Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-16
James q. Hyde Replies to
Equitable Charges.
OPEN LETTER TO FRICK.
DEFINES HIS RELATIONS TO THE
INSURANCE COMPANY.
Explains the Syndicate Transactions
and Declares He Never Profited
by Use of the Funds.


sent the following letter today:
NEW YORK, April Is, 1905.
H. c. Frick, esq. chairman of Investigate
Ing committee of the Equitable Life AS
surance Society.
Dear Sir: Your committee has entoned
me and all the officers of the society from
discussing in the public press matters COW
cred by your proposed investigation, and
1t has been impressed upon all of us that
the daily publication of scandal ma. grave
ly injure the soctety's business. / have alb
solutely kept faith in this matter, but will
no longer suffer the concessions which L
have made for the benefit of the policy
holders and the society, and the steps which
l have voluntarily taken to be misrepre-
sented and distorted in the public press by
those who have not kept faith, and who
will never keep faith.
This mornings papers contained certain
statements about me which are deSignediy
misleading and essentially false. l, there
fore propose to make the facts known.
They are as follows:
AT the outset of the present Equitable
controversy | was charged with having
been party to various underwriting syn
dicates known James Fl. Hyde and as
sociates,' where participationS had been
taken and where, it was claimed that the
underwriters had made a profit by use or
the funds of the Equitable society.
Never Prontsd by Use of Funds.
mo such profit had, in fact, been made
by the use of the funds of the Equitable.
but there had been a syndicate known as
James II. Hyde and Associates including
James w. Alexander, president of the So
ciety (whose participation was always equal
to my own, and this syndicate had been
underwriters of number of banking is
sues of securities, and the Equitabel So
ciety purchased In some instances, In the
nr6i ina n
had been underwritten by this syndicate.
''At the outset of this controversy MY.
James w. Alexander and were both ao-
yised by counsel that as to any such syn
dicate TRANSACTIONS in which any officers or
the Equitable Society had been interested.
a full statement Should be made up and
laid before the board of directors. and
whatever law and conscience required
against them should be done by the officers
eoncerne.i. sS=
Following the advice above referred to.
examined all these syndicate transactions
and deposited my cheque for SCI, 1862 with
the treasurer of the society as trustee. This
amount represented my entire profits from
syndicate actions of the character
above mentioned with 6 per cent interest
up to the date of such deposit.
Statement Accompanied Deposit.
This deposit was accompanied by the
statement that 1 made it because I pre-
ferred to have any question about this mat
ter settled with the money under the con-
troll of the society and that this deposit was
made for the benefit of the society, If the
board of directors thought the money should
be retained by it. or returned to me If it
should be determined that was entitled to
it
"In other words this money was deposited,
to be disposed of as the propriety of these
transactions might be finally determined. I
made no restitution. I admitted no wrong
doing. 1 admit none now. l merely put
20 tt,al
good so far as 1 was concerned. IL 1t should
be determined by proper authority that
transactions of mine, tnnoceHtly made,
made with the sanction of universal prece-
dent, made with the approval and following
the example of the president of the society,
made without the concealment of any facts,
and made without intent to injure the So
ciety, and with such injury the
suit raised a situation either technically or
substantially emitting the society to profits
which I supposed and now believe were
legitimately mine.
Deliberately Misconstrued.
'My concessions have. been deliberately
my silence has been msrep-
resented and the self-seeking persons who
have prepared the present trouble and who.
masking as friends of the policy-holders.
are striving to deprive me of my property
and to secure for themselves continued con-
troll of the society, persist in violating faith
and IN puDlSnlng ana cofniVlnS Ut the pup
lication of attacks on me, supported by gar
bled extracts from the records of the So
ciety, including the correspondence of the
president, to which these persons have or r
are given access.
'I shall do all in my power to carry out
the amended charter of giving the policy
holders the selecting of the majority of the
board. Beyond this | will make this fur
ther concession from my legal rights. and
shall defend as well l may the rights
which l have reserved
"You shall have my earnest corporation
In making your investigation searching and
its results full and honest. But you must
protect me from these infamous daily at
tacks in the newspapers or put me at liberty
to make my own defense in my own way.
Il have TO request that you cause this
communication to be published. Otherwise
1 shall be compelled to secure its publica-
ton. l
VERY respectfully.
JAMES II. HYDE"