New-York tribune., 1905-04-26
FRICK COMMITTEE BUSY.I
INTEREST IN REPORT.
May Bring about Crisis in Fight
for Control.

for control Of the Equitable Life Assurance Soci-
ety is vergng toward a crisis which will be reached
with the report OF the Frick committee. which is
investigating its management. and the meeting OF
directors which will follow that report Testimony
is being taken rapidly by the committee Of direc-
tors which, 1t is believed, Will end It's work IN two
or three weeks.
The executive committee of the society is holding
daily meetings instead of its usual three meetings
a week that II may keep in touch with the Frick
committee. The findings Of the directors commit
tee would render absolutely certain the retirement
within n month Of Gage Z. Tarbell. asserted per-
sons in close touch with the Equitable situation
Yesterday since the executive committee already
was considering charges which had been brought
by the Hyde men against Mr.. Tarbell.
In the Hyde party, which few days ago de-
manded President AIexander's retirement with that
Of his lieutenant there sentiment yesterday
that better Judgment would dictate that Mr.. Alex
ander should retain his place II he cared to hold IT,
Some Of Mr. Hydes conservative friends argued
that II would appear vindictive for him to attempt
to oust President Alexander IL he in the fight.
Certainly II Mr.. Alexander goes Mr. Hyde will
not succeed him. That declared positively by
one of his advisers yesterday who said that MI
Hyde had desire for the presidency and no IN
tention of making bid for It. Mr.. Hyde would
not retire from the presidency said his friend.
but for two or three years he would not appear
more actively in the management of the society
than he is doing now. save for more attention TO
the agency department
Mr. Hyde n0Q repeated 10 tHe filCh COl4AHiit'OO
the offer which he had made to the directors said
one of his friends that he was willing to show his
good faith in this fight by putting his stock into
the hands OF a voting trust for specified period
BY doing that he would remove himself from the
field his party felt. and would show that there
could be no animus against their opponents. AT
the same time he would be relnquishing none OF
the stock rights to the control Of the society.
The Frick committee Is holding meetings daily
In the directors room at the Equitable Building.
] olvrNOut
do not attend their expert investigators conduct the
inquiry Much Of the information which MI FLICK
requested from President Alexander has oeen
turned in to the committee and is In charge OF Ie
examiners Examination of witnesses is now con-
suming large part of the daily sessions CLERKS
from the various departments explaining the
transcripts of the records for the committee Tx
Senator Knox attended the meeting yesterday
after which he held a conference with Henry T.
Frick and later saw Superintendent Hendricks OF
the State Insurance Department. Senator Knox
refused TO talk about the work OF the committee
Mr. Frick said only that Mr.. Knox was counsel
for the committee. and it was entirely natural that
he should confer with the comTnlttee TO auVise II aS
TO procedure occasionally.
James j.. Hill, who. according to stories circu-
Iating in Wall Street. has not taken part in the
meetings Of the Frick Committee because T. H.
Hartman. member Of that body, explained
his attitude yesterday. He said that he had not
taken part in the investigation because his other
affairs were too pressing. and he felt that he
could not sign a report setting forth findings on
so important a subject without investigation
by his smen. which he had superintendent. So
he had resigned from the committee.
1t is true that I not acting with the com
mittee, said Mr. HILL but 1t is not because OF any
personal feeling toward anyone. When l was
named as a member of the Investigating Commit
tee told the other members that my time was so
fully occupied that I should have opportunity
to give such an examination the policyhOders
demand. I felt that if 1 went into this invest-
cation I should put my men to work. and
check up their findings. That would take five or
six weeks. and could not do it. 1t is small
thing to make yourself responsible for such an
investigation the charges in this warrant
The business of life insurance must be put
more careful basis than it has been in the past
have been 4 pOlicyholder in the Equitable for
the last thirty years and l say. a policyholder
that the time GSs when life insurance COM
panies must be more carefully managed.
Later Mr.. Hill made public letter he had
written 10 President Alexander April S. saying
that he could not serve on the committee. The
letter said:
the 7th INST with notice of my apPontnent as "a a
member Of the special committee charged with the
agement OF the society.
not be possible for me To give the time necessary
to get knowledge sufficient to make report which
quite Impossible for to give the time required 10
serve on the committee.
When Mr.. Frick was asked who would be selected
in place of Mr.. HILL ne refused To discuss the af-
fairs of the committee the Equitable in any way
The principals in the controversy maintained
silence James H. Hyde held a conference with his
lawyers in the afternoon at his of1c- His cam
paign Is being carried now. il is declared,
Systematically the routine of a business office
James w Alexander also held conferences with
his lawyers. Neither he nor they would discuss
their side of 'the fight. President Alexander said.
as he was leaving his office, 4 am trying to keep
out of it much possible"
Jacob H. Schin, head of Kuhn. Loeb & Co. al
legged TO have taken part in the syndicate trans
actions returned from Hot Springs yesterday.
where he has been taking 4 vacation. He visited
the offices of the Equitable.
The agitation about misuse of the large surpluses
which insurance companies accumulate has led.
cordng TO gossip in insurance circles, great
increase In the demand for non participating poll
speclned payments and is entitled to rebates or
dividends. All the large companies have raised
their charges for this form of policy recently TO
the scale maintained by the Mutual Life. J. G. Van
Cise, actuary of the Equitable said that on April
20 that society, with other insurance companies
made an increase In premiums of from 21a to per
tcipating policies This. he said, not because
of any recent increase in the demand for that form
I OF policy. but had been determined because the
rates were TOO low. The participating policies al
have been long favorites because of the clause
providing that the holders should have some pro-
portion of the profits OF the refunded in
dividends. No holder of such policy however
according to well Informed insurance men ever re-
ceiVed In dividends more than 80 IS per cent of
what the agent promised to him
Gossip about the probable successor to President
Alexander continued yesterday. long list of can
didates was cany1sed. ranging from 'Bill
DeveTy TO II. G. Frick ana Joseph II. ChOate The
directors have not yet decided that Mr. Alexander
shah retire, II is quite uncertain that he will re-
tire Mr.. Hyde's friends may not him to re-
tire. and according of the directors the
board is not likely to set about choosing man for
the Office until it is known that it will be vacant