The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-03-15
AGREES ON NATURALIZATION,
EQUITABLE COMMITTEE so VOTES,
Mr.. HYDE CONSERVING.
q Out o. 81 Directors TO he Elected
by POlicyhOlders Under Amended
ChaTter-JOhn ID. CrimmlnS Thinks Pro-
posed Legislation VIII he Dropped.

mo DelnK AZ NHb IDNEtL bNNAAAAg hA0lbAAh
of tho society's board Of directors 10 devise
a means OF settling the differences between
the factions in the society headed by James
W. Alexander, the president, and James
Hazen HYDE, vice-presdent and holder
Of a majority Of the capital stock, recon-
mended yesterday that the society be
mutualized.
The announcement Of the committees
action was made in this statement given
out at tho societys offices at 100 Broad
way late in the afternoon:
The special committee Of the board Of
directors Of tho Equitable Life Assurance
society. consisting Of James w. Alexander,
Cornelius ~ Bliss, T. De Witt Cuyler, Chaun-
cev NJ Depew, James H. Byde, Valentine
F. Snyder and Gage Z. TaTbel unanimously
resolved, at a meeting held to-day, TO
recommend to the board Of directors that
the charter Of the society be forthwith
amended so as TO confer upon the policy
holders the right to elect a majority Of
the board Of directors namely, twenty
eight out Of hfty-two.
Such action was taken with the eN-
press consent and approval Of Mr.. Hyde
"a the representative Of the majority OF
the capital stock Of the society.
A meeting OF the board Of directors
has been called for next Tuesday, March
a. 1906, when the committee will submit
10 the board the amended charter as pre-
pared by counsel.
JAMES W. ALEXANDER, President.
JAMES H. HYDE, Vice-President.
sGAoE r. TARBELL, I'd Vice-Presdent.
The action Of the committee was COM
nlete surprise TO many persons who thought
thew were familiar with the situation In the
society as II has existed ever since Mr..
HYDE made his stand against the mutual
iyation plan as advocated by President
Alexander and his followers in the meeting
Of the board Of directors on Feb. 49, These
persons have predicted right along that
Mr. HYDE would never consent to the
naturalization Of the society without put
ting up the hardest kind Of fight
IL was only a day or two ago that q man
In the Hyde interests announced that the
naturalization committee was divided hope
lessly in regard 10 the recomme ndations
which it should make.
Mr.. HYDE himself refused to add any
thing to the statement issued from the
sooiety's ofices. IL was said that be had
absolutely nothing TO say. Mr.. Alexander
also refused 10 discuss the action Of the
committee or 10 say how the result was
brought about.
The recommendation. II carried into ei-
feet, will give the polioybolders q majority
Of four on the board OF directors. The
twenty-four members apportioned by the
new plan as representing the stockholders
WI represent, Of course, Mr.. Hyde's
strength, II the change is made. That
there win be any opposition TO the recon-
nendation In the board Of directors is not
anticipated. Mr.. Hyde, it was said yes
terday, would never have CONQUERED In
the statement issued from the Equitable Of
Aces II he intended to assert his strength
again In the board Of directors.
The board has power 20 amend the char
ter, subject to the approval Of the State
Superintendent Of Insurance. The COM
rnittee's recommendation. il will be OBJ
served, will, II accepted, throw the voting
power open to all policyholdes. The
present charter Of the society gives the
board Of directors the power TO allow only
poHcyholders insured for s. 900 to vote for
for directors Of the society.
II was said last night that the Crmmins
committee, the committee which repre-
sents poHcyholders alone and which has
declared its purpose 70 be the complete
naturalization Of the society through legis-
ladon at Albany, would probably aocept
the action Of the naturalization committee
as sufficient for the present and discon-
tnue any further effort to reach the society
through the legislature John ID. Grim
Minis. one OF the leading members Of the
committee, when seen at his home last
night, said that while it was true the com
mittee had drafted bill providing for Civ
ing the voting power In the society 70 the
poHcyholders and capital stockholders
alike, one vote each, II was hardly likely
that anything definite would be accom-
pished. The committee had arranged,
he said, for the introduction OF the bhl In
the Legislature, but meeting OF the oom-
mittee will be held this morning to recon-
sder the situation In view Of the new de-
velopment.
Mr.. Crimmins added, however. that he
did not believe that the investigation by
policyholders into the affairs Of the society
ought to oeass He thought that the mat
ter OF the investment by a life insurance
company Of the surplus in its possession
ought TO be investigated closely and II
possible. controlled by legislation. Whether
or not tho committee Of which he Is a MEM
Der would attempt anything In this direo-
ton he could not gay definitely until the
matter had been taken up with tho com
mitteeH lawyers.
Some persons familiar with the situation
In the Equitable society suggested yester-
day that the suit brought by Mary s. Young
Of Saratoga, through Senator Edgar I.
Bracket, against Mr. Hyde and the Equi-
table society may have had something TO do
with the decision reached by the mutualiza-
ton committee. The purpose OF the suit
il to restrain the society from paying
Mr. Hyde $1,000 a year as salary and to
compel the restitution Of certain OF the
moneys which be has drawn on this account
from the funds Of the society, on the ground
that the salary IL too large and lite payment
constitutes a conversion and waste OF the
funds Of the company. The complaint
alleges also that thirty-eight OF the board
oi hfty-two directors are practically dunn
mics. who own none Of the society's capital
stock and were put In Office bY Mr.. HYDE.
Mr.. Hyde was served With complaint In
this action on Monday, but that II was the