New-York tribune., 1906-06-19
PROTEST. BY MINORITY
OPPOSE EQUITABLE PLAN.
Stockholders Vote an FAVOR of Semi
Naturalization.

=, NJ the Equitable Life Assurance Society
az authorized st meeting OF the stockholders
.ssreraay The three formal protests presented
,,scate that the minority stockholders intend
:, keep up the fight against the actual mutal-
zsron Of tie society.
L was contended by the opposition that the
,sw which, II was supposed, gave the company
ne righ; TO mutualize is unconstitutional; that
he Ryan trustees had no right to vote the stock
they hold in trust and that some of the directors
DO not own FIVE shares Of stock. as required by
he present charter, although they appear on
ne books as owning such amounts In other
,orss the charge is made that the old system
n dummy directors is still in force in the So
defy Among the protesting minority stock
hoders were Franklin B. Lord, Charles w
worse and Alfonso de Navarro
Al the meeting III Of the 1000 shares were
-epreserte6 IN person or by proxy Grover
Cleveland, representing the Ryan trustees. voted
ne 50l shares Of Thomas 2. Ryan. which they
hod IN trust The resolutions authorizing the
amended charter. presented by Mr. Cleveland,
Eere passed by q vote Of 667 20 so. Twenty-four
n the shares represented were not voted After
he meeting II said that the fifty-ive shares
which are SIN held by James Hazen Hyde We're
not voted.
When President Paul Morton was asked after
the meeting about the allegations of Mr. Lord
that some Of the directors now serving 10 not
OWL stock as required by the charter he re-
Piled
so far as I know there are no dummy d.
rsctors."
Another officer Of the company called atten-
uon 70 IRE fact that under the new law a policy
holder may De q director IN & stock life insur-
enoe company even If he does not hold any stock.
He said Il would be almost an impossibility now
70 get q prominent man TO consent to act
dummy director. Just how many under the re-
organization would be non-stockholding directors
he cid not know
TIE meeting Of the stockholders yesterday was
he first that had ever been held, except for the
election Of directors, since the society
gsnized.
The petition Of Franklin B. Lord is as follows:
For myself and behalf Of the stockholders
whom represent proxy, I protest against the
proposed action on the ground that the charter
Ehch i is proposed 10 authorize the directors OF
th society 70 edopt contains certain proyisons not
5o5sotclsri1g - stock bolGers OF whom am one
TIE following are some Of the grounds of my OBJ
F9rst-It is not in accordance with Chapter &28
seoond-If It IS in accordance with said act, said
A Is n1oHsp9nal and ~ ga eennoE auIhoFfe fsse e.,
The action brought against the society.
FoG-th-while protest it IS illegal 10 give the
polcyholders who are not stockholders the right to
vote for directors Of the society stll II am
Erong Fl this contention, contend that the pres
holders may Be given the right 70 vote for directors
EAe ne e1tent 70 Nich buel- Ilsilt itlS! Is
designed give the right 70 vote for directors in
prejudice OF myself and other non-concurring stock
] further object 10 the vote which am informed
Eess-s. Cleveland OBrien and Westinghouse FRO
ss ss 10 @ o9ss o a 5f r 9 this ths oy as
CURED by the present charter OF the society and
cUted by Thomas p. Ryan and Messrs- Cleveland,
o'8rea and WestinEhoUse is Ineffective 70 give the
g. 8 stockhOlders' meeting OF the society against
also desire TO protest against the ACTION of the
persons claiming 10 be the BOARD or olEeCtorS m Oi
ne ground that majority OF the persons Gilg *
sc- rs such under The society's charter, which re-
luires that each director shall be proprietor OF
formed that more than majority, Of the persons
claiming 70 be directors of the society and e ma
lo-.ty Z those attending the meeting az Whch tne
proposed charter was approved are not the pro
5st,sl sock, and that. while some Of these per
sons Iresuoing 70 act as olre,torSi aPpGT on @ 9ie
T-.e-ors Of such shares. but have had the shares
,rsrgterred 70 them on the books of the society
BY fictitious transaction. and have already either
o. taTe sEraed 10 dispose Of such shares at the
option Of The person or persons who permitted
th be used Tor the Purpose 2f attempiing en- TO
DEFY foT The once Of directors.
This petition IS signed by Franklin B. Lord.
Frances 7. Lord, Frances Lord Seymour, execu-
usx Of Daniel Lord Seymour, and Frances Lord
Seymour, formerly Frances Bolden Lord, by
Franklin 3. Lord, attorney Charles J. Fay
also Joins
Frederick S. Duncan, Of the firm of Townsend.
Anthony & Tyson, representing himself and
other stockholders, and Harry S. Duncan on be-
half Of Alfonso de Navarro, presented pro-
test They alleged that the proposed amend
Ra str Of
be rights and that the statute under which IT
was proposed was unconstitutional They de-
caTed they would maintain their rights, and
hat proceedings TO invalidate the amended char
ter would undoubtedly be started.
Zaor1slde. BurT1ll & Murray presented petit
ron Of protest on behalf OF themselves and
Charles ". Morse, II. Van Rensselaer, Kennedy
and H I. Van Rensselaer,. as administrator Of
the estate of Rachel Lenox Kennedy. They
based II on the ground that the amended char
Ter allowed the polcyholders the right to elect
tTenty-e.ght Of the ffty-two directors. depriv-
ING the stockholders Of that right. and because
II authorizes the election Of policyholders who
are not stockholders TO be directors of the So
cety, and OF the allegation that the amended
CHARTER Is contrary TO the constitution of the
SIate of New York and the Constitution Of the
United States, in that IL impairs the obligation
u Z contract between the said protesting stock
noioers ana the society and its stockholders and
I'e State of New York and deprives them Of
IeH property without due process of law.
94r. Lord IL presenting his petition Of protest
Sa-o that his attitude would be changed if he
"uc De convinced that the naturalization
Scheine was for the good Of the stockholders,
-ae po-icyholders or any other persons concerned.
ne was suTe, however that II would be harmful
70 all
The amended charter will. of course, be for