New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-29
NOT II PERSONAL FIGHT
Simply for PolicyhoIders, Says Grim
mins-To Form Neu Plan.

On his return from Albany last night. John D.
Crimrnns. chairman of the pocyhoIders' protec-
tive committee. said that attempt would be
made by his committee to work out with the trus-
tees of the Equitable naturalization plan which
might be satisfactory to both Sides His commit
tee would be glad to meet the directors committee
or the officers of the Equitable at any time. he
went on. and proposal for such meeting would
probably be made by the committees counsel.
superintendent Hendricks. who had pretty clear
idea of the situation, and appeared to be in pos
session of much knowledge concerning the
ciety. had such a meeting IN mind when he adj
journed the hearing for week. declared Mr..
Crimmins, who himself felt that the Equitable
directors had settled their differences amicabIy 1t
was quite possible that they and the policyholders'
committee might reach harmony. Said Mr. Grim
Minis:
The directors by their plan have acknowledged
the necessity Of mutualization. and ali We policy
ths s sSRssS We Ss are mot allied to either side
rectors We viii hold neither with Mr. Hyde d nor nor
with Mr.. Alexander. We're not going into any
The society All We know + hat the ocsrs have
II and 20 Se d4aNs
into any OF the politics Of the board of directors
or Of the o eas Of
the society e and hope such meeting can be ar
vexing naturalization question found.
Mr. Crimmins mad seen the petition to the Attor-
ney General entered by Senator Bracket in Mrs
Young's case. He did not treat it seriously. de-
which would be pretty hard to prove 1t would
have no effect on his committees work he said
and little the general situation. he thought.
letter under date of March % was given out
yesterday by counsel for the Crimmips COMMITTEES,
addressed to the various local polcyholders COM
mittees which have been organized throughout this
State. suggesting that each local committee should
send one more of its members, one or more
influential polcyholders to attend the hearing be-
fore the Superintendent of Insurance for the pur-
pose of opposing the proposed amended charter OF
the Equitable Life Assurance Society this circu-
lar letter the several steps in the contest between
the two parties in the Equitable management are
described-the protest Of thirty-seven Of the soc-
etys working officers. presented at the annual
meeting in February; the reelection Of James H
Hyde vice-president. the naming OF the commit
tee of seven and the adoption by the directors
naturalization plan proposed by that committee
The letter continues, in part;
Not until December, 1905, will the policyholders
nave had opportunity TO vote for majority of
holders could organize and remain actively organ
lied until 1905 their conceded right to control
Mr. HYDE and his eer aef KNEW i0q5
G t an pa9 the dseny Of the main
costing, as 1t would large sums OF money to be
They knew that within four years Mr. III Hyde ana
his allies could obtain control over the organizei
selves to elect all thirteen of the directors at the
annual aha meeags These things are patent and
not genuine IL was devised to preserve the Hyde
I
The question arises. Why did the directors per-
petuate tho Hyde management The answer cannot
be concealed The full board Is fifty-two. Tbere
are two vacancies. or the nifty directors. eleven
only are stockholders. and naturally they share m
tie desire to maintain the system which has per-
mitted each 500 share to be valued at many thou,
sands, although only entitled to annual dividends
or per cent. The remaining thrty-nine directors
hold their positions directors. not by being actual
Hyde has transferred into their names oe
on the societys stock book five shares each ne
still keeping the actual ownership and the voting
power. Some OF the more powerful and aggressive
or these directors have been enriehng themselves
and corporations In which they Interested by
selling securities to the Equitable In being in
interested in such sales. A casual Comparison OF
the societys published security list with the list of
directors, VIII show why large part OF the board
is interested In the maintenance OF the old manage
ment Some other directors are In receipt OF
benefits which were endangered by the proposed
change of management
Some We're not influenced by such considerations.
and probably We're not aware OF the truth. They
were, however. directors only through infiti-
ence and CONGRATULATIONS OF Mr. Hyde and they
were. of course. naturally influenced The deuslon
that prestige and public confidence would be re-
stored with the Hyde management continued. SCI
cured the acquiescence of those directors who de-
sired real naturalization.
More remarkable sim. the charges which were