Waterbury evening Democrat., 1905-07-01

dends on the stock of the trust com | pany which 1t owns''
 In his report Superintendent Hen
 dricks called attention to the fact tha
 when the capital stock of the Equita
 ble Trust company was increased fir 1902 from s50O.OOO to $1,O0O,O00 the
 Equitable Life Assurance society was
 entitled to take 2,335 shares of new stock of this increase and that 1t only
 took 665 shares out of the 2.335, and that 1,670 shares. which it had righ, to take and did not take, were distrib
 uted fin the Hyde family.
 MT. Hyde's reply to this was:
 "At the time when this increase of
 stock was made the Equitable Trust
 company was by no means an assured
 success The Equitable Life Assur- ance society already owned 2,335
 shares out of it's 5000 shares of capital stock. There was no market value for this stock, and none of it had been sold on the market. The Equitable Life Assurance society was also the owner of a majority of the capital stock of the Mercantile Trust company. The matter of subscribing for this addi- tional capital stock of the Equitable Life Assurance society q. that time was to very largely increase its hold ings of stock in the Equitable Trust company. I personally believed that the Equitable Trust company could be made a success, and I offered to take all of the increased stock which others were unwilling to take and did so.
 "As 1t turns out, it would also have been a good investment for the society to have taken it's proportion of the in- creased capital stock in 1902 at $15O per share. but unfortunately the soci- ety had not then as accurate. a. eoncep- tion of the mathematical fact of the future as the superintendent of in- surance now has of the mathematical facts of the past and could not be cer- tain that such purchase at that time would have been profitable"
 The superintendent of insurance crit icises the merger of the Western Ma. tional bank of the city of New York and the National Bank of the United States in New York upon the ground that the society could have obtained $1OO per share for its controlling in- tereSt in the stock of the Western Ma. tional bank, but that instead 1t ac- cepted S210 per share for this stock.
 Concerning this transaction Mir. Hyde said.
 T am not aware that any offer of S1OO per share was ever made for this stock or anything like that sum. but I call attention to the fact that the superin- tendent of insurance is mistaken in stating that what the society really received for its stock in the Western National bank of New York was $21O per share. What 1t received for each share of this stock was SEQ in cash and $40 at par of the Consolidated bank. As matter of fact the stock
 
 at that time for S390 per share, which meant $546 market value in stock of the Consolidated bank. plus SI0 in cash. or altogether s616 per share mar ket value, received by the society for each share of the stock of the Western National bank of the city of New York. which it put into the consollda- ion"
 Mfr. Hydes defense of the syndicate operations of James H. Hyde and as- 'ociates" was similar to other state nents that he has made about these He denied Hendricks allegation that he HydeD introduced hese syndicate transactions and reit- rated that he is willing that the 'ourts decide whether he is legally en- tiled to the profits derived therefrom. Ir. Hyde concluded his statement as ollows:
 "I will not go further into details | matters in the superin- report. most of which are al l thf SubJttt oA tAtrNt o call attention to the superintend- nt's statement that I did not hesitate D extract from the society's treasury | 352.oOo for his ,myl stock in the Mis- ouri Safe Deposit company. The acts about this was as I explained 10 he superintendent. that this sale of ny stock was made while I was in .urope and was conducted on behalf f the society by James w Alexander. "I have been wronged by the fnat- sntion of the superintendent. as well s of the Prick committee. 10 the evi- ence which have given the exhibits have furnished and the statements ave made as to these syndicate trans rtions and other transactions com; lained of. The complaints against me .em to have received their anxious ad minute consideration but my an rers to these complaints have been overlooked
 Therefore I feel justified in at least 'dicatine to you some of the In ances in which mistakes have erept es tbe>e reports and in asking your ,eri .- directors to suspend judg enf ou theee chsrpes unf1 all the 'cfs aru mAde ciear-