New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-02
HYDE, LOST, ASKS PROBE
tHE DENIES ALL CHARGES.
IPoFcvhoEders to Control Equitable
in T5renty Months.


l.-,,- "a February with the demand for the mu-
-,,.lizs+ior Of the society and an attempt on the
-, ~ President James ". Alexander and his
.,,norteys 10 wrest the control from Nice-Pres-
isser, James Hazen Hyde came yesterday after
II ,orference between the cOntending factions
tCs,le5 by Francis Hendricks, State Superin-
taendent OF Insurance
And the climax was this: James Hazen Hyde
,s,v,ed 10 acouiesce TO the adoption Of a plan
whereby ne viii Jose I'm twenty months the con-
t,rol be has held for many years has asked
t=,-erin+endenr Hendricks 10 make thorough
,.D5 drastic investigation of the affairs of the
.T5ouitsbIe and al the charges made against Mr..
ia7v6e regarding misappropration OF its money
1.r6 had conduct of its affairs. well as all his
h.f5cial acts affecting the company's interests.
IT Is promised that such an investigation viii be
anade within a short time.
Mr.. Hvde made the announcement that he had
, hnsFad for this investigation in statement is
tsued late last night. I'm which he denied all the
charges made against him.
The new pl4n, which is 10 be voted on by the
oosrd of directors is thai there viii be four new
members Of the board OF directors TO be named
lf,y the policyhodeTs. these TO be policyholders.
,she places FOR them being made by the retire
sroent OF four Of the present board. The four d.
.sectors 70 retire are TO be named by Superin-
'lendent Hendricks
sectly after the conference. has the approval
of su sides TO the controversy, except that Of
President Alexander. his attitude not being
known Should he consent, the plan outlined
viii be adopted. II he dssents. the agreement
will stin go before the board of directors at its
next meeting for action II Mr.. Alexander does
NOT approve the result. his future course is a
matter Of conjecture.
As explained by one OF the attorneys present.
F1,af fha
ynlns poncyholders' ,l4mittee, as party OF the
zsrst part. Mr. Hyde principal stockhoider. as
party OF the second part; Mr.. Hendricks. Super
sntendeut Of Insurance. as party OF the third
part. and Mr.. Root. chief counsel OF the Equita-
ble society. as party OF the fourth part, have
unanimously decided on a plan OF naturalization.
and Mr.. Root, as counsel OF the company, will
suggest its adoption by the board Of directors at
q meeting which IS TO be specially called 10
Rct on IT,
Until the directors act the changes in the per-
fsonnel OF the board which It contempiates In
irluding the names of the four members Of the
executive committee whom Superintendent Hen
bricks Is 20 name for retirement, viii not be
known.
NEW MEN NOT TO BE FOR BYDE.
Mr. Hyde did not resign from the ONCE Of
lhrst viee-president nor he requested to
90 SC.
The result Of the conference in Mr. Hen
E8Fickss Office means that there VIII be injected
snto the new board OF directors four men not
friendly 10 Mr.. Hyde" said John D. Crimmns.
chairman OF the policyholders protective COM
snaittee az his house last night
Well that means the defeat OF Mr.. Hyde
doesn't it?" Mr.. Crinmins was asked.
7 would rather avoid the personal feature Of
ifhe matter. but Mr.. Hyde had 10 compromise
and the policyholders win have control OF az
sSsirs IN a period OF twenty months"
Then Mr.. Hyde viii be forced from the board
rof directors?" was asked.
40. that does not follow. because as an ON
srer of the society Mr.. Hyde is ex-ofieio a mem
|ser Of the board OF directors. He cannot be
eliminated from the directorate so long as he is
en- officer Of the society. but it has been agreed
ishst none OF his friends shall be among the new
.Snen chosen"
win the men Mr.. Hendricks is TO select to
1eave the directorate do So since. according TO
iMr. Hendricks, he has not the power to make
shem?" was asked.
1T has been agreed by all parties concerned
ahat they shall do so" answered Mr.. Cr1mmlns
- am very well pleased" continued Mr. Grim
sninE. at what has been done. The next move
fment VIII be the meeting OF the board OF di-
Tectors. which we expect the decision ar
Fived ct in to-day's conference viii be confirmed.
The policyholders viii gain control in twenty
gTnonrhs' time II was a serious proposition 10
lthink Of choosing twenty-eight pOcyholders
lfor the directors for the first year and so we
decided TO select only fourteen for the first time
20 get the best men we could
Under the plan Of naturalization each di-
9ector Of the policyholders' interests must be
an actual policyholder himself, and the idea
80 10 secure for this Office not the policyhoIders
OF large interest but rather those Of medium in
ferest, men Of ordinary walks Of life who are
more likely 10 take a deeper interest in the
Eociety's affairs than the others.
"On February a petition OF the officers of
the society was presented 10 the board Of d.
Tectors. the purport Of which was naturalization.
This petition was signed by the president. the
Esoond and third viee-presidents the secretary.
tEudllor and others. On February protest TO
she directors. signed by the same. people. was
presented. This taken notice OF by the
golicyholders. and universal uneasiness oc-
ieuTred among them. The subject matter then
became public through the columns of the press.
snd a result the business OF the company
laas been hurt
Il have received a number Of letters myself
from polcyhOlders who had become uneasy
about the companys affairs In fact the entire
insurance business Of. the country has been dele
feriously affected by this agitation IN the public
prints. But now, am happy TO say. the affairs
have been satisfactorily adjusted. the policy
holders win have the full management of the
gociety within twenty months time, and in the
Investigation By the policyholders' protective
oommirtee we found cause for 'uneasiness.
We are advised that fun and thorough ex-
animation into the sOcietys affairs VIII be soon
made The two vacancies 10 be filled by the
men nominated nv the rOlirvhoi6erst Drofecftve