The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-21


represent the Equitable much longer II
MI HYDE remains In. The general agent
for Great Britain, Mr., Eaish, has served
notice that be cannot return 10 tno biltbh
policyholders until Mr.. Hyde u out. no.
body expected 20 get him OUT to-usy' OUT
we are sure that II Is coming
After the meeting yesterday the agents
rot together and took out Sl,OOO,OOO more
Insurance on their own lives. IL WAS an
nounced that this was done aS conPhInent
TO President Alexander and that th i5 e agents
at the meeting already had N'OOoOOO on
their own lives
HYDE BRIEF Tu.ED
Samuel Untermyer's brief for Mr. Hyde,
a. an interviewer In the Lord SUIT 20 oi9ok
the naturalization, was filed In the bIoohIyh
Supreme Court yesterday ms o0n,,Sn-
tons are, In opposition 70 the Equltaolo
that the directors had no power 20 amend
the charter without the consent OF the
stock: and. IN opposition TO Mr. LORD that,
having the consent Of the stock, II did nave
the power 20 amend and DO property right
has been violated. He appends 70 ms
brief the trust deed under which the hyoS
stock is held. which shows that the stock
can be voted only as Mr.. Hyde chooses;
that IL consists Of 500 shares OF the ,OOO
shares and that the trust has louteeh
months 70 run before the stock passes mo
MT. hNOe dD5Olllb COhAlOl NR"' 49, N-
Mr.. Untermyer also appends a copy OF
A letter 20 the board OF directors In whioh
Mr.. HYDE originally offered 70 consent 20
dividing the board half end hall between
noloyhOlders and stockholders. This letter
saws that all The counsel are agreed that
there is no lawful way to retire the STOCK
and compensate the stockholders MT'
Hyde says
Il am willing that, so far as my stock
interests are concerned, the ponoynoloeIs
shall be given such measure OF power az
will enable them, In case OF mnmanhge-
ment Of the affairs OF the society TO, from
time 20 time. elect a majority or the ooaru
Of directors and thus elect Officers OF thelt
own seleCtiOn, but at the same time thlnk
II only just TO the stockholders that II the
Affairs Of the society should not be admins
tered 70 their satisfaction by the nominee
Of the policyholders the opportunity should
be again Afforded 20 the stockholders 20
resume their control. for the time oelhg
AZ least, Of the management OF the societys
business
MIR. Untermyer contends In bis brief that
N any amendment Of the charter IA per
mitted that fails to recognize the agree
ment under which the vote Of the directors
was secured, or that falls 70 secu the
stockholders against further amendment
the Alexander faction, incorporating a.
the society, will have been assisted by the
court In the preparation Of a fragrant
breach Of faith Mr.. Unteunyer defines
the rights Of the stock sought 70 be taken
away as follows:
!. The right TO so manage the company
through its own directors that the stock VIII
earn the per cent. dividend reserved 70 ~
2. The right. by proper mans afsI OF a Tvs
s. To Save save itself against the personal LA
biity 20 an amount equal TO It's capital IN
case the capital becomes Impaired.
4. The right. through is control OF he
directors. 70 determine EheSher a sb IhJe
Of tie society "a ri aht that admittedly cannot
be taken from the stock. -,
s. The right 20 the possession, control an q
mGnaeement Of tho assets, regardless OF AL
questions Of the ownership OF the lHrp iSi.
Il e T ~ s6 or p a9S pSdIpis,sTod
belongs.
The rights OF pollcyholders to share In
the surplus, he declares, depend on the
terms Of their contracts Of insurance.
Argument was heard yesterday before
Justice MacIean In the Supreme Court IN
this county on the motion Of A. Edward
! Woodr1lff 10 enioin the officers OF the Equi'
table society and the State Superintendent
! Of Insurance from further proceedings with
regard to the approving and filing OF the
| proposed amended charter. Attorney
| General Mayer opposed on behalf OF the
! State Superintendent. Decision was 70
| served.
Both President Alexander and Mr.: Hyde
I said that they had neAIu nObnlnB utlihVo
about a reported suit brought by policy
| holder in louisiana 20 force the Equitable
| into the hands Of a receiver.
L do not believe said Mr., Hyde, that
| the company can he placed In the hands OF
a receiver through an application made
10 an outside State
MISGUIDED AGENTS,
Mr.. Hvde was asked whether he would
seek 20 discipline any Of the general agents
! for their Insulting action toward him,
! but he preferred 20 let friend speak for
! him In this matter. This friend said:
THE agents are a misdireCted, mis- guided
| body OF men. When the employees Of q
! company 20 20 their employer and ask him
| TO resign, the employees are not the ones
! who should be fred; it Is the leaders, the
men who have inspired them to make the
| demand
| JACOB ". sCHIFF PO1ICYHoIDER
II was reported yesterday that jacob II
| Schih has followed the example OF =. II
! Hartman, his fellow director in the Equi-
table, and taken out a policy in the society
/ Mr. Schif's policy, IL i said, j. for $1,000
! and he pays an annual premium Of 81 10
! Mr.. Schlh became a member OF the policy
! holders ranks, II was said. only few days
! ago.