New-York tribune., 1905-03-20
EQUITABLE FIGHT DUE.
REPORT TOMORROW.
C7igqniRs Committee Protests
Against Plan Proposed.

When the board of directors of the Equitable
Life Assurance Society meets tomorrow the COM
Tnittee of seven will make it's formal report on the
naturalization plan outlined after its meeting
week ago From present appearances while tho
report is likely to be adopted by the fun board
there will probably be a lively debate over the
possibility of delay which the plan holds forth
Four years TO wait for full mutuahzaton VIII Dc
too long according to some Of the directors VINO
agree with the Crmmins committee of polcyholders,
and there Ia an idea that some director win adopt
the suggestion put forth by that committee ana
advocate the resignation of all the directors that
a new board may be elected at once, In conformity
with the provisions of the plan.
The completed report must take up two points
which were not touched in the official statement
after last weeks meetng-the question as TO
whether poIicyholders shall be allowed TO vote oS
proxy or only if they personally attend the meet
ings as by the provision at present IN the charter
and a provision for compensation to the stockhold-
ers for couceding the right to vote TO the policy
holders. 1t is practically certain that the HYDE
directors will offer objection TO the plan or Vot
ing by proxy That the Alexander people VIII
consent To any indernihcation Of the stockholders
is not so certain Rather 1t is likely that on that
point will begin the division. which viii grow into
the oupositon of the general plan laid out oy the
committee
The crrnnnins committee of policyhoIders. which
was pleased by the idea that the directors COM
mittee had reported naturalization plan. has been
growing less pleased daily as 1t contemplated the
project The committee intends to keep right on
working for a forced naturalization Only prompt
naturalization. says the committee. through Frank
H Platt its counsel prevent an inVestisaIion
of the Equitable which would give TO the policy
| holders the right TO make what changes they
thought necessary.
Mr.. Platt declared that statement coming ap-
narently authoritatively, from Mr.. Hyde, tnat II
would hardly be safe give the immediate controi
of the Equitable to its policyholdrs. confirmed the
| fears of the committed He went on;
The movement for naturalization sprang from q
settled conviction that continuance OF 5 one 1T a
| detrimental to the interests Of the policyh9deTs
| fI,alization creditable as 1t may be 70 Mr.. HySe
and his advisers, was due to tne ssgeHg IT. n can
hardly be said to be logical that the one-Inan CON
Of the Equitable Is SO f nan its abrupt
termination is itself danger. z.-,.,,,,. .s,z
demand and it win suffice to say that hat they the o 1e
cSsenr ana IS not made In unmistakahle
Forr1 that IN cannot be realized with promptness,
thar Was the feoeVed by the pocyholders must gve
way feeling that 1t dsntst Is less fp the proteeo
az pee 1olieVbolders' interests be continued
t The re en Of great 1Sa e5erience ea1 in
peculiarly capable, aside from their high standng
Srd frained and efficient supervision. is one that
tk eriosiy ere The board OF directors meets guar
| terIy 1t is composed OF men In every walk % OF
and onIv a relatively small proportion of whom at,
tend IFS meetings. With few exceptions the ooaro
| is merely nominees of the stockhOldtng control
| The COMMITTEES Of the board has recommended
that a majority of the board hereafter De electee
! bv the poIicyholders If the conditions demand
c6rrectve measures OF this sort it Is silly 10 post
pone the application of the corrective ror perioO
| of four years - 49,. Lo,s
| ing the power to nominate and elect CWerty-iOui
| directors he still believes that ne may gam three
or four additional votes to give him the actual con
| troll. This can hardly be regarded as an argument
| in favor of the substantial character OF the con
cession of naturalization do not believe tnat any
| one can control twenty-four men or cnaraeter ans
independence in the sense that II WouIo appear W.
| Hyde believes he can -. -, 4,
! The postponement of the passage or control J.
regarded as distinct qualification OF the proposes
| plan. and unless way can be FOUND OF reall1
ing the proposed naturalization movement eXcep
after four years postponement with all the possI
bilities of its defeat through scheming and intrigue
| am convinced that the widespread movenen
| among the polcyholdeTs for the assertion ant
securing their rights will be carried on with re-
| newed Vigor.
| I furthermore believe that nothing can stop tn
demand for an investigation of the society excep
| the Dractical prompt and unmiStakaDle mutuallza
tion of it, The latter would give 10 the policy
| ers the clear power we'll as right 10 lnVestigat
| and to institute needed changes and reforms :
postponement or qualification OF that opportunlt!
| will but accentuate the growing feeling tnat theI
| is not only conflict OF interests, but clearl!
/ outlined contest between the policyholders on IN
| one hand and the strongly ntrenched interests wh
| ciety by curtailng and qualifying the loudly her
TlrT NrV V4f