The San Francisco call., 1905-04-07
AT Stormy Meeting Conserv-
ative Members of Board De-
mand That Alexander and
Hyde Cease Quarreling
SQUABBLE HURTS
SOCIETY'S BUSINESS
Temporary Truce Is Estab-
lished by the Adoption of
Resolution Amending the
Charter Of the Corporation
Special Dispatch to The Call.

NEW YORK, April 6.-By the adop-
tion of an amendment to the charter
the board of directors of the Equitable
Life Assurance Society to-day estab-
hshed a temporary truce in the fight
which has been going on for weeks be-
tween the Alexander and the Hyde fac
tions in the society. This was accom-
pIshed at meeting of the board al
which thirty eight of the fifty direct
ors were present
The meeting was characterized by
the most bitter contention between the
rival factions. Personalities were in
dulged in which brought to their feet
many Of the members of the board in
emphatic protest. These directors de-
clared that the time had come for the
more conservative members of the
board to take hand in the quarrel be-
tween Alexander and Hyde They de-
manded that both sides stop the war
that was having such disastrous effect
upon the society. They declared that
these attacks made by the rival fac
tions were running the business Of the
society and causing public opinion to
rise against it.
Several of the speakers urged Alex
ander in no uncertain terms to stop his
attacks on Hyde and the management
Of the society. They criticized both the
president and the vice president for
having made public through newspa-
pers their personal opinions regarding
the integrity of the directors
In all the speeches there was strong
intimation that If such conduct was not
Immediately stopped the directors as a
body would be compelled to take Off
cial action.
A new feature in the Equitable mat
ter is the resolution adopted for the
appointment of a committee of seven,
headed by z. H. Hartman, to thor
oughly investigate the Equitable af-
fairs.
The original plan for the mutualiza-
ton of the company provided that it
should be accomplished in four years,
but after last weeks sessions with the
State superintendent of Insurance this
was amended to make the time two
years. The two year plan was ac-
quiesced in by Hyde. The plan begins
to take effect on December 1 next.
The following statement was given
out at the close of the meeting of the
directors:
''The board of directors, after full
discussion, unanimously adopted the
amended charter approved at the meet
ing with the Superintendent of Insur-
ance, the amendment being: The board
of directors shall continue to be di-
vided into four classes of thirteen each
Speeches were made by James J.
Hill, Melville E. ingalls,, John A. Stew
art, Charles Stewart Smith, Brayton
Ives, T. Dewitt Cuyler and others, in
sisting upon cessation Of the entire
controversy and the use Of the press,
which is so injurious to the company.
That, while in the charges and the
counter charges there was no question
as to the solvency of the company or
it's large surplus above all liabilities,
or the soundness of its investments, the
controversy was creating widespread
distrust and doing great injury to all
life insurance companies, and that the
committee of the board should and
would so probe and as a result of their
investigation so recommend as to JUS
tify confidence in the company and its
management.
"CHAUNCEY M. DEPEW,
CORNELIUS N. BLISS"