The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-04
BEGINS SCRUTINY
OF THE EQUITABLE
New York Insurance Superin.
tendent Loses no Time i'm
Beginning Work

ALBANY, N. Y, April 3.-Superin-
tendent of Insurance Francis Hen
bricks said today that he had begun
an investigation of the affairs of the
Equitable Life assurance society in
response to requests from President
Alexander and Vice President Hyde of
the society. This announcement was
made by Gov. Higgins tonight:
'Supt. Hendricks is competent to
conduct the investigation in a most
thorough manner. When it is over 1
feel that the entire insurance world, as
we'll as the public in general, will be
thoroughly satisfied with what has
been accomplished"
When asked if the action of his de-
partment would involve an examina-
ton merely, or an investigation, the
superintendent said that it would par
take of the nature of both. Isaac Van
derpool, chief examiner for the depart
ment, will have the examination in
charge. Supt. Hendricks said the let
ter he received from President Alex
ander requesting the examination bore
the date of Feb. 81. Mr.. Hyde's state
ment embodied the request from that
source for the examination.
Senator Bracket introduced in the
senate today resolution providing for
a legislative investigation of the
Equitable. 1t gives the committee
power to subpoena, punish for con-
tempt and compel the attendance of
witnesses and the production Of books.
Alexander Contradicts Hyde
NEW YORK, April BIN an author
lZed statement tonight President James
w. Alexander of the Equitable says:
1t is properly matter of concern with
me 10 avoid any expression which will
embarrass the board of directors in the
dlScharge OF Its duties or that will give
rise to premature judgments on any mat
ter affecting the society or any individual
am confirmed in this resolve by the fact
mat an examination of the society was
asked for by me. This examination is
now IN progress. Its result will establish
the truth or falsity of many matters
which are now being alleged on the one
hand and controVerted on the other
In signed statement issued by the
wee president of the society, James III
Hyde, on Saturday, certain statements
unchallenged. He says that the charges
mat have been made against him have
thelT origin In an effort by individuals tc
OBTAIN control of the Equitable society
and its assets. On the part Of myseil
and the other officers of the society who
are associated with me in this move.
ment desire to deny that our action is
Influenced by any motive except desire
70 discharge our duty as officers of the
society.
Alleges Usurpation
Mr.. Hyde further says that he has ex.
creased no power except with the pres.
dents concurrence. In reply, assert
That Mr.. Hyde's usurpation of the pres.
loent authority and his habitual action
without the consent or knowledge of thu
president OF the society are among the
subjects of serious criticism against hi,
conduct as an officer of the society. Mr.
1yde request for an examination of the
soclety's affairs by the superintendent q
qulesence in my course in this respect
which few days ago Mr.. Hyde was dis.
posed to regard as taken without author.
Quent assertion that as one of the trustee,
OF the voting stock, am vested with thu
voting power upon it. The trust specificai
provides that no votes shall be cas-
upon the Hyde shares at any election b,
me three trustees except for a person ap
proved by James b. Hyde. who is ais.
one Of the trustees