New-York tribune., 1905-02-15
ASK HYDE'S RETIREMENT.
PETITION OF OFFICERS.
If He Is Reelected Vice-P President
of Equitable Ill May Resign.

The board of directors of the Equitable Life
Assurance Society at their meeting tomorrow
for the election of officers will probably take
ton upon a remarkable petition, given below,
which is signed by most of the executive off,
GERS and other officials charged with the admin
istration of the society's affairs, asking that
James H. Hyde be not reelected vice-president.
In another petition the officers ask that the cleo
tion of the board of directors be transferred
from the stockholders CMr. Hyde it is under
stood, owns 81 per cent of the stock to the
policy holders, each holder of policy for $1,000
or over TO have one vote. 1t is understood that
a third petition has been signed by substantial
ly the same officers as those whose signatures
are appended to the two papers referred to,
IN which document they express their purpose
TO sever their connection with the Equitable in
case Mr.. Hyde shall be reelected vice-president
The two petitions are as follows:
To the Board OF Directors of the EQUITABLE Life
Assurance Society Of the United States:
The undersigned officers of the Equitable Life AS
board of directors with their visWs and Opinion RE
gSsdg & sogey the M future gem mt Of Of the affairs Of
the due administration and protection of the trust
When the society was organized, in 1859 the char
ter expressly provided that its insurance business
its capital stock should be 100000 divided
dends on such stock should be limited to per
cent per annum and that all net earnings and
lated. The charter also provided that the cor
& o Tacar I fne Sd shon d be yted IN
consist Of fifty-two persons. each of whom was to
ital stock The charter further provided fol-
in the election of directors, every stockholder
IN the company shall be entitled to one vote for
may be given ir person or by proxy. At any time
hereafter. the board of directors. after giving
notice at the two previous stated meetings, may.
by a of three-fourths of ali the directors pro
vide that each life policy holder who shall be in
%
such vote shall be given personally and not by
The power thus expressly granted to the board
of directors TO confer upon their policy holders a
voice in the selection of directors has never been
rectors. with the consequent control and manage
ment of the business and funds of the society, has
the hands of the holders of its stock
hciaries now exceeds 7e hGndred thousand and
the accumulations held by the society for their
amount to over $4lOOOo.Ooo The investment and
trust OF, the highest character. The laws and
foregn country in Which we do business :" require
| and enjoin the utmost conservatism in the man
From our practical experiences in the conduct of
the the sGeietyS business we nave become conn9ed e
due administration and protection of the trust
and that il is incompatble with present public
and its benefciaries. that the policy holders. as
the real parties in interest. should continue to be
fumes but that the entire power e seleSting diTse
holder for the time being of the majority of the
| socety's nominal capital stock.
Under the circumstances we have consulted coun-
sci as to our duty as officers OF the society and as
| to your powers directors and advised by
which we submit herewith follows:
| First-That IL is dutv TO acquaint the board
| of directors with views and Judgment and to
/ urge the recommendations which submit.
| Second-That. under the charter there is full
/ power vested in the board of directors confer
voting power upon the class of policy holders men
We therefore earnestly recommend that the board
| of necessary
than 5000 shall be entitled to one vote at the
nual election of directors and that the necessary
provide for the extension Of this voting right TO
| all classes of benefciaries.
All OF which is respecfuly submitted
| TATTEs " Alex ANDER President
GAGPGE GAAGGPPG f. I AWTLsoN. Third vice President
| WILLIAM ALEXANDER Secretary.
| THOMAS d. JORDAN. Comptroller.
| r. G. HANN. Associate Actuary
| M MURRAY. Cashier.
| FRANCIS w. JACKSON, Auditor.
| a w MAINE Associate Auditor
| n r. COTRsEN. Assistant Auditor.
| p Il KNOWLES. Supervisor OF Agencies.
| " r. TAYLOR snperyiser % VII OF @ agencies ,,,.s
| R6BERT j. MIX. Supervisor of Agencies
| WATER f. JOHNSON, Inspector OF Agencies.
| " NELSON EDELSTEN. Superintendent Agency
B1reeIRuA Bm1reeRALD r. BROWN. Superintendent Bond and
No No & MCTRDY. Assistant Registrar.
WILLIAM e JoHSNsoN' 1Iiaro,a Mortniary Registrar
THEfogPEoGREI I,s 6 TA9hca; Recorder eoni'iiSSoief
EDW Fl. KING. Superintendent Department OF
MsaieFFi ei n fBRoPHY. superintendent Loan Depart
| nent.
/ Continued on second page