The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-17

Adopted Names committee OF 10
nc,Ise Plan OF Comforting Voting
Power OH the Policy holders AMI Conn
rensailng the Stockholders for What
The, Surrendcr-This. IL Is said. May
Not Mean Money Compensation for
Thcr stock hut some Adjustment or
the Voting Power That II Has Enjoyed.
Tie directors Of the Equitable Life
Assurance Society after a stormy session
Yesterday afternoon that lasted more than
three hours reached an agreement To retire
the pre- sent stock OF the company. to turn
the company into mutual concern and to
reflect all the old officers. With the ad-
dtion Of several new officers TO be chosen
the present officials will constitute the new
board OF directors.
This agreement resulted from speech
made near the close of the session by SEN
aior Chauncey NJ. Depew, in which he
urged n compromise by the oontcnding
factions. and followed with the proPo-
eition named. which was adopted. For
the surrender of their stock the stockholders
are to he Unidentified on n basis yet TO he
devised
The meeting opened with a personal
statement 10y Vice President Hyde defend
Ing the course Of the directors and pointing
10 the results achieved under their man
agement He. however. did not refer,
except incidentally TO the personal attacks
upon him. hut sharply criticised the methods
OF those who had organized the opposition.
President James W. Alexander followed
with a statement as 10 why in his opinion
the retirement of Mr., Hyde was desirable.
II was also intimated that some drastic
measures might he adopted il the new
plans proposed should be rejected
IS the discussion proceeded 1t became
more bitter and all expectation Of securing
harmony WAS apparently abandoned when
Senator Depew aro-e. He counselled the
direction. 10 Law aside the personal side of
the controversy and remember that the
matter vas Of too great Importance TO the
insurance and financial interests OF the coun-
try. ard Of the entire world. in fact.
lie then stated his plan for compromise.
which was that President Alexander's pro-
ror that the Equitable be transformed
into mutual company should DO adopted
and that Mr. Hyde and all the old officers
ehuud he reelected.
lIlFF n NubIA utDuA6 Illb
WI put To a vote. and, with the exception
that tae committee to carry out the policy
deirrriincd on was named in the resolution,
and not left to President Alexander TO
name wa, adopted. with only a few dis
Feutmy voices. 4 test vote showed that
the HYDE men had % votes TO II, three not
voting. and they are in the Majority on the
committee named to report a plan for
mulualizing the company. retiring the
stock and compensating the stockholders.
Forty-eight of the fifty-one members
Of the board were present, the absentees
being Cornelius y. Bliss, j. j.. Hill and Sir
William c. Van Horne.
tNDEMNIPIcArIoN or STOCKHOLDERS.
Noofficial comment on the imdemnfcation
clause Of the agreement was obtainable.
but il was taken to mean of course
chat the stockholders are 10 be COM
rensatei for what they surrender. Their
stock j. per cent. stock. par alue
500. 900, hut it's value as means OF con
trolling the operations Of the company
may Of course be vastly greater. One re-
port is that the money value OF the stock
Is 20 be appraised: another, that the senti-
ment expressed at the meeting was
In effect that there should be some
compensation for the stock interests
IN the way o. a plan by which they
could have n voice in the management
commensurate with their investments.
To what extent the stock should have yot-
Ing power is matter left 10 the committee.
James W Alexander, who headed the
movement against Mr. Hyde. was again
chosen president Mr. Hyde. who con-
trols a majority OF the stock. remains
rce-president and is chairman Of the eNecu-
tive committee and the finance committee.
The expectation Of the Alexander party
that Mr. Hyde would be deposed was not
realled nor was the statement OF some
Hyde adherents that Mr. Alexander would
ieil OF reelection made good.
A. was expected the Hyde interests To-
main Ia practical control, for the executive
Committee chosen is made up OF seven
hyd' men to five Alexander men. The
fnauo committee ha. eight Hyde men to
i've Alexander men. The committees have
The same personnel. except that Jacob H
hchif is on the finance committee.
None Of the officers or directors would
commeu; on the days work or future pos
sihiIitic- A. they passed out Of the direo-
tor room their replies 10 questions we're
either Nothing 10 say or Everything
harmonious
FORMAL ANSoU SCEMEST or RESULT.
ho men Who had been behind the petit
tons were O., Gloss mouthed a. the support
es Of Mr.. Hyde. All had been pledged TO
secrecy about the meeting The announce
ren' " what had been done was given out
a. Mr.. Hyde's Office. late in the afternoon,
a. fo.loas
- a meeting Of the board OF directors
OF ITO EQUITABLE Life Assurance Society
o. iae ltsd States. held at its Office. 10
bT1ad"ay, al = Z. NJ. Feb. 10. 1905, the
following resolution was unanimously
adopted
hf''lrcd. That in the opinion OF the
BOARD. the poicyholders should be given
Continued on THIRD PGge