The Montgomery advertiser., 1905-04-05
EQUITABLE'S
 BIG DISPUTE
Continued from Page 0ne.)

| Continued from Page 0ne.)
 society solely by the vote of the stock confided to his keeping by my ia | ther and by virtue of the trust ant confidence whichNI have resposed 1T him and which was almost an inheri. l tance from my father.
 By this trust deed, MT. Alexander was not only charged with the obli gation to thus care for my patrimony but he was most solemnly adjured ir l that deed (and he accepted the duty | thus imposed) to exercise all possible , influence with me, when I should at | tain the age of thirty years, to induc, | me to renew and extend the trust, thu. | continuing as far as might be legal. ly possible the control and administra tion of the Equitable Society, initiat et | by my father.
 "on the 9th day of June 1906, I will | have attained (should I live) the age | of 30 years, and will then, subject to | my duty to my fathers expressed wish, | have come Into possession of my stock. | Thus shortly before the expiration of | that period Mir. Alexander, ewing his existence as a director and officer of the Equitable Society to his trust and to the stock confided to his care, has | engaged in a secret cabal wirh officers I anu III IldHy CdSSS subject to his coercion, to destroy the reputation and future of the bene- | ficiary."
 Mir. Hyde stated he had never an- l tagonized MT. Alexander in the selec- | tion of Equitable directors and that he | could not be justly charged by MT. | Alexander with the usurpation of any l of his functions. He also praised the character of the present board. Then he wrote: There has been no | general claim or demand upon the part of the policyholders in the line of the | present movement. There can be no long continued disguise of the purpose of the present movement It's purpose 1 is to transfer the selection of the di- rectors of the Equitable Society and | its management to a coterie of men whose more immediate contact with | the policyholders would place them In a favored position to obtain the prox- ies of the latter. and MT. Alexander's gross breach of trust to my father and | to me with which l here solemnly
 charge him. has none but the most l spacious pretext of high motives. Personal Indiscretions. T shall not discuss any personal shortcomings of my own. That such have been charged is a sufficient req son to me for declining to make the most absolute commitment, for an ex- tended period. of the affairs of the Equitable Society to it's present high | management"
 The letter closes with MT. Hyde's of- fer to transfer his stock vote to a
 board of trustees pending the adjust
 ment of q naturalization plan. President Alexander's letter to Su- perintenedent of Insurance Hendricks written on March 27, was in reply to
 that officials inquiry as to MT. Alex ander's attitude on the proposed
 amendment to the Equitable charter.
 He says:
 The proposed amended charter is a compromise between opposing views
 within the board of directors. It was
 recommended by the special committee
 of seven appointed to carry into effect
 the resolution adopted on February 16
 In favor of conferring upon policy
 holders the right to elect directors of
 the society, of which committee I was member. There was at the meeting gs of the committee a very explicit state ment of the supposed legal rights of
 the stock and a clear intimation that, If forced beyond a certain point, the stock might be depended upon to re- sist in its own interests the efforts
 to mutualize the society. I was con vinced that the concession embodied in the committees report was all that could be obtained without a contro- versy which might have very serious results. I therefore reluctantly ac- quiesced in the report. I acquiesced In the committees recomme mendations, S, believing that I could not take the re- sponsibility in view of the committees opinion and the probable action of the
 board in rejecting that measure of control and participation which it se- cured to the policyholders. I believed at the time that the amendment of the charter in the manner proposed would not exhaust the power of an amendment conferred by the insurance law and that when the inadequacy of the arrangement had been demon strated further amendment might be made. Since then I have been advised that my viws on this subject have been erroneous.
 q cannot say. therefore. that the pro- posed amended charter is satisfactory to me-
 UsurpatlOn Denied.
 The statement given out tonight in MT Hyde's behalf by one of his friends denied the charge made by Mir. Alexan- der that Hyde had largely usurped the powers and authority of the president and quoted from tho bylaws of the Equitable to show that practically all the power of the secretary is vested in the president
 The statement then takes up Presi- dent AleXander's letter of March 27, to the State Superintendent of Insurance which 1t says is referred to by the friends of Mir Hyde as another proof of their assertion that MT. Alexander has acted disloyally and in bad faith to his board of directors"
 Tt will be recalled continues the statement that he and Mir. Tarbell had joined with other members of the mu- tualization committee in recommending the amended charter which passed the board and was forwarded by the dlrec '' tors by unanimous consent to the Su- perintendent of Insurance for approval. all contending parties agreed to sup port that charter.
 ''When the question came before the Superintendent last Tuesday the only apparent opposition was from the part of the Platt Committee controlled by Mir. Platt. It now appears that this opposition was inspired by MT. Alex ander in the face of his agreement to the terms and approval of the charter.
 AS MT. Hyde made large sacrifices from what he believed to be his legal
 aaffA 1xr