The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-03

two and one-half years AFTER: ~ NJ
HYDE Ia vice-president of the Mercantile
Trust Company, at S12 500 year; vice.
president OF the Equitable Trust Company.
| at SO, 900 q year, and vice-president 81 the
Commercial Trust Company q p MA
delphia ut $500 year. MIR. Alexander
II think the committee should ascertain
whether there are other companies from
which Mr. Hyde is in receipt OF salaries.
Trass sa COMPANY Pya and I'd t the Meroants Trust
Company are full pay for an active ana
experienced vice -president giving his whole
time to his duties. Mr.. Hyde has no right
aeoept position gh hs time
ton from his duties as the vice-president
| OF the Equitable Life Assurance Soci ty.
He procured his election to the vice-presi-
dency OF the Equitable Trust Company
and the Mercantile Trust Company without
| consultation with me or the executive
committee or the board Of the Equitable
| Life Assurance Society. and chiefly by
reason Of the Equitable Life Assurance
Sooiety's large holdings Of the stock OF
said companies.
AUnder the committees requisition OF
| April 8 there will be supplied to 1t record
| showing the salaries paid by the Equitable
Life Assurance Society to the various en-
ployees identified with Mr.. Hyde. l am
Informed that there are carried upon the
ooSioey iuyioh u W
| who render no service to the society but
whose time u completely taken up IN Lhe
performance Of personal services. to MT.
dyde' shan tuni'u aooiS!oia' oe'o'A'
as soon as possible on TINS subject.
ind that MI; Hyoe mas Grawn .o OIL
sundry expenses from tns socie.y -, si noo
Jan. !, 1900. sum approxlmatlns eo.VH'
These sums are VaIiously charged 70 IVA se.-
ihS expenses, sunuiS 90 pes ,.S I'LL I nN,id
talnulens eApensss' pul VIE n.e i; NV
De yusliIe1 on ,ms se 1re;e " Via j.; M xvse
penses, az MT, hybe uu.ies ar ;aa ~ ~ nS tbe
colineuted ~ U'o asGn ~, f,,,lv r.far
societys pusiness, ana I lespeo.a u,;y a To-
..le th w. o,rU ,Har the.a haad;n o.
us my "itr nI WIS ui.'o' '"e'e 'e'
are obviously EXCESSIVE
SAYS HYDE RAISED MlNTYRh's SALARY.
Il also have disco vered from recent
examinations that Mr. Hyde has arbitrarily
raised the salary Of certain OF the society's
employees without consultation with me
or with any committee, ana without any
semblance OF autnorisy 10 40 80: mst oin .''
e rec zen on lnci rex sao o oon w NOV H. Hudas
ri"ni Sreotion. the salary OF M Charles
W!iamson' ms nao R S ss'I nt ~.
rom rom 90" H. ~ w R3rsmwall from a. m
sa!ary OF MT w. d. n'a'n " e'i' iio"4 WV
70 $5oo. ...,..
further stated: ,o -
ne ,Mr. Hyue, ma ol.eI nsen IeIl non.
straleu WIN anI has az ,,,atS iliaae ,.,e
OF more caIelI cons ioeio.!o VI Ie uu'leo
OF ms reiatlcns w siie soe1e'y. ou ~, uIJ is
promises are soon IoIsosteh. anu nls ms
taxes nave recone inore anu ihore frequent
ana aggravated. ..,,
deem II unnecessary 70 paL'ic ~.
unaer Vhis sPeci''ca''oh oeyohu ~" "e-
sertlyn.
Iurtner statea' ,., A., .;o.u ,,,
Ills connection with the society mas
become an argument USED against the
tquitab,e by US compet!tors anu against
which the sccietys agents CONFESS mem mem
selves unable to make satisfactory mead
way.
belleVe TINS TO be one OF the most I'M
portant specifications when MADE IN my
statement TO the committee OF tWelve. 4
great amount OF evidence can be submitted
under this heading. For years the society
has been IN receipt OF protests thee nave
come N increasing frequency ana numper
from the agents as to the dilhouIties they
experience by virtue OF MI Hyde's rela-
tons to the society as an offlcer.
HYDE TELLS OF SYNDICATE OPERATIONS.
tions of the syndicates of which he was the
chief f,oure, According to the report.
James 81. HYDE and Associates was not
a permanent organization, but changed
| Hyde's letter, 1t conducted a considerable
| number of transactions. In niEe Of these
| the Equitable became the purchaser of
some OF. all OF the securities involved, In
| these nine transactions securities OF the
PAR value OF $9,3Oo,OCo were handled. The
total pronts 20 the synolcate on thefn were
s2o4 oC+"39 IN Two OF these nlne tiansac-
TOES the Equitable was rartv IN the syn,
dictate, receiving $ls39726. VI the total
profits, Sl67 1ll.5o was received ty eight
individuals who were directors IN the so
ciety and SIX OF them menu ems OF the execu-
tive and finance commttees Besides
{ -. Hyoe, the memt ers OF the r oard who
| PARTICIPATED were V. I snyder, II L. DEM
Ing, {. II. Squire. James W. Alexander,
W. II. Mclntyre, "A. W. hrech ano Louis
Fitzgerald. Commenting upon these trans
actions the report says:
| in one case In which the syndicate profit
was S3o,2lo.3s, the society. now holds the
securities purchased, which at present
quotations show loss OF about 5000
In all other cases the society has either
made profit, or could make profit by
selling the securities at the present market
the net result to the society Of the pur-
chase Of these syndicate securities has teen
| a very considerable profit. II the society
had acquired the securities by taking ailot-
| ments IN the origma! nnderwritings to
| which the Hyde syndicate was a party,
it would have made larger profits. The
profits would have teen greater by $780,
! 1918. Or If the society''s directors who
! figured in the syndicate had acted solely
for the society, the society's profit would
have cen slS774l so greater than it was
| rYRECToRs suorID RErrRN ppop1rs m