New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-02
THE HYDE TRUSTEESHIP.
OySTING OF ALEXANDER.
Report that Proceedings WW Be
Begun IN Courts.

An amended petition for James Hazen Hyde and
William II. Mcintyre, interveneTs in the Lord suit.
to prevent naturalization of the Equitable Life AS
Society fled by Samuel Untermyer
with Justice Maddox in Brooklyn yesterday. Mr..
Untermyers brief had been handed to the court.
Argument will be heard this morning appli-
cation by Alexander & Colby acting for President
james W. Alexander, to strike from the Hyde pc
titlon certain items abiding to the trust OF the
estate Of Henry Il. Hyde Of which Mr. Alexander
is a trustee.
Proceedings would be begun In the Supreme
Court it was said. yesterday. TO Gust Mr.. Alex
ander from this trusteeship, the suit 10 be fled
In Queens County, probably Charges made by Hyde
partlsans several days ago were that Mr.. Alex
ander would have TO give up the trusteeship since
he had been guilty of breach of duty, either TO the
trust which he supposed to administer. in act
ing as to depreciate the value of the stock or to
the Equitable Society.
Attached to Mr.. Hyde's amended petition is an
affidavit, dated April %. In which Mr.. Hyde takes
up the naturalization proposition incidentally stat
ing that this agitation had been fomented by Presi
dent Alexander and Gage z. Tarbei- When the
questic. Of vestng the power OF electng directors
In policyholders first preached, he says the
board OF directors believed that the stock interests
could be compensated for the loss of control. and
ndemnined for the retirement of the stock. Counsel
for the society since had agreed that there no
power in the corporation to acquire the stock.
Then arose differences as to whether Section 50
of the Insurance law authorized any giving Of the
STOCK control 70 polcyhOderS. At any rate, II was
agreed that no amendments Of the charter would
be valid unless passed by three-hfths OF the stock
at meeting OF the stockholders. as required by
Section 30 Of the Stock Corporation law.
The amended charter goes Mr.. Hyde In the
affidavit, was approved by the directors as a COM
promise measure after protracted discussion. with
the distinct understanding that when the policy
holders had their twenty-eight directors, there
should DO reserved to the majority OF the stock the
right to forbid any further amendment of the
axryifI itsr
understanding that he and his co-trustee voted IN
favor OF the amendments. The affidavit continues:
Since the beginning of the action James W.
A o the president and Gage E Tar5el, the
poaFo OF directors IN favor OF the amsndment OF
stated md the distinct understanding that such
aInendment was to be taken by the society and the
ment of the conflicting claims for the naturalization
to the stoc the A rbt to @ snt ~ 5o 81 the
ftty-two directors. in violation OF the agreement
ne%ed the e agitation Rf to take tax away from the Stock
the rights thus reserved 10 it by the agreement OF
Although said amended charter was agreed to
by the board upon the express agreement that it
should represent the measure Of participation
ho 1e 4f % %Eeh the Ts1E s GO Of 0 the
to be preserved until three-ffths Of the stock
Alexander and Tarbe have been a6ettng and en-
couragng the agents Of the ccpaIy to agitate for
rights reserved TO it and for a transfer 70 the
tors To the Exclusion n 81 the rights OF the stock
In view Of the fact that the concessions made
the STOCK to said amended Charter were so made
as compromise and setuenehL OF tne coIsn Se
ence. Notwithstanding the advice of counsel that
directors or by the legislature without the consent
Of the stock and navng regard 20 the occurrences
further advise with respect to my rights and the
take to protect them against further encroach-
Since the fling of my petition 7 have been ad-
ylsed that to make enectual the amendment OF
be- made without the consent Of ali the stockhoId
ers) there should be vote OF three-ffths or the
to enable me to enforce the compromise arrange
nent pursuant to which the board OF directors
voted for such amended charter I ought insist
willing consent that at such meeting majority
OF the stock shall be voted in favor OF such
amended charter.
Edward NJ. Shepard in his brief for Mr. Lord
argued that the stockholders had the power TO
suspend the business OF the society II they should
choose to do that there would be left from all the
assets of the after all outstanding obIisa-
tons. including all insurance risks. were paid.
some Sl0.000O00. according to officers This money,
MIR. Shepard held. should belong to the stoekhold-
ers, real surplus" Naturalization would not
affect the right Of the stockholders TO this money.
The Frick committee probably held its scheduled
meeting in the directors room at the Equitable
building yesterday for Mr.. Frick In the build
ing at intervals during the day. No defate IN
formation could be gained concerning this neeting,
president Alexander ana MT. HYDE were not called
TO testify, ii said for them
The executive committee held another meeting
and will continue to meet daily 10 keep in touch
with the Prick committee. Mr.. Frick held a con
ference with Senator Depew after the meeting OF
the executive committee.
An entirely compromise candidate 10
coed President Alexander was put forth ia a dis
patch from Washington which announced that the
place had offered to Postmaster General Cor
telvou Senator Knox and Mr.. FFck, after consulta-
ton. had decided TO ask Mr. Cortslyou 70 take the
place, the dispatch said.
Some color was lent to this talk. in the opinion
of Equitable officials by the fact that Mr. CoTtelyou
was known to DO a warm friend of Mr.. Tricks and
a man who had had experience which would way
rant his taking the Office. All denied, however.
that he had the chance to accept H. more Wig
oroUsly than Mir. FTick who denied that he had
anything to do with offering the place to Mr..
COrtelyOu.
There's nothing in IT," said he. I've heard
nothing about il before now"
a dispatch from Washington last night said that
Mr.. CortelyOu would not discuss the report.
Senator Depew said that discussion OF cny candi-
date premature Before the presidency could
be offered TO any one. said he, it would have be
passed on by all the directors and that would not
occur until after the report OF the FTck committee
He did not mean to he understood saying that
the directors were contemplating another president