The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-15

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New York Sun Special Service. as-.. ...e@
New York, Feb. 15.-The fight in the
Equitable Life Assurance society, the
greatest single financial power in the
United States, exceeds in bitterness
any struggle that has ever developed
among kings Of finance in this country.
The demand made by James w. Alexan-
der, president Of the society, that James
H. Hyde, it's vice president and owner
of majority of the capital stock, shall
consent to change in the voting plan
by which the 100000 policy holders Of
the company shall have voice in the
election of its directors, is only a small
part of the real struggle.
Mr.. Alexander and his friends in the
company demand, and this is the real
crux Of the war, that Mr.. Hyde shall
retire from the vice presidency of the
company and from all active partici-
patton in the management of it's affairs.
Mr.. Hyde has been served with a
notice to this effect, and unless he re-
tires at meeting Of the directors set
tor tomorrow, the consequences may
be the most remarkable in the financial
history Of this country.
Strength of Movement. r
Thirty-four of the executive heads
of the Equitable Life Assurance So
ciety, constituting the whole active
management Of the immense corpora
ton, with the exception of the vice
president, Mr.. Hyde, and the fourth
vice president, w. H. Mcintyre, have
signed an agreement declaring that un.
less Mr.. Hyde resigns they will give
up their positions in the company.
When it is remembered that the
Equitable Life Assurance society has
in ready cash and securities, which car
| be Immediately turned into cash, $47S,
! OO0, 900, and when it is ALSO remembered
that some OF these men who have
threatened to resign have been with
the company since. it was founded, in
1859, by Henry B. Hyde, father of the
/ young man who, they now insist, must
resign, the motives which impel them
to take this extraordinary step car
readily be understood to be exceptional
Hyde's Private Life.
One Of these motives is the private
life Of Mr.: Hyde. Old men in the
company who were his father s friends
to the memory of Henry B. Hyde, they
know that, were he living, he woule
not tolerate in a position of response
billy in the company any youns
man, even his own son, who had led tn,
frivolous life credited to young MI
Hyde. -
| Another objection to him is tn
charge that he has formed fnancia
associations of character that is Diet
rimental to the Equitable company
They say that he has gone into hug
speculative schemes or has allowed him
self to, be used by the promoters O
such schemes, and that, in consequence
his absolute one-man control of tn
$478,0O0,000 of the Equitable societ,
is a browning injustice to the half mil
lion policy holders in the company.
i Bent on ousting Hyde.
Not only have these men determine,
to GUST Mr.. Hyde from the COMPANY
but they also have agreed among them
selves that Jacob H. Schif, head O
the great banking house Of Kuhn, Loci
q Co., must retire as a member of tn
finance committee of the Equitabl
Life.
| Mr.. Schiff is one of the few know
supporters of young Hyde in the pres
ent gigantic struggle. It is stated tina
the reason they object to Mr.. Schiff
continuing as member of the fnanc
committee Of the Equitable Life i
that during the last year his firm, Kuhr
Loeb & Co., sold to the Equitable $22
100000 Of bonds. -
1: Alexander Talks.
Supporters of each side to the con
troversy were in conference today wit
their respective adherents. Mr.. Hyd
said he had nothing to add to the state
ment made by him on Monday last. M
Alexander made statement in whic
he said: -
"The present movement is for tn
purpose Of preserving thru all futur
time the strength and prosperity of tn
society by putting the power Of votin
for directors where it belongs, namely
in the beneficial owners of the comps
ny-the policy holders. It now rest
in 100000 stock capital, maiorit
Of which is under control Of Jane
n. Hyde, the vice president. It need
no argument to demonstrate that sue
: power in the hands of one man
fraught with danger in the future.
Eminent counsel have given a
!: opinion that there is a remedy by q,
tion of the board of directors, who ca
legally and constitutionally SO amen
: the charter as to invest the polio
. holders with the right to vote.''