Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-04-22
BEFORE sUPT. HENDRICKS
Equitable Agents Ask the Removal Of
Vice Pres. HYDE.

os i"Sust' Rlrli Zl.-Preferably mutual
iZatlon. the turning over of slbstanti;,1
control to the policyholders. or some orhc,.
remedy TO relieve the embarrassing. sit
uatton IL the affairs of the E,ullit n hla
llie Assurance Society. was tbs. burden
OF the request made OF Supt. of Insurance.
Francis Hendricks by the committee of
general agents, who laid their wishes be-
fore him here, today
About ~ OF the members of the sprcial
committee of - appointed at the meet
ing OF the general agents held in New
York We're present at the conferences
held at noon in Supt. Hendricks. Office
AT the State Bank of Syracuse. of which
he IS the president
Joseph Doves of Baltimore Soakcsrlao
OF the committee, prepared 4 statement
winch the general agents with Il few al
Il rations adopted. Mr. Bow,s reviewed
the acton of the agents convention in
favor OF naturalization and then made an
address. He declared the agents were in
position to know what policyholders want
ed. The prevailing conditions had arln-
ed the policyholders. The original rIan
OF the founder. he declared, contaminated
naturalization. For the first time the uucs-
ton OF ownership of the vast surplus bad
arisen. The tim" had come for IL change
ana when the society could no longer III.
regarded as the patrimOny Of one man.
lie was informed on reli2hl authority
he said. that y or 70 directors do not own
the requisite amount OF stock rcGIIir,d
by the charter.
There is no animosity among the agents
against Mr.. Hyde. but a change must be
made to deprive him Of the immense poE-
cr he Yields. Tie compromise effected
WAS miserable one. which is dSappo.nt-
ing, the realization Of which viii b.. de-
layed by litigation The pDlcyhuIders in
the me3ntin,e suffer
Mr.. Hydc'S elevation. he asserted, was
due to sentiment because OF his descent
iron the founder. For five Yeas ne had
been watched, helpcd ard forgiven until
sentiment was exhausted.
T.. A. Woods OF Pitt5burg. president of
the Agents Association. next a,i,ir, Sst d
Mr.. Hendricks. He told OF the immense
interests of the agents and declared that
under the present system of control the
Equitable stock could be transferred to
party even more dangerous than Hyde.
The agents Wore opposed to anE change
Which did not conserve the interests of
ruiicyholdcTs, and had suggested Il com
H1itice FOR poli"yhulderS as trustees ap-
PORTED by President EooseVrlt OF to dos
iSnate eXlrrSidvnt Cleveland or Il com
mittce of college presidents. II" believed
adVers" LEGISLATION in other states could
be prevented by prOmpt action in N-N
Iork.
Archibald Haynes Of New York cit.-
followed with similar rcmarKs.
In his reply Mr.. Hendricks said.
AS far rs tn" naturalization Of III.
company is concerned. have already OK
pressed myself Very Clc9rly. | ana V,rI-
much in favor of that outcome. | ana ,lu.
sure. however. that you can obtain til,
relief desired by legislation. The nJl'-S-
ton has got to b. determined by til
courts. II Judge Maddox a ciGcs That |
have no power to put in force the l:r- MI
ID charter. IN appeal will b. made '.lthr"
to the court of appeals or to the nitcd
states courts.
Il will tell you frankly that ! cont
believe the Lord suit Was inSt.tudr bN
Hyde interests. Mir. Lord is only to have
said that | shall not approve the amended
charter for tn" reason that l." believes
that the value of his OWE stock would D.
endangered by such approval
The first proposition you know, I re-
fused to ACCEPT. The second one. Which
is now in the hands of the attorney gen
eral. ] am disposed to accept. 1t pro
vides that the policyhOldcrs elect ~ OF
the 50 directors. and | believe that under
the pOlicyholders viii b. in full control.
The attorney general still has this char
ter and has rot decided anything as to
it. believe, because of the fact that tn"
cue ston is now in court.
Il will assure You. though. that wheth-
er legislation is feasible or not. I'm near
tily in iavor of naturalization. And |
will tell YOU. too, that be for" we get
through, the examination of the iuSur-
ance department will disclose if there are
dummy directors. | will find that out al
Solutcly. You can rely on this. When We
get done we will tell you the true con
ditiOn of that society. ! can tell you
how long it will be, whether days. weeks
or months; but it will be thoroughly done.
In the meantime, the Frick committee
has asked questions of the officers which
will take them 20 or 10 days to answer.
After the conference the agents general
accorded them by Mr.. Hendricks and his;
sta