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THE GREEN BAG

ience, but of great ambition, and, as the future proved, of great creative genius. He determined to organize a new life insurance company, and to make it the greatest insti tution of its kind in the world. Before his death in 1899, he had fully succeeded in accomplishing his ambition. Neither he nor his father possessed the requisite means for floating the new company. Young Mr. Hyde was a member of the Fifth Avenue Presbyterian Church, of which the Rev. James W. Alexander, D.D., was then pas tor. Mr. Hyde interested his pastor in the new project, and, through the latter 's aid, men of means who belonged to Dr. Alex ander's congregation (which was then prob ably the most wealthy in New York), were induced to supply the means necessary to launch the new enterprise. Mr. William C. Alexander, a brother of Mr. Hyde's pastor, was made the first president of the Society, and held that office during its early years. Mr. Hyde was its original vice-president and manager. Subsequently Mr. Hyde gave two of Dr. Alexander's sons positions with the Society; these were Messrs. James W. Alexander, Jr., and William Alexander, of whom the former succeeded Mr. Hyde in the presidency of the Society in 1899, and the latter has for many years been treasurer of the corporation. It was thus that the Hydes and Alexanders first became asso ciated with the Equitable Life Assurance Society. Mr. James H. Hyde, the present vice-president, succeeded to that office at the time of his father's death in 1899. The charter adopted for the Equitable Life by its incorporators contained some peculiar provisions which have a bearing upon the controversy now prevailing. Article 3 of the charter provides: "The holders of the said capital stock may receive a semi-annual dividend on the stock so held by them not to exceed 3^% of the same, such dividends to be paid at the times and in the manner designated by the directors of said company. The earnings and receipts of said company, over and

above the dividends, losses, and expenses shall be accumulated." Article 4 provides that the corporate powers are to be exercised by a board of 52 directors divided into four classes of 13 each, one-fourth of the number of directors to be elected annually and to hold office for four years, or until their successors are chosen. ' ' In the election of directors every stock holder in the company shall be entitled to one vote for every share of stock held by him, and such vote may be given in person or by proxy. At any time hereafter the board of directors, after giving notice at the two previous stated meetings may, by a vote of three-fourths of all the directors provide that each life policy-holder, who shall be insured in not less than $5,000 shall be entitled to one vote at the annual election of directors, but sucb vote shall be given personally and not by proxy." Article 6 of the charter provides that "the insurance business of the company shall be conducted upon the mutual plan." From small beginnings the Equitable Society has grown to very large proportions. At the end of the year 1904 it possessed total assets of over $413,000,000 including a surplus of over $80,000,000, and the total of its outstanding insurance amounted to the enormous sum of $1,495,542,892. Its policy-holders are scattered in every quarter of the world. At the time of the origin of the Society its capital stock was divided among a con siderable number of men, no one of whom held any large proportion of it. Before his death, however, the late Henry B. Hyde had acquired and brought into his own hands a majority of the company's capital stock, and in 1895 he transferred this stock to certain trustees, of whom the present survivors and representatives are James W. Alexander, James H. Hyde, and William H. Mclntyre, one of the vice-presidents of the Society. This trust will expire by the terms of the trust deed in July 1906, when the