exists
as result of developments In the
Equitable Life Assurance society,s af-
fairs. A stirring contest for control
had been expected, but the vehement
debate in the directors meeting, the
bitter character Of the defense made
by James II. Hyde and the resigna-
tions of Messrs. Ffick, Hartman and
Bliss from the society's directorate
have created situation wholly I'M
foreseen and indicating new align
ment of the forces in high finance,
astonishing the general public. Ac-
cording to the Herald Mr.. Frick, in
handing in his resignation, said he
never again would sit as director in
any corporation Of which Mr.. Hyde
was also director. The charge made
by Mr.. Hyde that an effort had been
made by Mr.. Hartman to take control
of the society away from him was
pointed to in connection with reports
In circulation that one reason for at
tacking Mr.. Hyde was that he was
friendly with George j Gould and that
other interests desired to prevent Mr..
Gould from obtaining any assistance
from Equitable funds in extending his
railroad lines westward to the Pacific
coast and eastward to the Atlantic.
According to these reports the Union
Pacific and PENNSYLVANIA railroad in
terests and Mr.. Frfck joined together
to oppose Mr.. Gould.
What Wall street and the general
public discussed with most interest
was the question as to what is to be
the next step taken. The selection of
the new chairman ofStlle beard Of di-
rectors, who is to be named by COM
mittee within the next few days, is
Awaited With Great Interest.
The promise is made that he is to be a
man Of national reputation for bust
ness ability and probity and to him is
to be entrusted the task of enforcing
economies and making such other
changes as may be deemed necessary
to correct the present business meth
DDS of the society. 1t is expected that
the chairman will be selected by the
board at it's meeting next Wednesday.
Another point Of absorbing interest
was the plan to be pursued to take
over Mr.. Hyde's majority holding OF
stock, through which he has the power,
at present, to elect all the directors of
the society. Mr.. Hyde acquiesced in
the resolution that he be requested to
diyest himself of the control of mis-
stock within three months on terms
satisfactory to himself and the society.
James w. Alexander and James HI.
Hyde, president and first vice presi
dent of the Equitable, met during the
day and, it is understood, decided to
forget their differences and to act to-
gether hereafter in Equitable affairs.
The basis of their agreement is said
to have been that they would now at.
tend to life insurance alone and keep
Wall street out of the affairs of-the
society," The two men were in confer
ence with certain of their friends and
advisers for over two hours.
After the Hyde-Alexander confer:
ence it was reported that they had
agreed upon Robert T. Lincoln as the
man best fitted to assume the chair
manship Of the board Of directors.
Confirmation of this report was not
obtainable.