The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-05
WON'TLET ALEXANDER RESIGN
STAY TILL THE COURTS PUT YOU
OUT, SAY COTRUSTEES.


James H. Hyde and W. II. Mcintyre, CO.
trustees OF the Hyde Equitable stock.
made public last night a letter which they
have sent 10 James ". Alexander, the third
trustee, refusing to accept his resignation,
The letter informs President Alexander
that Mr.. Hyde and Mr., Mcintyre are about
70 bring an action in court against him 10 de-
10 HIM from his trusteeship, but until that
Is done, they say, no will have TO serve, az
the right to Tesign.is not reserved in the deed
Of trust as a shield against the exposure
and punishment OF recreant trustee
Here Is the letter:
NEW YORK, May T. 1905.
'Jdmes W. Alexander, Esq. 100 BroGd,ody,
Ncp York.
DEAR SIR: We received your letter
Of May g. 1905, which had been given to
the newspapers before being mailed to us
and had already been published before It's
receipt by US, in which you tender your
reclamation as a trustee under the agree
ment with Henry B. Hyde, dated Sept. is,
1896
AS you already knew that a suit was
about 10 be brought against you TO remove
you as trustee on the charge that you be-
trayed your trust and conspired TO destroy
the estate entrusted TO your care. your
attempted resignation in the face Of these
charges is virtually confession that you
have been an unfaithful trustee.
1T is solely by virtus Of the trust stock
held under this agreement and It's control
in the election Of directors that you secured
and have continued 10 hold your position
as q director and president Of the society.
Your present attitude in seeking TO destroy
tho value Of that stock and at the same
time escape responsibility for doing 80
while continuing to enjoy the fruits OF the
trust u an anomalous position and one
that cannot DO permitted to continue
Nov that you have caused yourself
10 be elected a director and president Of
the society by the vote Of the stock Of which
you are q trustee, your voluntary resigna-
ton Of the trust Is especially inadmissible,
in view Of your announced intention not
to relinquish the ofices which you owe TO
the trust stock.
your references to the provisions Of the
trust deed under which you are acting are
disngenuously incomplete.
Ever since Mr.. James Ha1en Hyde became
Is years OF age the number Of the trustees
has by the terms Of the deed been reduced
70 three, OF whom you are one. The only
provision we ind in that deed for your
resi- knatlon as trustee is in paragraph X,
IS follows:
s'In case Of the death or resignation Of
the aboyenamed James w. Alexander. il
his con, Henry Martyr Alexander. Jr.,
b Ewing. the said Henry Martyr Alexander
Jr., shall Immediately theTeupon become
trutt6e hereunder. with all the powers and
dutiea in all respects as though he had been
named herein as one Of the parties hereto
of6llA second part and had executed this
indenture'
'There is, however, a controlling reason
for refusing to accept your resignation at
this time, after you have inflicted
upon the property OF which you are trustee
ell the injury it is in your power to infict.
THE right TO resign the trust Is not e1-
pressly reserved by the trust deed. II
fairly to he implied it is a right reserved
TO loyal trustee who for legitimate reasons
suficient to himself desires to be relieved
from his trust It is not intended as a shield
against the exposure and punishment Of
. recreant trustee.
1T is, as you knew and have known
for some time past, our intention and that
Of the benehciaries Of the trust 10 proceed
against you In the courts for your removal
on grounds with which you are now and
have been for a long time quite familiar.
In that proceeding we shall ask that you
be required TO account for the administra-
tion Of your trust and that you be held
responsible for the injury you have inflicted
upon the trust estate,
For these reasons we must refuse 10
accept your resignation. Yours truly,
JAMES HAEES HYDE,
WILLIAM H. MCINTYRE
Henry NJ. Alexander, when he was ques-
toned yesterday in regard 20 the state
ments made by Hyde supporters that James
W Alexander had rendered his resigna-
ton knowing that he would be succeeded
by his son, said that he was informed on
Wednesday OF President Alexander's in
t.ntion TO resign and that he sent the follow
ing letter 10 Mr.. Hyde and Mr.. Mcintyre
declining the appointment;
sksssrs jones II. Hyde and William n.
Mcintyre, as Trustees, i2o Broadway,
keW York cltp.
DEAR SIRs: have been informed by
Mr.. James W. Alexander Of his resignation
under date OF May 3, 1905, as one Of the
trustees under the agreement Of Sept. II,
1895, between the late Henry B. Hyde,
party Of the first part, end Messrs. Louis
Fitzgerald and Others Originally named as
trustees therein and Of whom understand
you are the present suocessors), parties OF
the second part.
referring 70 paragraph tenth Of said
agreement, beg 10 say that 1t is not my
intention TO assume the relations OF
trustee under said agreement, and there
fore ask that you will consider this letter
formal declination and remuneration Of my
appointment as provided therein. Yours
very truly. HENRY NJ. ALEXANDER
sHuw YORK Nav 3, 1905
~fIhis letter said Mr.. Alexander, must
gave been received almost at the exact
time the resignation Of Mr.. James w. Alex
ander was received, and I cannot understand
the motives that could inspire any one 20
circulate the impression that the facts are
other than as here stated The charge
against Mr. james W. Alexander that he
had violated his duty as trustee was.
however, from It's conception false ana
rickety thing, and it is not surprising 20 see
its final throes accompanied by one last
desperate attempt 20 mislead.'
In e4planation of the above, the follow