The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-05
Personally, ,OOOby
the Equitable on U, P,
WOULD DUST ALEXANDER.
Reported Programme Of the HaF.
FIman and Hyde Forces,

I
settlement OF Oden shipburIding Suit
Repeal sought OF section SO or the
Insurance Law, which Permits Only
the AttOrney-General 10 Bring Pro-
ceedings for an ACoOunting-But Har-
riman IL Pretty Strong At Albany
Hyde Men BRING Charges Against
Alexander and Say lie Was Fully re.
spOnhble for the CambOn Dinner
Hyde Formally Accused. Him Before
the Board OF Seeking 10 Destroy the
Estate OF which He Was Trustee and
the Reputation OF the beneficiary.
! It turns out that Edward II. Hartman.
a director in the Equitable Life Assurance
! Society because James Hazen Hyde trans
| ferred Ave OF the Hyde shares to Mr.. Harri-
mans name, the said Mr.. Hartman not be-
ing even policyholder in the Equitable,
was not even careful in the authorized
statement printed for him yesterday morn
! ing wherein be said concerning the vast
| loans Of the Equitable on Hartman stocks
and bonds: Personally never borrowed
| a dollar from the Equitable Life Assurance
| Society,"
High and competent authority disputed
| yesterday this statement Of Mr.. Harriman's
and said: 1T can be easily proved that
the loan which appears on page 10 Of the
! Equitable report TO the Superintendent
Of Insurance on Jan. 1. 1908, was made to
Mr.. Hartman personally. and. moreover,
was made on Mr.. Harriman's personal ie-
! quest This loan was for 81 100000, on
! Union Pacific stock, the par value Of which
at the time was s. 600 900, and the market
value at the time IS ,s4s. 600
Speaking further OF Mr.. Hartman and
the authority he has exercised over the
$50 900 900 surplus and the 500. 900 600 assets
| OF the great Equitable IAfe Assurance
Society, another equally high and com
petent authority said:
Before Supt Hendricks finishes his in
vestigation Of the Equitable's affairs il will
become inevitable for him TO inquire as to
the dealings Louis Fitzgerald, at one time
! a co-trlstee with Mr.. Hyde in administering
! the 500 Of the / 900 shares Of stock OF the
! Society had with Mr.. Hartman. It will
he necessary for Mr.. Hendricks to go into
! these dealings in their entirety. This will
naturally involve the severest scrutiny as
| 70 the dealings in Norfolk and Western.
| Union Pacific. and Baltimore and Ohio
securities A score Of influential financiers
| know all about those dealings, and they
will furnish information Of what many
| have considered very strange financial
dealings."
Mr.. Harrimans words declaring that he
| was ready 10 spend his fortune rather than
allow the mutualzers 10 amend the charter
| so that the COO 600 policyholdcrs in the United
! States. including 100000 in New York State,
| should come into their kingdom was read
| with varied emotions last night by Repub-
! lican legislators who were down from Al
/ bany. Their tongues stuck out in fancy
/ as they pictured the dreadful hole they
would make in Mr. Harrman's fortune,
[ But with such bunch OF Legislators as now
I sway affairs at Albany what chance Il was
| asked would the 600 900 policyholders
| have Of participating fairly in the profits
! Of the Equitable society or Of preventing
/ the thigh finance" which the Hyde-Harri-
man directorate have practised according
I TO their own reports TO the Insurance De-
psrtment within the last few years.
! REPEAL or SECTION SO SOUGHT.
II was ascertained last night by those
! familiar with what is actually going on to
/ bring redress TO the poicyholders OF the
society that vigorous steps are to be taken
| 10 repeal Section 50 Of the Insurance law OF
the state, which says:
Proceeding for accounting, injunction
or a receiver must be upon application Of
the -General.-Eo order Judg-
ment or decree providing for an account
ing or enJoining, restraining or interfering
| 1T - ~ Nha httainGan az
domestic insurance corporation or appoint-
! ing a temporary or permanent receiver
| thereof shall be made OF granted other
wise than upon the application Of the At
! torney-General, on his own motion or after
| his approval Of a request in writing therefor
! Of the Superintendent OF Insurance, except
! in an action by a Judgment creditor or IN
proceedings supplementary 70 execution.
BUr HARTMAN 10 POWER AT ALBANT,
One OF Mr.. Hydes personal friends
learned Of the effort that il 20 be made
/ 70 repeal this section Of the insurance law,
IN order that tho policyholders may indi'
vidually OF collectively secure their rights,
and he said;
sMr.fHarrimAn IL very powerful in the
| Legislature at Albany. Some Of the more
| important Republican statesmen at Albany
make weekly visits 10 Mr.. Hartman. These
visits take place usually on Fridays and
Saturdays after the Senate and Assembly
adjourn at Albany, and We know where we
stand. Don't forget that for an instant.
Mr. Hartman, / repeat, is very powerful
with the Isgislat1re.'
The statement OF Mr.. Hyde's friend con-
oerning Mr.. Harriman's power with ths
| Legislature at Albany was meant TO con-
vey not only an evidence Of power on Mr..
! Harriman's part but also a threat. IL
/ was made in monaoing tonee. policy
holder Of tho company said concerning the
effort 20 repeal Section 50 Of the insurance
law and the threat concerning Mr.. Harri-
mans power with the Legislature at Al
bany:
we know all about Mr.. Harriman's
power at Albany. We know that Il has
been growing for several years. We know