New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-07
CALL WAS FROM SCHIFF.
He WON'T DISCUSS 1T.
Directors Meeting Can Take No
Official ActiOn.

SchiH was the who had sent out the
anonymous circulars calling for an informal
meeting Of the directors Of the Equitable Life
Assurance Society tomorrow came an awaken
ing of interest in this meeting. That any official
character can attach to whatever action may be
taken there is denied by conservative directors,
who say however, that the meeting will be
valuable in proportion the number Of directors
who attend 1t and the unanimity with which
they decide any question
Whatever action is taken. it is believed by
influential directors. will be in conflict with
the work Of the Frick committee, even If it only
anticipated the decisions which that body may
reach. It has been agreed that there shall be
no formal meeting of the directors until the
Frick committee is ready to report, which Mr..
Frick places somewhere near the end Of this
month. For any group Of the directors to pass
resolutions any subject could have no bind
ing effect on the board as a body II is pointed
out, unless the number at the informal meet
ing was a majority OF the full board.
From Alexander sources came the declaration
that Mr.. Schin was at the bottom of the spe-
cial meeting. Mr.. Schir declined to affirm or
deny the truth Of the statement He was in con-
ference with Samuel Untermyer IN the after
noon. after which Mr.. Unternyer went to Mr..
Hydes home for a long consultation.
The following statement put forth COM
menting the meeteing:
It became known to-day that the prime mover in
this mysterious and so-caled Informal conference
Of directors Of the Equitable called for Monday.
ence is called that it is pronounced to be infor-
of the conclusion Of the Frck committee of its in
vestigation has occasioned no end of comment The
matter is a man whose connection with the finance
committee of the Equitable has been the subject
9rna is not caicuated to aIiay Curiosity or specu@
g
1t has been suggested. in view Of the figures pub
ished IN the morning newspapers that the E4uits
in which Mr. Hartman is interested; that the sud
den and what would appear III timed call for
the recent loss in Stock Exchange values of the So
cSed ar 4hs an bP0sX d ,6a
Equitable has been openly stated as one OF the
Sny rSe M seh who has been described as
RS the s sbsaoa a as 2Sf5a
the reasons or PGP9se e o. the conference sPecq
can feed on and as are here mentioned.
Mr. schif read the document but refused to
discuss it.
Both sides said yesterday that they had moth
ing to do with the meeting. Neither Mr.. Hyde
nor any Of his friends knew the first thing about
It, IL was said The Alexander people declared
that they knew nothing about the meeting or its
objects.
That the directors would ask the officers Of
the society. or at least the president and two
Independents. to resign was considered en-
tireiy likely by some interests That they would
resign was denied emphaticaly. Samuel Inter
myer. for Mr.. Hyde. said:
All talk Of Mr. Hyde's resignation under any
circumstances is mere bosh, circulated for
purpose. Whatever may be the course Of others
who have no interests at stake, Mr.. Hyde has
his interests and reputation TO protect and he
will protect them.
This meeting can have no important bearing
on the situation" declared a director yesterday
except for the moral effect which group Of
directors who had united question could
WELD with the board. OF course II there were
q majority Of the board present and they passed
some resolution, II would be valuable index to
the complexion Of the board when such ques-
ton came up officially.
THE Frck committee now is the index to
the situation. That committee is empowered by
the directors to make a thorough investigation,
and when IT reports the directors will have some
material which to base action The board
will meet when called together by this commit
tee. 1t is a mistake to say that the committee
is doing nothing It is working as hard as 1t pos
sibIy can. It Will find whatever Of evil and
mis1nana cement there is in the society and I
am satisfied it will take measures TO overcome
these difficulties
Certain of the directors want Mr. Alexander
to resign; certain want Mr.. Hyde out The fight
wages between them Neither would be likely
TO vote for the others. Again, another interest
wants both factions replaced in the affairs OF
the society with new management All these
plans, however, in anticipation OF the report
Of the Frick committee. To discuss any one is
interfere in a certain way with the work of
that committee.
Personally. I believe that after the commit
tees report there will be big upturnlng for
few days after which there will be a resumDtIon
OF the harmony which has been reached twice IN
this difficulty, and then the society will go on
its way"
Joseph Bowes. of Baltimore, was In town
yesterday TO assure the officers OF the society
that he had nothing to do with circulars which
have been flooding his district telling OF the
Equitable's troubles. They had hurt his bust
ness greatly, he said.
Many agents are making unusual efforts now
TO write insurance. They going to large
business men, according 10 gossip IN insurance
circles. urging them to take policies or
double their old ones. the Equitable would
have to dump some OF its investment securities
the market II Its business were not kept M
thus producing disastrous slump in the prop
critics in which these business were in