New-York tribune., 1905-06-24
PRICE THREE CENTS.
Mr.. MAYER TO ACT SOON.
JEROME TO START PROBE.
Summer Session of Court on Ac-
count of Equitable Report.

rectors who Rave shared in the James H. Hyde
and Associates syndicate dealings said yester-
day that they would not tell what action they
intended taking in advance of any suits At
torney General Mayer might bring for the re-
| covery Of the syndicate profits. it generally
understood that many of them would follow 3fr.
Hydes example and would place their pro rata
shares of such profits in the hands of the Equ-
tables cashier pending an adjudication This
rather than be placed in the attitude of defend
ants.
With few exceptions. the syndicate sharers
seemed to agree that they shared in these tran
sactions in the belief that they were strictly
legal
The Attorney General followed up his state
ment as to beginning action against the Equi-
table officers and directors found guilty of trans
gressions in the Hendricks report by the further
announcement that it would be a matter Of
days only before his Office would be ready to
take action.
1t is now believed. according to the opinion
expressed by prominent Equitable lawyer last
night that the retirement OF the Equitable
stock can be achieved without reversal OF
Justice Maddox's decision in the Lord suit
JEROME HINTS AT PROSECUTIONS.
The Attorney General is Of opinion that the
restitution and debarment actions will be taken
| separately. District Attorney Jerome made a
| motion before Recorder Goff. in Part 4, General
| Sessions, yesterday asking that the June term
| be extended over the summer months, in view
of possible criminal prosecutions arising out of
the Hendricks report. The motion was granted.
In making his motion, the District Attorney
| said:
| have here letter from Governor Higgins which
received this morning and in which the Gov
ernor states that should desire It the evidence
S ce bis at s spdS Of # the IS E as4 to Togd S1
1 that evidence, and It is intention to through
| it very thoroughly
| The widespread attention called to this matter
makes a 1t mandatory upon me 70 make an examna-
Know OF at tnf fby h4i time am p pot has IN ee5o1 o TO
| Iaton OF the law, but It is my duty to find out:
| had the matter under consideration having sent
for copy Of the official report Of the inyestiga-
to call for the action of this court the District
It esr + f. for Or the g9ysEn9r to address such
focuses public attention upon me It may be that
| in my investigation shall want the counsel and
9rng Sine % ie for 'S the sumer dhalasa q
~ until the district Attorney can see # there Is
any necessity for action by this court.
the Criminal Branch Of the Supreme Court. and he
Under this arrangement # your honor rn holds gour
b S voRedp oRe From OF WHAT P4h eSgr oa lean @ # b
dence taken by the Superintendent of Insurance is
pages This matter 50 great the pecuniary YIN in
IS imperative taf the pis2ricf Rtornd
h9md oa cao a9f fak @ 1k and NE that & ne % sneu5 q
| learn whether I viii need the assistance OF the
courts or not.
| On behalf of Mr. Hyde. Samuel Untermyer
wrote to Attorney General Mayer, expressing his
| willingness the institution of friendly suit
| against the Equitable to determine the owner
/ ship of the $4,000 restored to the cashier as
Mr. Hyde's profits in the syndicate transactions.
and the $4,000 restored as the cost of the Cam
bon dinner. Mr.. Mayer accepted the offer
Asked how soon he would begin action against
the Equitable officers accused in the report. At
| torney General Mayer said:
Action will be taken as it is ply
| sicany possible. 1t will not be a matter OF
weeks, but of days only. before we will be ready
| Not only have 1 got TO go over the Hendricks
| report but the testimony which preceded that
report and on which the report is based.
This is novel action, and it is the first time
| in the history Of the State of New-York where
debarrnent proceedings against officials of an in
| surance company will have been taken Under
the insurance law. the application of which has
never yet been put in practice. the Attorney
| General has power to debar officers Of an in
surance company who have been found dereict
| in their duty This debarrnent not only pre-
cludes their holding positions officers, but also
debars them from acting as directors in the COM
pany from which they have been debarred and
| any other insurance company doing business
within the confines of the State. The Attorney
/
| Asked if he cared TO express an opinion as 10
| the criminality of any of the persons named in
the report he replied that he did not to dis
| cuSs IL.
| Mr. Mayer made public certain correspondence
| between himself and Mr.. Unternyer, in which
Mr.. Unternyer declares incidentally that Mr..
| HYDE has been told repeatedly by counsel that
| he is morally and legally entitled to the re-
| turn of his syndicate profits. The publication
| followed a conference held at Mr.. Mayors office
| in which Mr.. Untermyer, Edward Lauterbach.
| formerly counsel for James W. Alexander, and
/ the Attorney General took part. The CORE
spondence included a letter written by Mr.. Hyde
| to President Alexander. when it was supposed
| that all the differences of the society had been
adjusted by the plan of naturalization to which
the officers the directors and the superintendent
had agreed.
This letter said in part:
! AS you and have made no progress in reaching
| an agreement TO the proper disposition TO be
| been criticised I have myself had an exarninaso
| made of them. 1t never occurred to me until af
! transactions open TO criticism
| They were mere continuation Of a custom which
! and far as can recall. were made with due
regard to the interests OF the society. and were
| But l have now taken advice about them and
have made up my mind that there has been al
transactions the of s6S 2sS 81 as to which there
sh5y 9cSount to the society would rather have
| an Con about this settled with the money
D. withhold it. and have accordingly drawn
an about 10 deliver check for that sum 70
/ he board thinks the money should be retained
| returned to me if it is determined that am en-
There is also the matter OF the Cambon dinner.
| tba cost Of which was thought proper charge TO
ioTx- tfs other