The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-16

tle interests supporting Mir. Hyde in tie
boGId OF directors, and read thus:
The who sc lene at tie head Of which
NORMALLY, Is James W. Alexander is prao-
ucaiiy p aimed by Gaze l.. Iarbell second
Nlcc-presiccnt and George I. vi son, tnird
vice-presidcnt, who are the active men
running tae company through tle agency
directors. over whom they rave super.
vision and contro'. Outside of President
\ eNender, Secretary A eXandcr, Iarl ell,
WI son, JORDAN and jackson, the sisners
oil tae petition are 50 aired erks. hardly
any OF whom receive more an $1,000
"a arv. AL Of these have been promised
positions with another ife Insurance con-
pany. The Hyde party recornizes the
move as an attack on tie int yritv of every
member Of the board of directors and an
attempt 70 Dust them from TIE mana re-
ment by tais CHAN ye In tie met1o1 of vot-
lny, which would allow the practical con
tro' 10 be operated through those who
YOU'D contro the agencies and the proxies
OF 20 icy 10 ders
1T VIII be observed tNat no charge Of
misma M cement has been made.
James W, Alexander was tie trustee
q TIE. Henry B. Hyde estate. James H.
Hyde fas never voted the stock of { c eS-
tate, Nj Alexander has always voted il.
Mr.. HYDE takes tie attack as rersS NJ
one on himself or else upon tho board OF
q Hyde voting power. put into office.
The Hyde rarity claims that this move
TO nut the voting power in the hands of tie
policy holders, instead Of beng wise
mutu6lizt ton Of q comTg nyE nd operating
as it should upon its management, would
place tie control In q e J Gnds of the agency
directors, who are controlled by Wilson
and TGrl ell. Another conrany was, I'M
DER former management, nearly wrecked
by similar line OF pros edure We ave
positive information q at 81 no meeting
do more than 500 policy holders usually
vote and tfat at the last meeting only 1877
votes were cast.
James II. Hyde. upon whom the attack
is made, has Rad sixteen years OF practical
experience and was trained by his fatLer
Mr.. HYDE IN CONFERENCE.
According to tie statement quoted, Mr..
Hyde Leg.n learning the insurance busi-
ness at -. A more important fact ccn:
'ern.nS his are Is d at I e trusteeshlp OF
James w Alexander Will end wien Mr..
Hyde Is 80 years old. That, II is sad VIII
lie IN few monts He Will then Lave I'm
tr; m nelled control OF the Hyde HOLDINGS
IN {. e Equitable 1t was pointed u by one
Of Mr.. Hyde's friends yesterday that If
tle Alexander supporters had not brought |
tnelr wAr until olter tie vce-presdent
tnirtieth b.rt-day they would have had less
chance Of success than they have IT present
1t was insisted by members of tie Hyae
party tut Mr. hyde Las always shown |
spirit OF fairness toward tie d. rec tort e. |
he offered TO pl~ce Hyde estate noluln.ss |
IN to hands Of tie drel tors for voting |
purposes Tor five years. Ihls ofer Was
declined. hut tie reasons for the decLnd-
ton were not gwen yesterday.
In preparation Tor to-Gays struggle. !
Mr.. Hyde was in conference most OF y, i
erday with his legal advis y and ms flitnds /
n the dIrectorate. His pc. sonai coUns
Samuel Untermyer, bur he viii have the /
egalssrviccs also. il v; said. Of Elihu Root. I
jonn G. johnson Of Philadelphia and Joan |
}. McCook. With Mr.. hyde in the con
reno wo'e locob Il SC IN. An US Bel !
mont, Mr.. Ultl rmyer and others. Mr.. S -h.f /
siucd a s-etentlO lHst nls4t IN lvr4ttun ~ I
is position in the contes. and the sale OF
bonds by mis- firm lkuhn. Loeb d Coz, TO
the Equitable. The statement, which Is
the third person, says:
no OFFER FOR rHE sTocK SAYS scH1TY.
He Mr.. Schif, first learned some twelve
days ago OF the trouble which was brewing.
when he was called upon 10y counssl for Mr..
Alexander, who advis ID him OF AR. Alex
dndcr's CeteI mination 10 Dust Nj kvde from
the control Of the company through a move
ment &c transfer the control to the poicy
iolders. Mr. SClif from the OUTSET do
clarcd himself as unqra-idediy in favor of
participation by the polcyho.ders in the
control OF the society insisting. however,
that this should and must be brought aDout /
in dignihed, orderly and Just manner.
Further, that tho bonrd of trustees seould |
become directly responsible 10 the policy,
holders for the management Of the COM
pay rather than that the control should
obtalnn mt, IN their own nsmes, OF the
proxies # the poicyho!deis
Inc list OF the entire controversy is
this: Mr. Alexander and his associates de-
sire 10 secure control OF the comp any az d
elect board Of trustees Of their own max
ing, those opposed 70 Mr.. Alexander insist
that if the policy holders participate in the
control they should be enabled to vote
uotramnol ID by the interference OF tie
Z ,cltive officers and that the latter be
elected by and be responsible 10 the beard
OF trustees, rather than being made the
masters Of the board.
As TO the statement printed in one Of
the morning papers, that Mr. Schif. as a
director Of the society. Rad 'a+en art in
the purchase by the latter Of large amount
Of securities from the firm Of Kuhn, Loeb
g. Co. Mr.. Sch1 says that though a mem
Der of tho finance committee, be is not and
has consistently declined to become a
member Of the executive committee, which
is alone empowered 10 make the purchases
Of securities on behalf ot the society; tina,
whateVer dealings hG firm has had with
the Equitable Society have been most aC-
vantageous to the latter. II his firm has
sold high class investment beads TO the
EGuitable, II has sold Of the same bonds
many more millions during the same period
n other insurance camI anies, in which
NJ ccNi~ * --t p N'-~-to-
-No offer Mr. SohiT savs-as has Seen
rul lished r. his at snv time tecn made by
him 70 Mr.. HYDE for his majority stock
holding in the Equitable 'ociety; 10 the
contrary, Mr.. Schiff has insisted through
out thet If the stockholdng were 70 te
dealt with. nothing must Re done with il,
exert its retirement ty the Foritat le
Assurance Society itself under authority
Of law
Men close to Mr.. Hvde md his advisers
said Yesterday that the EQUITABLE would
be mutualzAl, but the HYDE PARTY in
tended to proceed along lines Of It's own
choosing if it defeated the petitioner
What will be the effect Of Hyde victory