The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-05

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as far as might be legally possible the
control and administration of the Equit-
able society initiated by my father.
d" &" On the sixth day of June, 1906,
will have attained should l live the
age of thirty years, and will then sub
ject to my duty to my fathers express
ed wish, have come into possession OF
my stock. Thus, shortly before the ex-
piration of that period, Mr.. Alexander,
owing his existence as director and
officer of the Equitable society TO his
and to the stock confided to his care,
has engaged in secret cabal with Of
fieers under his command, and in
many cases subject to his coercion, to
trust and destroy the reputation and
future of the beneficiary"
Mr.. Hyde stated that he had never
antagonized Mr.. Alexander in the selec-
ton of Equitable directors, and that he
could not be justly charged by Mr..
Alexander with the usurpation of any
of his functions. He also praised the
character of the present board. Then
he wrote:
There has been no general claim or
demand upon the part of policyholders
in the line of the present movement.
There can be no long-continued disguise
of the true purpose of the present move
ment. Its purpose is to transfer the
selection of the directors of the Equita-
BILE society and its management to CO.
terie of men whose more immediate
contact with the policyholders would
place them in a favored position to OBJ
tain proxies of the latter, and Mr.. Alex
anders gross breach of trust to my
father and to me, with which I here
solemnly charge him, has none but the
most specious pretext of high motives.
81 shall not discuss any personal
shortcomings of my own. That such
have been charged is a sufficient reason
to me for desiring to make the most
absolute commitment, for an extended
period, of the affairs of the Equitable
society to its present high manage
ment."
The letter closes with Mr.. Hyde's Of
fer to transfer his stock vote to a board
of trustees pending the adjustment of a
naturalization plan.
President Alexander's letter to Super
intendent of Insurance Hendricks. writ
ten on March 81, was in reply to that
officials inquiry as to Mr.. Alexander's
attitude on the proposed amendment to
the Equitable charter. He says:
THE proposed charter is a compro-
mise between opposing views within the
board of directors. It was recommend
ed by the special comittee of seven ap-
pointed to carry into effect the resoiu-
ton adopted on February 16 in favor of
comforting upon polieyholders the right
to elect directors of the society, of
which committee / was member.
There was at the meetings of the COM
mittee a very explicit statement of the
supposed legal rights of the stock and
a clear intimation that, If forced beyond
certain point, the stock might be de-
pended upon to resist in it's own inter-
ests the efforts to mutualize the society.
I was convinced that the concession
/, embodied in the committees report was
all that could be obtained without a
controversy which might have very Sc
rious results. l therefore reluctantly
: acquiesced in the report. I acquiesced
. in the committees recommendations
believing that could not take the re-
spcnsibility in view of the committees
/ opinions and the probable action of the
board, of rejecting that measure of con-
troll and participation which It secured
to the poIicyholders.
Il believed at the time that the
a oP ~, ~ az, ", +ba
ner proposed would not exhaust the
power of amendment conferred by the
insurance law, and that when the mad
equacy of the arrangement had been
demonstrated further amendment might
be made. Since then have been adj
vised that my views on this subject
may have been erroneous.
II cannot say, therefore, that the pro-
posed amended charter is satisfactory
to me-"
The statement given out tonight in
Mr.. Hyde's behalf by one Of his friends
dneies the charge made by Mr.. Alex
ander that Hyde had largely usurped
the powers and authority of the presi-
dent and quotes from the bylaws of
the Equitable to show that practically
all the power Of the society Is vested in
the president. The statement then
takes up President Alexander's letter of
March 27, to the state superintendent of
insurance, which it says us referred
to by the friends of Mr.. Hyde as anoth-
err proof of their assertion that Mr..
Alexander has acted disloyally and in
bad faith to his board of directors.
| sit will be recalled" continues the
statement, that he and Mr.. Tarbell
had Joined with other members of the
naturalization committee in recon-
mending the amended charter which
passed the board and was forwarded by
| the directors by unanimous consent to
the superintendent of insurance for ap-
prevail. All contending parties agreed
| to support that charter.
when the question came before the
superintendent last Tuesday, the only
apparent opposition was from the part
| of the Plat committee controlled by
Mr.. Plat. It now appears that this OPP.
| position was inspired by Mr.. Alexander
| in the fact of his agreement to the
| terms and approval of the charter.
"As Mr.. Hyde made large sacrifices
from what he believed to be his legal
! rights to secure unanimous action by
the board and was assured that these
| concessions meant the end of the agi-