Salt Lake Telegram | 1905-02-13 | Page 7 | Policy Holders Seek to Obtain the Control

POLICY HOLDERS SEEK " TO OBTAIN THE CONTROL XEW YORK. Feb. 13. Fifty of the principal officers of the Equitable Life Assurance society have signed a petition peti-tion to the board of directors urging them to use their influence toward bringing about a great change in the organization, says the World. The action urged Is a grant to the policy holders of the right to vote for directors in other words, to transfer control from the stockholders to the assured. as-sured. At the last meeting of the directors the subject was discussed and is understood under-stood to have been supported by President Presi-dent James W. Alexander. Consideration Considera-tion was postponed until the next meet- j in?, which will be held on Wednesday. I i 9 t The petition has meanwhile been aimed. ' . The Equitable Life, although Us assurance as-surance if conducted on the mutual plan, -under the laws which regulate such concerns. Is controlled by the stockholders of the corporation, which . was founded by the late Henry B. Hyde. The capital stock is only 8100.000 of which 81 per cent Is controlled by the Hyde estate. President Alexander Is a trustee of the latter and the founder's son, James II. Hyde, Is vice-president of the society. According to its last statement the society had assets of $413,953,000. The outstanding: assurance amounts to nearly near-ly one and one-half billions of dollars. dol-lars. Consent of those Interested in the Hyde estate necessarily will have to be obtained before the change of plan could be brought about. i .i . .. ... r