The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-07

A little item like the purchase of $4,000
Ct the Union Pacific preferred syndicate by
the society in that year will II was said,
lie also explained by Mr., Hartman,
HUGE LOANS, TOO.
Concerning the leans made by the Harri-
nan-Hyde board during that momentous
year Of 1908, it is only necessary to CLEAN
from the report to the Insurance Depart
ment that there were huge loans made on
Hartman securitie6 like Union Pacific pre-
ferred stock, Union Pacific common stock,
Southern Pacific, Chicago and Alton S11s
bonds, Central Pacific As, Union Pacific
per cent notes, Oregon Short Line per
cent. certificates, Oregon short Line Is,
Union Pacific A.. Chicago and Alton pre-
fcrred stock, and other Hartman properties
For instance, during that year Of 1908
when the financial world was turned topsy-
turvy, there is one loan recorded on
200 900 Of Southern Pacific stock, and
another loan Of 81 100000 on Union Pacific
preferred stock. the latter loan having
now become notorious because Mr. HaTIi-
man was compelled TO confess that he per-
sonally secured the loan, after he had
authoritatively denied that he had per-
sonally been interested in any loans on
Hartman properties granted by the Equi-
table society.
Tho 100000 policyholders. and especially
the 10000 policyholders in New YORK
State. it was added, will want TO know eN-
plicitly and in detail just how it came about
that in that awful year Of 1903, when the
shrinkage in Hartman properties was 40
dreadful, the Equitable Life Assurance
Society believed II to be conservative imam
cinl policy TO make such tremendous pur-
chascs Of the Hartman securities, ana 70
loan so heavily on them. But then MI
Hartman, II was added, will not hesitate
70 take I , fellow investigators and re-
porters into his confidence and explain
how it all came about
ONLY HALF or THE PLAN AGREED TO.
The special meeting Of the Equitable
directors called yesterday TO pass on the
demands Of the policyholders' committee
adjourned after two hours with only hall
of the committees plan accepted. The
board, which was completely under the
control of Vice-Pre4ident Hyde, voted to
amend the charter in favor Of the proposed
two years naturalization plan on the rs
"a basis, but did not adopt the proposed
control Of the executive committee by
majority Of policyholders' directors.
This last was by far the moro important
feature OF the policyholders committees
plan, for the executive committee not only
directs the society's policy but controls
its general financial activities. The plan
proposed and assented to at the conference
before the Superintendent OF Insurance
last Saturday recommended that four va
cancies be created in the present execu-
tive committee, the power of designating
the men who should retire 10 be conferred
upon Supt. Hendricks, and their success
sors TO be selected two by the policy
holders committee and two by Cornelius
N. Bliss, this giving the policyholders eight
Of the twelve committeeman.
CoNTRoL OF EXECUTIVE BOARD UNDIsrURBED
Mr. Hyde, by refusing yesterday TO bring
the question definitely before the board
for adoption, supporters Of both the Alex
ander faction and the polioyholders' com
mittee said, had broken faith with the
members Of the Crimmins committee and
with the Superintendent Of Insurance. The
directors yesterday merely adopted a Teso-
luton that a committee consisting OF
Messrs. Depew, Belmont, krech and Bliss,
the first three Hyde men, be appointed to
consult with the Superintendent of lnsur-
anoe after the amended charter shall have
been approved by him and with the policy
holders committee in regard TO the recon-
mendations concerning the reorganization
Of the executive committee.
The Alexander faction, it was said eX-
pected that Mr.. Hyde would consent to the
ratification by the board Of all the con-
ceasions in which no had onoe concurred.
In fact, the statement was made yesterday
that Il was with that understanding that
Mr.. Alexander agreed to go into the meet
ing without Offering any objection TO the
adoption Of the proposed plan in full.
HYDE SAID TO OBJECT TO MEN SELECTED
According to the reports that were current
after the meeting, the Hyde people heard
that the men likely to be presented by
the policyholdera' committee for the two
places on the executive committee we're
Frank II. Plat and Bainbridge Colby Of
the law firm Of Alexander a Colby. Mr..
Plat is counsel for the policyholders' COM
mittee and has taken a most active part
In the committee fight against Mr. Hyde
for naturalization. Mr.. Colby Is President
Alexander personal counsel. These men,
the Hyde forces declared, would never do,
in spite Of the fact that the power Of APP
pointment by the committee was left al
the conference absolutely without a string.
So Mr.. Hyde asserted himself in the board
Of directors. Mr.. Alexander, it was said,
appreciated that he was in the minority,
and rather than have the matter Of the APP
pointment Of the committee come to a test
vote he acquiesced in the boards decision.
Mr. Hydes efforts in the immediate fu-
ture, Il Is said, will be directed now to in
fuen cling the Crimmins committee to refrain
from making any selections that will be
distasteful 10 him. He knows that tho
chairman Of the committee, John ID. O. i'm !
minis, does not regard him unfavorably, |
and II was said last night that there Is |
ano tber member Of tho 90 mmittee Of whom !
Mr.. Hyde has hopes.
For the majority Of the policyholders'
committee IL was said last night that they
would undoubtedly continue 20 insist on
the acceptance OF the plan in full, as con-
CURED N by Mr. Hyde before the Superin-
tendent Of Insurance last Saturday Mr..
Hyde. II was declared last night, will prob !
IDLY insist, at least, upon lsno wing the !
names OF the men selected for the execu.
A., l,xy the r,lic,,hr, Il,.-t -