The Providence news. (Providence [R.I.]) 1891-1906, 1905-06-03

4 those OF the policy holders or the society,
that Mr., Alexander is largely response
| BILE"
! Details OF the socety's operative ma
/ chinery, financial methods. salaries, etc,
are gone over In great detail. with rec
! concentrations for change wherever the
! investigators saw ground for criticism,
and the report concludes with "a plea
for recognition OF the great responsi-
bility towards policy holders in the So
eiety and in all similar organizations.
CAUSES F.. .CITEMENT.
Not since the great Northern Pacific
corner OF four years ago has there been
so much excitement in financial circles
| as exists today as a result OF yester-
days developments in the Equitable Life
Aussurance society's affairs.
A stirring contest for control had been
expected. but the vehement debate in
the directors meeting. the bitter char
acter OF the defence made by James II
Hyde and the designations OF Messrs
Frick. Hartman and Bliss from the So
ciety's directorate have created a situa-
tion wholly unforeseen and indicating
new alignment OF the forces in high
finance astonishing 10 the general pub
lie
According 10 The Herald. Mr.. Frick. IN
handing in his resignation. said ne never
again would sit as director in anv cor
poration OF which Mr.. Hyde was also a
director.
The charge made by Mr. HYDE that an
effort had been made by Mr. Hartman
TO take control OF the society away from
him was pointed to I'm connection with
reports circulated last night that ono
reason for attacking Mr.. HYDE was that
he was friendly with George ]. Gould
and that other interests desired 10 pre-
vent Mr. Could from obtaining any assist
ance from Equitable funds in extending
his railroad lines westward to the Pacific
coast and eastward 10 the Atlantic
OPPOSED TO HYDE AND GOULD
According 10 the report, the Union
Pacific and Pennsylvania railroad inter-
ests and Mr.. Frick Joined together TO on
pose Mr.. Gould Mr. Gould was one of
those who attended q conference in Mr.
Hydes office yesterday and considerable
surprise was expressed when IL was found
that Mr.. Hartman. who up to that time
had been counted upon as a Hyde sup
porter. was not present at the conference
A semi-official statement was made to-
day that Mr.. Gould expects TO have his
lines finished to San Francisco bay before
June l. 1907.
What Wall street and the general pub
lie discussed with most interest TODAY
was the question as TO what is TO be the
next step taken.
A NEW CHAIRMAN
The selection or the new chairman of
the board OF directors who IL 10 be named
by a committee within the next few days
Is awaiting with great interest. The prom
ise has been made that he is 10 be n man
or national reputation for business ability
and probity and 20 him is 10 be entrusted
the task OF enforcing economies and
making such other changes as may be
deemed necessary 10 correct the present
business methods OF the society. II Is ex-
pected that the chairman will be elected
by the board at its meeting next wedne.-
day
Another point OF absorbing interest was
the plan TO be pursued to take over Mr.
Hydes majority holding Of stock through
which he has the power at present to
elect all the directors OF the society MIR
Hyde acquiesced In the resolution that
he be- requested To dlvest himself Of the
control OF his stock within three months
on terms satisfactory TO himself and the
society
Attention was drawn today TO the fact
that Mr. Hyde in agreeing 70 this resolu-
tion declined 10 give any pledge as 10 his
action IN the matter.
Wall street discussed also the action of
Jacob " schiN tho head ~ the Arm ~
Kuhn. Loeb ard Company. in defending
second Vice President Tarhsll
Nr Schins hrn has acted for years IN
clos. relations with Mr.. Hartman.