The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-07
DESERT7HE EQUITABLE BOARD
FOUR MORE DIRECTORS OUT:
TEN HAVE QUIT IN ALL.
Cassatt. Mills. Stewart and Sloane Have
Reugned-Hyde TO he in Control At
TO.day's Meeting-NO Candidate
Yet Agreed On for the Charm anship,

TO.day's Meetins-No Candidate
r. Yet Agreed On for the Charm anship.
Four more directors OF the Equitable Life
Assurance Society have announced their
resignation. They are A. j. Cassatt, presi-
dent Of the Pennsylvania RAILROAD, John
Sloane, d. O. Mills and John A. Stewart.
This makes ten directors who have with
drawn from the board. the others being
F. H. Hartman, M. E. Ingalls,. T. j. Coolidge,
Jacob H. Schin, Cornelius N. Bliss and
Henry c. Frick.
It is understood that there will be four
or Ave moro designations at the adjourned
meeting OF the board which has been called
for clock this afternoon to elect . chair
man OF the board with plenary power over
the affairs Of the society and to reorganizs
the boards executive committee.
Mr.. Cassatt was accused by Mr.. Hyde
Of being In the conspiracy with E. H. Harri-
man and others to deprive Hyde OF his stock
control and thus indirectly to further the
interests OF the Pennsylvania Hartman
railroads in their fight against George J..
Gould's holdings in the West. Mr.. Cassatt's
resignation had been expected by Mr.. Hyde
ever since the former left the meeting OF
the board on last Friday.
Mr. Mills said last night that he had re-
signed because he had made up his mind
that he could not do any more good for the
society as a director. He said that he
would issue this morning . statement set
ting forth his reasons in detail
Mr.. Mills was a member Of the Frick
investigating committee when 1t was first
named, but he declined to serve. He was
- tha Il hN +oI ho
committees report at last Fridays stormy
meeting and left the room in disgust when
the report was turned down.
Mr.. Stewart refused to discuss his resg-
nation. He also was one OF the fourteen
directors who are on record as having
favored the adoption Of the Frck COM
mittee's report. Mr.. Stewart. Mr. Cassatt
and Mr.. Mills were members OF the COM
mittee OF seven named at last Fridays
meeting and authorized to select candi-
date for the craftsmanship Of the board.
T. j. Coolidge. who announced his resig-
nation on Monday. also was a member of
this committee.
The seven were to have named q candi-
date at to-day's meeting, but that will be
impossible. The committee has never been
organized and there are only two members
left. August Belmont and J. B, Fergan.
Robert T. Lincoln. the remaining director
named on the committee. announced yes
terday that he would not serve.
The chances are that James II. Hyde
will go into to-day's meeting Of the d.
rectors with no candidate for the Office Of
chairman. Up to a late hour last night
Mr.. Hyde had not received the consent
OF any OF the men who have been suggest ed
for the place. Mr.. Hyde and his chief
counsel Samuel Uptermyer. have banked
on the selection Of this new Official as .
move that would go far toward securing
an adjustment OF the troubles in the society.
They appreciat that quick action is neces-
eary to prot ect the business int or ests Of the
institut ion, and since they learned definitely
that the commit ee Of seven would do MOTH
ing they have been exert ing every energy
to secure the consent Of q man Of national
prominence to accept the place.
Among those who have been considered
by Mr.. Hyde are Postmast err General George
B. Cortelyou, Judge George Gray of Della
ware, Gov. Herrick of Ohio and Secretary
OF the Treasury Leslie NJ. Shaw. Special
efforts. it Was said yesterday, were being
made to get Secretary Shaw.
George w. Perkins also was mentioned
as one of the men that Mr.. Hyde
had talked Of. All who have been APP
preached, it was asserted, had asked for
time or had given Mr.. Hyde to understand
that they would not accept the place under
any circumstances If their election would
lead the public to suppose that they were
under obligations to Hyde.
Mr. Hyde at the meeting to day will AJAX
o. 49, IL
mittee and the adjournment Of action in
regard to the election OF chairman for at
least a week. II he makes this request
there ls no doubt that it will be granted,
az there will be practically no opposition to
him in to-day's meeting. 1t is likely that
most Of the men left OH the board who
are opposed to Hyde will not attend the
meeting
OF the board Of directors to all members
of the board yesterday gives the purposes
of o-day's meeting as: First, the amend
ing Of the bylaws so as to provide for the
office Of chairman and the prescribing OF his
powers; second, the election Of chairman
to I'll the Office thus created; third. the cleo
ton of the chairman as director of the
society, and, fourth, the passing on such
other amendments as may be submitted
to the meeting.
among tne OtneT AuenuIleTlts III rec |
in the resolution adopted at
Fridays stormy meeting OF the board
will he provisions for the reorganization Of |
the boards executive committee. II Mr.. |
Hyde is unable to present any name to the |
board with definite assurance that the man |
Is a candidate for the craftsmanship this
question of the changing Of the executive
will probably be the only one
disposed Of
The board, 1t was said yesterday. will
recommend that the three presidents Of
the Equitable's subsidiary compa MES, Alvin
W krech Of the Equitable Trust Company,
H. c. Deming Of the Mercantile Trust Com
rany and Valentine P. Snyder, Of the Ma
tional Bank Of Commerce, withdraw from
the executive committee.
It can be said definitely that Mr.. Hyde
will make no proposition in to-day's meet
Ing looking toward the surrender OF his
stock ownership. He will offer, as he has
offered before, to trustee his stock under
certain conditions for term OF years,
allowing the policyholders to name twenty
eight OF the ffty-two directors. Mr. Hyde
has not yet stated to the board what the
conditions" are under which he will carry
out this program. He will do that to-day.
Furt her assurances we're given vest erday
hat State Superintendent Of Insurance
Francis Hendricks In his report is going to
The very bottom Of the Equitable scandal
sparing neither Hyde nor Alexander and
striking many Of the directors who have
been charged with profting by transactions
Will the society.