The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-06

To THE Enron or THE SrN-Sir. AZ one
! who Is very much interested in life insurance
| matters and very DESTROYS that the Eauitab BILE
! Life Assurance Society should be preserved
/ 70 and for is policyholders write to con-
! graduate you and to thank you for your
| timely editorial OF this morning. suggesting
/ that the poicyholders OF the Equta BILE
throughout the country form themselves into
bodies or through the bodies which they
have already formed arrange TO intrust
/ their interests 70 Mr. Choate, TO establish
define and enforce their rights
The sentiment OF doubt. when the forma-
ton Of the policyholders' COMM ttee was FIRST
announced as to whether Mr.. John u. Grim
Minis with his varied financial relations. was
the best man TO head the committee. is now
deepened into certainty that he ls not the
best man. He seems 70 be willing 70 accept
whatever sop may be offered to Cerberus
and also 70 scquiesce 10 the transformation
Of the amendments to the charter Of the
Equitable into an accomplished fact with the
consent and approval Of the Superintendent
ofInsurance. without the members having any
opportunity whatever 20 know what these pro-
posed amendments reAll are and also without
there being any hearing at which they are
given an opportunity to present their views
other than through him and his committee
as their mouthpiece. II was evident one
week ago. when a hearing had been promised
at Albany. that the policyholders throughout
this State were interested, for there we're
many representatives Of local committees
In attendance. These we're not only denied
a hearing. being put on with the promise Of
hearing to-day but also no information as
10 the amendments themselves was given
them. Mr.. Grimm ms must share, as chair
man Of the policyholders' committee the re-
sponsibuty for Withholding this information
and the further responsibility for having
given his consent on behalf OF that committee
to the approval OF these amendments, again
without apprisinE the public. and thereby
the policyholders Of the Equita BILE what those
amendments really are.
According 10 popular rumor, In addition
to amendments providing for the policy
holders being given the power 10 elect twenty
eight out Of the hfty-two directors ultimately
originally IN four years and now In two
years-the following are two Of the provisions
Of these amendments:
First. that no further alteration may
hereafter be made without the consent Of tho
holders OF three-hfths OF the capital stock.
IL is said that Mr.. Hyde alone controls more
than three-hfths Of the capital stock
Secondly, that the condition now contained
In the charter that, by a vote Of three-fourths
Of the directors. the franchise may be given
70 holders OF policies OF q, 900 and over. 10
be exercised in person and not by proxy, !
10 to be repealed and expuneed from the !
charter.
No answer whatever has been given 70 the |
following questions
FIRST. 10 the existing condition that each |
director must be the pOssessor OF At least Ave \
sh ares OF the capital stock TO be retainedg
Secondly, are the policyholders 10 be re- |
CURED TO vote In person, or are they 70 be |
given the privilege Of voting by proxy. and |
II the latter, what provisions have been made
10 regulate the voting by proxy7
The setting up Of the new system, which
IL called a naturalization Of the company,
ls neither more nor lesa than the establish
ment Of permanently Gdverte interest In
the Equitable, setting free. likewise. the rep
rssntsttvoa Of he Steck Interest iron he