The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-15
POLICYHOLDBRS SOON TO ACT
TIRED or WRANGLING AND ONE
SIDED INVESTIGATIONS.

Men VINO Are Largely interested In the
socIetyS welfare 20 Go Ahead on
Their own HOOk-COmmittee May he
CHOSEN 70 Proceed Against the o nicers.
Important people who are neither law
yers nor dummy directors In the Equitable
Life Assurance Society but who are holders
Of large policies made II known last night
that the time had come for something
definite 10 be done.
They pointed out that for three months
the scandal Incident 10 the HArrimAn-Hyde-
Schff management Of the society's Affairs
had been tossed about In every nook and
hamlet Of the civilized world and that
to-day not the slightest change for the
better had taken place. Notwithstanding
an investigation by the Insurance Depart
r,eut Of the State or the appointment Of
the Prick committee, which Ia dominated
by Edward H. HARTMAN and Henry @.
Frick. one Of Mr.. Harfiman's directors
IN the Union Pacific Railroad Company
and Mr.. Harriman's representative In the
directorate Of the Atohison, Topeka and
Ranta Fe Railroad Company.
As a matter Of fact the holders OF large
rolices in the Equitable who declared
last night that important steps are soon
to be taken said they could expect nothing
from the Frick committee which would
rehabilitate the society in the confidence
Of the policyholders. and they added that
they give little heed 10 the results Of the
secret investigation now being conducted
by the insurance department Of the State.
Neither Is much immediate relief expected
from these people In the dozen or more
suits which have been brought against the
Harrlman-Hyde management in the diff
ferent States. This litigation will neces-
sarly be slow In coming to a head and
meantime the Equitable is daily being
in flred in the estimation Of the policy
holders and the public at large.
Hence the holders Of large policies In
the society said last night that they intended
b take formidable steps 10 sweep out II
possible the present Harriman-Hyde man
aRenent aud along with them are 10 60 the
present officers and all who have had a
band in bringing the Equitable into public
notoriety to the great injury Of It's business.
Samuel Untermyer and others, Il was said,
have discussed these proposed drastic
measures, which have not yet taken definite
form, but some last night were Of the opin-
ion that the holders Of large policies In the
society should get together and appoint
an independent committee OF five who
would proceed directly against the Harri-
Tnan-Hyde management and all the officers
Of the company and not cease their labors
until a clean bill Of health had been given
20 the society.
Some Of these policyholders said they
II. 81,
Attorney Jerome had not taken steps to
ascertain II young Mr., Hyde wrote the let
ter to which his name was signed In which
he returned SOL 900 TO the Equitable's treas
ury, oonfesslng that the amount represented
profits TO a syndicate known as James
II. Hyde and Associates
II was said for Mr.. Jerome that Il was
one thing for a man TO have such letter
handed out for publication and It was quite
another TO be able TO prove that he either
wrote or signed the letter.
But the polcyholders who are Interested
In bringing things to head, and who dis
cussed last night plan OF action, said that
the public was weary Of the scandal that
the poHoyholders had been dazed by the
disclosures and that all hands were either
chAgrinsd or angry over the hardness and
onesidedness Of the Prick committee, and
OF the plan Of investigation by the Insurance
Department Of the State; also, the platoons
Of expensive lawyers both for the society
and individual directors are coming In for
comment.
We want action, no moro talk said a
poicyholder last night. and we propose to
get Il and 10 get It quickly, too. We have
become utterly weary Of the situation, and
something's about to happen. That's all
can say to-niRht.s