The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-04
RESIGNS AS HYDE TRUSTEE.
ALEXANDER OUT WITH DENIALS
or ACTING IN FAD FAITH.

since Hyde Became OF Age-D. q.
Mills Leaves the Frick Committee
Hartman May Have Lost Control.
President James W. Alexander Of the
EQUITABLE Life Assurance Society made
public last night letter which he has sent
TO James II, Hyde and william Mcintyre,
a. cotrustees Of the Hyde stock, resigning
his trlsteeship.
Mr.. Alexander denied in the letter that
he has been guilty Of breach Of faith to the
trust. and states that, while he has hitherto
been willing to continue in bis nominal
relation as a trustee, he now feels at liberty
TO give up even that duty. Here Is the
letter: 80,
.Nessrs. James X. Hyde and william II.
Mcintyre, as Cotrustees. Nsp York
City.
DEAR Sms; Referring 10 the agreement
Of Sept. II, 1895, In which was named as
one Of seven trustees Of the majority stock
Of the Equitable Life Assurance Society,
I hereby resign as one Of said trustees,
and request an immediate acceptance OF
nv resignation. The powers and duties
imposed upon the trustees under the agree
ment are purely nominal.
sAnthetr1lstees other than myself named
in the original agreement have ceased 70
e trustees either under the operation Of
the agreement or by resignation, and al
though have hitherto been willing to con-
tipue in my nominal relation as a trustee
Of the subject matter of the agreement
now feel at liberty 70 rellnquish even
This slight relation In view Of the wholly
1 l.. vuiIalyr OirrI1la ted
hv YOU that have been guilty Of breach
Of duty as such trustee In advocating tne
admission Of the policyholders Of the Equita-
lie Life Assurance Society to some partlcl-
ration In it's management.
Tho purpose Of the late Mr., Henry b.
HYDE In making the agreement referred 70
was to prevent the controlling interest OF the
stock Of the Equitable from being sold This
Is manifest from the terms OF the agree
ment, and until June o, 1905, when Mr.
James II. Hyde becomes 80 years OF ago
and the agreement by lis terms expires thls
purpose is unalterably accomplished.
THE agreement, while apparently In
vestng the trustees with certain voting
powers, left their exercise entirely sub
ject to the will and consent OF Mr.. James
H. Hyde.
in the second paragraph OF the agree
ment this provision Is contained;
AFTER the said james Hazen Hyde
shall attain the age Of q years he shall be
empowered TO vote upon the said shares
and shall receive and hold the said proxies
and powers Of attorney and the powers
conferred upon the trustees under this
paragraph shall be operative only in case
OF the refusal by the said James Hazer
Hyde to act, or In case Of his inability OF
absence from the United States
There Is further provision In the fhth
paragraph Of the agreement emphasizing
James II. Hyde's control Of the trust. The
provision refer to Is as follovsi
After the said James Hazen Hyde shall
attain the age Of 81 years no vote shall be
cast upon the said shares at any election
Of the Equitable Assurance Society except
for a person approved by the said James
Haven Hyde
when the suggestion was first made In
the public press that had been guilty OF
some breach OF duty under this agreement,
considered the charge too preposterous Tor
reply. / at ono, '7forred the subject OF the
agreement and my Uuties under It to coun'
eel, who advised me that not only was my
course in connection with the mutuahza-
ton Of the Equitable incapable Of being con-
strued as a breach Of any duty under the
agreement but that Il was impossible to
conceive Of any violation Of duty to the
enehciary Of the trust by reason Of the
peculiar cha Tacter Of the agreement
The constant repetition however Of
the charge that l have committed some
Lreach Of duty as a trustee connived at by
you, notwithstanding your knowledge oil
the terms Of the agreement, makes 1t per
INVISIBLE, not to say necessary, that should
state the provisions Of the agreement.
The so-called trust stock is in your pos
session; every function with relation to II
purporting TO be conferred upon the trustees
under the agreement il in reality exer'
cised either directly by Mr., James II. Hyde
or subject to his approval, and may ado
that no step has thus far been taken that
can be claimed to have any effect whatever
upon the value Of the trust stock, which
YOU both have not ooncurred in, by YOU
recorded votes. Yours very truly
JAMES w. ALEXANDER,
Following the resignation Of James j
Hill from the Equitable's acknowledging
committee came the announcement yes
terday that ID. O. Mills also has retired
from the committee. II was learned
further. that another member Of the COM
mittee may resign at any time.
Mr.. Mills, when seen at his home last
night, gave as the reason for HIS resignation
that he was too busy with private matter
to devote the necessary time. He ad
mitted that he had not attended any o
The meetings Of the committee,
The resignation Of Mr.. Mills and Mr.
Hill leaves these FIVE members: f. II
Hartman, H. c. Prick, chairman; Comehu
n. Bliss Brayton Ives and Melville E
Ingalls,. II was said yesterday by maj
familiar with Equitable Affairs that THU
situation has put the Harriman-Hyd'
party in the society, as represented on tn
committee by Mr. Prick and Mr.. Harrimal
himself, in a ost unexpected predicamen'
Instead OF being certain that they woul'
be able to control the working Of the com
mttee Mr.. Friok and Mr.. Hartman,
was said, are now fearful that the sup
porters Of MIR. Alexander and the policy
holders as regards the naturalization plai
may be able 20 run the Investigation with
free hand.
Mr.. Hartman, IL was said, was especial
fearful that the committee might return