Waterbury evening Democrat., 1905-06-03
EQUITABLE
 TANGLE. Extracts of Report Just Made.
Excessive Salaries and Su. perduous Offices Will Not be Tolerated Hereafter Report Blames President Alexander.

Society directors by the Prick inyesti.
 gating committee. The report con-
 sists of thirty-eight printed pages. lis
 principal points follow closely the out
 line forecasted several days ago and
 Ill closing the committee declared:
 excessive salaries. excessive con- missions. excessive expenses and su- perfious offices should not be tolerated.
 investments should be carefully made and all the useful formal pre- cautions employed to insure the To- cation of the moral responsibility of the officers who are charged with the duty of making them.
 The committee. having pursued it's investigation of the present manage ment of the society sufficiently far to convince It that the personnel of tbe management should be radically changed and the methods of conduct ing the business of the society brought back to sound legal and ethical lines. begs to be relieved from further duty.n
 In mentioning the particular execu- tives whom the committeeman beliey- ed should be retired. the report said.
 "The shortcomings in interior exec utfve officers are largely due to the methods which the principal officers have encouraged or permitted. and so far as correction of these irregulari- ties calls for further removals of officials that matter should be dealt with and largely controlled by the Judgment of the reOrganized manage ment"
 Among other features is letter from President James W. Alexander. sent to the committee in response to a request for specific data under eleven heads. The letter is largely devoted, however. to a reiteration of the charges against Mir Hyde. among them being one to the eeffct that large quantities of stock belonging to the society stand in his name. enab- ling the vice-president to become a di- rector in many corporations. If there is any need" the president wrote flor the society to be represented upon the boards of the companies whose securi ties the society holds. that representa- ton should not be central in one per son. who cannot. by any possibility. give proper attention to the duties of so many positions"
 The report also contains long let ter from Mir Hyde concerning svndi- cate transactions. heretofore made public. Commenting on these deals. the report says:
 "1n one case fin which the syndicate profit was S30.210. the society now holds the securities purchased which at present quotations show a loss of about sGO.OOO.
 Tn all other cases the society has either made profit or could make a profit by selling the securities at the present market.
 The net result to the society of the purchase of these syndicate securities has been very considerable profit. If the society had acquired the securi. ties by taking allotments in the origi- nal underwritings, the profits would have been greater by s1SG.1O7."
 While the society was gainer by tho the report declares that the officials in the syndicate were guilty of breach of propriety and n breach of trust in this course of deal ing with corporation they were serving.
 The report declares that if Mir Hyde were guilty of the things charged bv President Alexander. the latter was 'culpably negligent in acquiescing i'm them for so long period and in not bringing them to the attention of fine board of directors at such time and in | such a way as to enable the directors io consider them in connection with the exercise of their responsible dutv | ,f electing the officers Of the society -
 After quoting letter alleged 10 | nave been addressed to Vice President | Hyde by Mfr Alexander last yoyern- | ,er( regarding the duties of the fiscal | committee. and detailing the manner n which two new members were to ,e handled. the report continues:
 The committee finds that so far as fr Alexander's charge against Mr Hyde is true. namely. that he has dis played a strong personal ambition and Tn inorlinate and unsafe love of prominence. a great responsiveness ro iattery. pIiancy In the hands of per 'ons whose interests are not ne~e<- iarily parallel 10 those of the policy loIders of tho society," inst Mir Hyde s largely responsible.-
 Details of the society's operative machinery. financial methods. salaries. tc-. are gone over in great detail. Vith recommendations for chsnge rherever the investigators saw ground or criticism. and the report concludes vith a plea for recognition of the reat responsibility toward policy Iolders in the society and in all simf-