The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-11
Won't Approve Amended EquI-
table Charter Yet.
THE AGREEMENT NOT KEPT
Until Control Of Executive Com.
mlttee Is Surrendered.

HuuhiAuOiit Dut 10 beN Aub hibuN
OF the stock Passed On-Mr. Lords
Counsel Adopts the view That q Sur,
plus, Estimated ct $4,000 900. De
longs the Z 900 Shares Of Per Cent
Stockton the Society MIR. HOrnbiOwer
Says That the Stock Has No Snch
Rights Under the SOcIety's Charter
| Francis Hendricks. State Superintendent
/ Of Insurance according 10 well informed
authorities on the affairs Of the Equitable
| Life Assurance Society, will not approve
the amended charter of the society hurriedly
| taken TO him at Syracuse on Friday night
| by Charles b. Alexander until the Harri-
man-Hyde directors carry odt their original
| agreement with the policyholders' com
mittee concerning the reorganization OF
the executive committee Of the society.
| II was even said last night that Mr.. Hen
! bricks is as angry as one Of his placid tenn
! permanent could he over the fact that the
| Harriman-Hyde directors have not kept
! faith with the policyholders' committee
over the agreement as to the makeup Of
| the new executive committee.
| All hands, Edward H. Hartman and
| James Hazen Hyde and the coterie Of Hyde
dummy directors, together with the policy
holders committee, positively agreed on
April /, ten days ago. that the policyholders'
| committee was TO name two new members
Of the executive committee and Cornelius
~ Bliss was 20 name two more, and in re-
turn for this surrender by the Hartman
Hyde folks the policyholdsrs' committee
agreed to be content with naturalization
In two years, fourteen OF the policyh olders'
directors 20 be elected in 1905 and fourteen
in 1906
Instead OF carrying out their orig
inal agreement concerning the makeup
OF the new executive committee, the HRrr1-
man-Hyde directors got together on Thurs
day and adopted a resolution that COM
mittee OF three, Chaunoey, ~. Depew,
August Belmont and Alvin Krech, presi-
dent Of the Equitable Trust Company,
20 which committee Cornelius n. Bliss
was afterward added. be appointed to
consult with Supt Hendricks after the
amended charter shall have been APP
proved by him" as to the selection OF the
four new members Of the executive com
mittee.
The committee was a lopsided affair 10
start With. Mr. Belmont, Mr.. Depew and Mr..
Kreoh being of the Harriman-Hyde party,
while Mr.. Bliss has stoutly Gdvocat ID the
original proposition OF the policyholders to
have the representation Of four new mem
bers on the executive committee.
The Hartman Hyde party quickly hustled
Charles r. Alexander of to Syracuse 10
thrust the amended charter upon Supt.
Hendricks and to urge him TO a quick APP
proval. But no demurs. IL was said last
night, to approving the amended charter.
and will not approve It until the Hartman
Hyde party carry out their original agree
ment with the policyholders' COMMITTEES
concerning the selection Of the four new
members Of the executive committee.
All sorts Of vitriolo charges OF breach
Of faith against the HaTiman-Hyde con-
ungent we're heard last night.
We don't believe" said an important
factor In the situation, that either Mr..
Hartman OF Mr.. Hyde would carry out the
agreement as 10 the four new members
OF the executive committee II the amended
charter Is approved by the Superintendent
OF Insurance. While Mr., Hendricks doesn't
20 a. far az that. he believes that il would
be wiser and fairer for Mr.. Hartman and
Mr.. Hyde TO carry out their part Of the
programme first
Meantime Chairman odell OF the Repub-
lican State committee Is keeping tbs cables
piping hot In his anxiety to prevent an in
vestigation,of the society's ahain By the
Legislature. Mr.. odeu has had expe-
rience with legislative committees. He
had one at his heels to investigate his al
legged purchase Of negro voters In New
burgh a number Of years ago. A legis'
lative committee is oftentimes like a chunk
OF dynamite which viii not explode when
you want it 10, and will sometimes rip and
roar. knocking things about most uDsG-
psctsdly,
HYDE NkY.nyTKRvEEE IN INJUNCTION SUIT.
The feature Of the proceedings before
Justice Maddox in the Supreme Court In
Brooklyn yesterday on Franklin B, Lords
application as owner Of thirV-siI shares
OF stock In the Equitable to stay the mutu-
alization was the deyelOpment By Edward
M. Shepard, one Of Mr.. Dord's counsel, OF
the theory that II the company we're 70 be
wound up, paying on or providing for all
claims, It's Burplua asseta would be the
property Of the Stockholders, This sur
which would make the 1000 shares OF a
stock now limited TO per cent dividends
worth $4,000 apiece.
samuel Untermyeg addressed the Court
at the opening, aedng leave 70 nbervene
In the future should be decide TO do 20 a.
counsel for ]. n. Hyde and W. Mclptyre,
a majority Of the trustees Of the Hyde
stock. He said that the third trustee, AiT.
Alexander, and not the gociety, was really
repreeented by Msasra. HomblOWer, Cohen
aud Colby, q statsmsnt which Ars Horn
blower disputed.
sMr. HYDE said Nh. Untmmyer. is
very largely Interested IN having this
amsnded charter nOW In DE hands Of the
Superintendent o. Insurance approved.
aud Ia having The transaction congummAted
At a. early q time - possible, but he Is
aiso very largely Interested IA the deter.
imitation Of the grounds on which that
approval shah BE- made. We are advised
that the present ooDtaDhon Of the defend
anita, as ropreasntng the interests OF hr'
AieTander here rather than that OF the
aooisty, 10 destructive Of the interests OF
the stock. We do not agree with the con.
tsntion Of either side. We believe tnal
the plaintiff "a wrong In bis contention
that there ~ no power 20 amend thls