The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-02
POLICYHOLDERS' COMMITTEE
FORMED 70 TAKE A HiND AT
MUTUALIZING EQUITABLE


By Legislation 20 Amend the Charter n
Necessary. According 10 the Pro-
Krammc-John u. CTmmlns Heads tho
Notwithstanding mn Discussed
The formation Of an Equitable Life policy
holders' committees Is announced to-day by
John D. Crimmins. Henry Morgenthau,
+. VI. OutorbritRe, Edwin Warfeid, r W.
Bloomingda.e, Charles Buckley Hubheh.
John - Stanchheld and the Rcv. DR.. X. $
Macarthur, who announce that at the
request of many policyholders they have
constituted thculse,ypa q committee hat-
ine TOR it, object 20 secure For its policy
holders the right TO vote Tor trustees.
They also announce that the committee
means 10 iako an nccdinl steps 10 protect
the Interests Of ihe policyholders. 70
is proposed 10 enlarge the committee
which requests polcyaoder- to send 81
their names 90 h. j Es-u-yu AZ thc Office
Of tho committee. 10 l}road strcet
MI. Cummiu4 said last night Chat the
committee proieob had been under coa-
sideration fur some days aud that Ii was
probable that meeting would be called
III few day-
II seemed to me and 70 o,het policy,
holders .lid NJ Crimmins. that the
policyhoders should have some voice in
the management Of the affairs u 80 large
an institution Il Eas ieen m idea FOR sey-
eral yasre Other companies arc WutuakEed,
aud while the Dolcyholdcri Nay. not taite
an active interest IN voting .or Che man
agcment ~ tho companies still they lavc
an opportunity
"A proposal to have a law "a ss'i 20 cause
the naturalization OF the Equitable, or al
life insurance companies for that matter,
was formulated several Gays ago II has
been under confederation Tor some time.
A law wa- proi Odd /. II has not alresuy
been drafted. TO amend tho E4ui'ahle's
charter. if it can't lie done under tho resent
charter. $50 hat the IObcYh0laer7 would
have "a voice IN the management. The a.
rectors Of he company have conceded That
II is a good scheme | have felt, % have
many others that a one man control OF the
management OF the committee Is not wise
or prudent no matter how wise or good
that man may he. The Tr sent move |
consiDcr ~ be in the rieh' direction. l
think Il viii appeal torvery one OF cons rya-
tive ideas.
A man Who signed thu petition said Inst I
nj ght that 1t could la -afelY assumed that I
the igner- were the principal movers ia I
the scheme. \ numbor of lawyers have /
been consulted.
Il don't think Il would be- wise at this |
time TO name all the hwyers ne said
They have been consulted because OF /
their famil arity with life insurance Affairs,
1t Is fair 10 AS sumo that Mr.. Abort B. Board
man of HoArdmHn Plat Soicy is
pretty familiar with the proposed plan,
II was necessary 10 consult the lawyers
10 find out what would have TO be dohs
10 protect the interests OF the policy
holders II would appear that II was the
decision that legislation was necessary,
IA apparently nothing could be done with
the charter of the Equitable Any idea
that this committee has been formed To
protect the podoyhOlders in litigation that
may grow ont Of the present trouble IN the
Equitable il unfouuded. The committee
was formed solely TO bring about tho
Of the company.'
DR.. Macarthur said; Every one knows
here is a difference of opinion between
Mr.. Alexander and Mr.. Hyde and my
is with Mr.. Alexander IN bis
my in the election ~ officers Of the Co!n-
pany. An effort has been ulade 10 GET some
lf-AS policyholders together 20 get an
expression Of opinion and tins appeal 10
the result. II is signed by mon whose
names have weight and who think they
ought to have say in the selection Of
officers. The siguer7 of the petition have
leid mo- meeting as yet A paper was simply
passed around among them and those signed
1 who cared -, We have got together
10 that We could better protect oar interests.
am the holder Of two policies.
According TO the best Information obtain
bile yesterday neither side in the Equitable
Life trouble is behind the bill introduced
It Albany by Senator MARKS compelling
he naturalization OF all life insurance COM
panies not conducted on such basis.
There he's been a renewal Of rumor= that
he Alexander Interests were contemplating
! suit 10 determine tho legal stan ing OF
he Hyde stock but there j, no evidence
81 any such action a. yet and lawyers CON
nected with both sides profe-sed 20 know
nothing about any action Of the ltini being
With Mr. Alexander and
his friends on the naturalization COM
mittee, which has yet To hold a meeting, il
was pointed out that il vas hardly likely
hat any legal move, II contemplated, would
be made before the date get for the report
of that committee, which is April -. The
committee Is expected now 20 hold It's nr-t
meeting on Friday.
A notice was sent out yesterday asking
Tor tho cooperation OF pol"yhol ers in the
suit brought By Herbert Ii rulI Of Philadei-
phia.