The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-06
HUGE INSURANCE
MERGER PLANNED
Hartman Is Said to Be Back Of
Scheme, with Standard Oil
Money as Basis. ~.
FOUR BIG CONCERNS
IN THE AMALGAMATION
Equitable, New York, Mutual and
Prudential Named for the
Combine.
New York Sun Special Service.

New York Sun Special Service.
New York, April Coupled with q
declaration by directors that peace
must prevail in the Equitable Life AS
surance company comes the assertion
today that gigantic insurance merger
is planned y-. -.
+ The agitation given to young Hyde s
case in the Equitable war by E.: H. Har-
riman has aroused much curiosity as to
his ultimate purpose. Hartman real
purpose, it was asserted today, is to
get control of the Equitable company
thru Hyde for the ultimate purpose. Of
forming a huge amalgamation Of the
Equitable, the New York Life, the
Mutual Life and the Prudential Life of
Newark. Behind Hartman in this stu
pendous scheme are said to be the
Standard Oil interests. ''
The combined cash income Of these
four companies is over $26000O,000 Il
year. Their combined assets exceed
81 10000 900.
Preliminary steps in a combination
of this kind were taken year ago but
were temporarily abandoned. Part Of
the preliminary plans, it is said, in
| Guided the Western National bank and
the National Bank Of Commerce was
in the deal. An effort was also made
to have the Fidelity Trust company of
|
Of Newark. 81 ...
Any group Of officers whty could con
troll the finances of the four named in
surance companies could, it was said,
practically control every financial deal
Of any Importance in the country.
Should Hyde's control of the Equitable
company thru his ownership Of a ma
iority of its stock be continued for a
couple of years it is said it would give
|
Today's Meeting Important. ~.
All factions in the big fight in the
Equitable Life are anxiously awaiting
the outcome Of the special meeting Of
the directors called for today, ostensib-
ly for the sole purpose of ratifying the
two-year naturalization scheme agreed
upon at the conference with State su-
perintendent of Insurance Francis
Hendricks on Saturday. H. a..=
That the naturalization scheme will
be overshadowed by other things in
i this meeting isstthe BELIEF Of ata. A
clash between the rivals Is expected
and will be a mighty one if Mr.. Hyde
carries out his present intention Of ask
ing for the designations of the leaders
Of the Alexander faction, Mr.. Alexan-
der, Mr.. Tarbell and Mr.. Wilson.
According to director who has
maintained an independent attitude
from the start Of the Equitable row,
both Mr.. Hyde and Mr.. Alexander sare
apt to be surprised at the attitude Of
some Of the directors they count as
their own. This director says:
| Fighting Must Cease.
The directors have about come to the
conclusion that these fighters have had
their head long enough. and they are CO.
ing to demand that the fighting cease
They can see no reason why these men
should continue to injure the society by
their pickering, and they are going to tell
them so. If any attempt is made by either
Side to use the directors for the purpose
, of interfering with the other, it will fail
The directors will not be so used. Mr.
, Hyde will not be allowed to Dust Mr.. Al
eXander, nor will Mr.. Alexander be al
2 lowed to GUST Mr. Hyde. The director,
can I've independent. as they showed ir
February. when they voted down Mr.
a Hyde's proposition not to re-elect Mr.
, Alexander president. In the Equitable
things will go as they go in other biz
companies. If an executive officer show
, himself unfit for his place, the clamp
I will be put on him SO that he can at leas
J do 10 harn. a sensible man usual.
n takes the hint and resigns.
t Hartman Talks.
u Foremost among the developments il
/. the fight for the $400,O00,000 asset
d and $SO,OO0,O00 surplus of the Equita
O bic Assurance society was the issuanc
>, of a statement by Edward H. ,Harri
J., man, in WHICH he said that he was mis-
understood when the statement was at
tributed to him that he never person
ally borrowed money from the Equit
able.
Mr.. Hartman said that he. now re
1oH hat
= ceived loan from the company. Thi
4 loan, he said, after making the state
4 ment, was the $2,700,000 he borrowe
on Union Pacific stock. Mr.. Hartman
memory was also refreshed to such a
n extent that he remembered, becomin
a policy holder in the Equitable 81
weeks ago, at the time when the soci.
ty's troubles first became public.
Mr.. Hartman again lodged the
rect question as to whether or not h
held any more of the stock Of the Equi
able than the five Hyde shares whic
t. he holds to enable him to act as
8 Hyde director. He would not say ths
in among some of the trustees to stop a
70 Of the washing of the Equita BILE $ sole
N linen in public until after the invest
le cation of the state insurance depar
L. ment, but he added that anything ths
would put a stop to such discussions
~ the PUBIC prlnCs "oulo De "elcome,
G. him. a.. .
IF Mr.. Hartman stated that he ha
H. caused his books to be examined fl
e. four years back, and found that thel
"a were no transactions between himse
il. and the Equitable society other tina
a. one loan, which loan was paid becaus
i he was not willing to pay the rate
"a interest required by the society. (
to the companies in which he is int
a. ested, Mr.. Hartman stated that
pe had no recollection, nor does he belle,
h ,o that there was any financial transa
Ao tion between the society and those col
- panies, either directly or indirectl
h ,s nor has any sale Of securities been ma
~ ne by any Of those companies because
~. the possibility Of the Equitable socie
les becoming interested therein. Mr.. Hs
en- riman stated that the loan in questi
was paid more than a year ago.
Mr.. Hartman stated that many
=, the bonds now held by the Equitat
, ctl were evidently purchased thru 9th
ary parties in the open market, and pro
~, ably before lie had any interest in t
G On. Union Pacific. or Central Pacific a.
allied lines.