The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-08
new SCANDAL IN EQUITABLE.


the Equitable. Mr.. Hyde and Mr.. Alex
ander were working together and in har
mony at yesterdays meeting
Only twenty-eight were in attendance
when the meeting was called to order at
| O'Clock. The designations of Lincoln
low and Hughitt was the first business
taken up. The board refused to accep
them and resolution was passed asking
them to reconsider the matter.
The question of the appointment Of ;
new nominating committee was then takei
! up. {. b. Alexander proposed the com
mittee named above. Mi, Low starteo
things going in the true Equitable style by
protesting against such procedure. Hs
said that no more time could be wasted
that onething must be done to relieve tht
the safety and welfare Of the Equitable were
to be regarded at all. He suggested tina
the board go into a committee Of the whole
and do what it could without delay by
electing a chairman of tho board Mr.
Hyde didn't think that was good plan
He said that the new chairman must be &
man OF national reputation and that the
Choioe should not be made in a hurry Fl
{. Deming and Alvin W. Krech supported
Mr. Hyde.
Mr.. Low insisted that the whole matter
OF reorganzing the society ought to he
protested. The selection should be left
until Friday, he argued,
Mr.. Low replied again. This time he
didn't mince matters. There was only one
solution. he declared. and that was to have
President Alexander and Vice President
Hyde get out. No good man, he asserted,
would serve under them. Growing ex-
cited he declared that he didn't propose
to be bound by the action of The board
and that he was going to do his duty to the
policyholders,
Mr. Alexander then adore ssed the meet
ing, Senator Depew taking the chair. P1esi-
dent lexan der declared with good deal
of feeling that he was willing to resign. but
would never go out under fire. He had
served the society faithfully. he said. but
had made errors. They were errors of
judgment only,
Senator Depew also announced that he
would like to resign, but he didn't see how
he could conscientiorsly
Then Mr.. Low caused little unplea SAINT =
ne IS by sleg sting that the Superintendent
Of Insurance would settle great many
of III. .questiors which worried the direc-
tors. Mr.. Depew included. He announced
that he intended to talk from The Shout
der" He wanted to advise Mr.. hyde
that the best thing he could do was to get
out The hest thing that President Alex
ande,rr could do would te to get out also,
He did not hnow definitely what the State
Superintendent Of II surance would do,
but he believed that ne would insist that
both the president and the first vice pros
dent and several directors should resign.
How much better said he. 1T would
be for the Equitable if they all resigned
now"
He asserted that in his opinion it was the
duty of the directors to declare the offices
of president and ice-president vacant
H. c. Deming one of Mr., Hyde's lieu
tenants. jumped to his feet. He shouted
zttN Il. g., ~.
board to take any such action. Senator
Depew was asked to take the chair, and
motion was made by Mr.. Low along the
lines suggested in his speech, There were
several cries that 1t was out Of order, A
motion on the amendment of the bylaws
of the meeting. was declared to be before the
board. Senator Depew supported the OBJ
lection to the motion.
This brought up the question of the
amendment Of the bylaws definitely 1t
was stated that the Superintendent Of
in regard to the proposed changes until
after his report had been made public. II
was voted that the proposed amendments
be referred to a committee for further
consideration. What the amendments we're
was not learned. Brayton Ives and Mr..
Low protested against any amendments
to the bylaws, Thev said that such action
would be interpreted by tine public as merely
a move to obviate the Insurance Superin-
tendents report.
Mr.. Ives, who was the only member of
tho Frick investi eating committee who did
not resign, said that he didn't blame Hyde
and Alexander 80 much as he did their
lawyers. They had both been Mnder
lawyers influence in this controversy, he
declared. He said that they might better
seek out a true friend for advice, and an
nouncsd his Willingness to act in that ca
paoity. He would advise them both to
get out.
Mr.. Low then moved for second time
that MIR. Alexander and Mr.. Hyde he asked
TO retire Again Senator Depew ruled that
It was ont Of order.
August Belmont said that he didn't think
Mr., Alexander should lie forced out. Mr..
Low replied that the interests of the society
demanded IT,
MIR Smith brought IN the subject Of the
societv's real estate holdings. He said that
these matters were becoming scandal
md M st he corrected II was then that
The hoard PASSED the resolution referring
all real estate transa ctionS to the toard of
directors for their approval
The board lso voted that the ma tier of
he ir come from the Equitable's real estate
should be Investigated bv the board II
vns ifter this thnt Mr.. Smith dc hs
speech ABOUT dummies. He dcclared that
ct si' gle sn larry hnd icon brought before
he board i" all the time t"nt No hcd served
10 declared tfat he could rot ard would
lot remain dummy arv lor ger. and that
'onc o! IN" other directors who were men :
'ould. eitNnr.
Mr., Hyde himself offered the resolution
,omr ittee.
These directors attended yesterdavs
ueetlpg: james w. Alexander Chsuuooy