New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-31
AN EQUITABLE DEADLOCK.
Continued from first page.

tendent Hendricks would be at the meeting.
He is coming here within few days" con-
tinued Mr. Crimmns, and 1 think that he will
succeed in settling this difference Of opinion
in Equitable matters to tie satisfaction OF ALL
NIT. Crimmins continued:
Matters are now shaping themselves In this
way. l think that there will be a satisfactory
arrangement within a very short time. AS to
these personal charges against Mr.. Hyde. I
want to say that have all along believed in the
personal honesty of Mr.. Hyde L do not believe
that he used the money Of the society for his
personal pleasure. l don't believe that story
about the Hyde ball. AS to the use of money In
the Cambon matter know nothing about that
but will say that money can be lesitimately
spent in that way. If l knew OF any way that
by spending money of this trust company
social function 1 could increase its business so
as to make the transaction Fay, / would re-
gard that a legitimate expenditure.
After making this statement and before the
meeting of the policyholders' committee Mr..
Crimmins was caller at Mr.. Hyde's office, II Is
understood
At Mr.. Hyde's office it was said late in the
afternoon that Mr.. Hyde had not been there
all day.
EQUITABLE PAYS FOR CAMBON DINNER.
The charge made by Senator Bracket that
the expense Of the dinner given by MIR. Hyde to
M. Cambon. the French Ambassador. had been
met out of the funds of the Equitable was adj
mitted yesterday by close friend of Mr.. Hyde
TO have been correct; the view taken of the act
was similar to Mr.. Crimmins's,7 Following the
dinner, 1T said. the Equitable was enabled
to gain advantageous footing IN France,
where 1t has since that time done a profitable
business.
SENATOR DEPEw'S STATEMENT.
Senator Depew in the morning, In speaking OF
the general allegations against the Equitaoies
management contained in the petition filed with
Attorney General Mayer by Senator Bracket.
as attorney for certain pOlCyhOlderS OF the So
ciety. said:
L will not reply to any charges that have oeen
directed personally against members or the
board. If thought those charges were true l
would not stay in the board twelve hours, ana
neither would the other directors. But, on Sec
ond thought. l won't say that. We would all
stay, and there would be the biggest sort OF
house cleaning.
The charges that the funds of the society
have been speculated with and that the officers
and directors have benefited out OF the profts
of the society are false Every check is EN-
ployed against such a happening. When the
executive committee OF the society meets every
bank and banking house in town lays oners pc
fore It, stating what bonds and stocks they have
| for SALE their general character and price.
| discussed by the committee, and only those
which meet with the committees approval are
| accepted. No favoritism is shown Offers from
| banks in which directors OF the society are m
terested have formed but an infinitesimal pro-
| portion of the offers In general that have been
| accepted.
| There has been no wildcat speculation Only
Al securities have been taken. 1t is necessary
| to have banking men and men or anairs among
the directors, as they are the men VINO kho"
/ best about investments
The society's investments have been uniform
| ly and unusually successful The directors do
not benefit by the profits that are made on these
/ investments They all go to the policyholders
| in the form of indirect dividends on their poll
! cies
/ The directors are not dummies. All you have
| got to do is to read over the list OF the drec-
torate to see that. The affairs of the society are
/ conducted competently, ably and Judiciously
\ and IL is sound any savings bank in the
| coufltry-more than most of them, because 1t
/ has such a large surplus. large surplus Is nee
| essary with life insurance company TO guard
/ against possible plague Just the same as with
| a fire insurance company to guard against a
confiagraton.
| 1t was said yesterday that OF the most
| serious arguments which the protesting policy
| holders committee had arranged TO put before
| Superintendent Hendricks In opposition to the
| approval by him of the charter adopted by
| the Equitable directors last week is that the
| amended charter contains a Joker which
! would efectually prevent any subsequent move
| ments toward further naturalization from hav-
| ing any chance of success.
/ This is a little paragraph providing that here
after no further voting powers shall be given To
| poIcyholders without the consent OF three-fftha
| of the stock. IL was stated that the draft OF
| the amended charter approved by the directors
/ was not read at the meeting, and that certain
| directors who were in favor OF full mutualiza-
| ton, and who voted for the supposed cou,pro-
| mise as a step in the right direction had bean
1 much surprised within the last two DAYS 10 see
| this provision. which. IL is alleged was not
| mentioned In the discussion of the charter
| amendment when 1t was before the board