The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1905-09-30
DIRECTORS
ONLY DUMMIES
Hyde Was Practically Dictator
Of the Equitable.
COMPANY AT HIS MERCY
Vice Of the Entire Insurance Siius'
lion Has Been irresponsible
Power.

srw fonk. k~st - - periaFinl
that N th~.s tines shs diFersuss q
sfest cofi.ofaGi.nas sni Institutions a..
% al insseis spi rasra~es - nsas'
thsn dutHtsias. larub II. Nfhir. ssnio'
Hisssissf ~ he tatsfaationai hsnkins
hposs q kuha. t.erb a 90. snd ~
r.ag = saemt-f u ne nnance Gun
Hissss AID = dl-staf q Tie Eqslisbi,
Lfe Assasshse sscissy. ~ uhirh ~.
sFtn hss saa ullllons q daiiars h -
eurifiss, vss 90 ne sssEd some bgufs
before NJ legislative insuvhor oofn
niiis-
ne rsytsiisi.i N. syvssm sndcs
rhirh uedrru ne Insurance secietie,
are cpairsiled. aid be had learned b,
ssp-fisacs Dot 10 hssife ~ = dummy
again. scknysic'--d that although =
nsmtsr % The Equitable hhAhoe cosn,
uattes ~ d1 bot tno~ - the 90
eirfy's cssribussoa 10 the lac, Rsy1t
fir4r national commIties. bot suppos
ei nat q bad ben made by James
iinncb Hyde p~ponaily and rrppdlat
ri al kno~ieiss q do yellow dos-
fund.
Mf. sshir said.
Tie Equitable was az ne mercy
% one man either Alexander O. Hyde.
IL seems 10 me u Vas al Hyde. Nv
erythins was Hyde.
The vice % the eniire Insurance
situation has BEN irresponsible power
"Afta the last election Cornelius y.
HI. told me that Mr Hyde had con.
tribu,ci 10 the Republican campaign
fund.
4 presumed that the Equitable's
money had not been spent
Responsibility for the scandalous
conditions In the Equitable lie- with
the state insurance department. 10
you suppose the directors Of corpora.
tons can 20 after the superintendent
Of insurance and be his bookkecpersi
Il have not ASKED any favor as .
director of the Equitable Life Assur-
ancc society. have granted many
favors. have not done a. a director
OF the Equitable any wrong OF com
mission. I may have done something
BY omission. IL IL a case of hind.
sight and not Of foresight But my
conscience frees me from any censurc
OF wrong. have been as good
director as ] knew hsv 10 be.
Il never heard OF J. W. A. No. 3 &C
count or the George II. Squire account
or the Louis NJ. Bailey account while
was director. I never knew that the
society's accounts were carried In any
body else's name except Its own.
Il want 10 say here" continued the
banker. that under the prevailing sys-
TEN Of dlrectorshlps In New York di.
rector Is ut the mercy OF his executive
officers. They ask FOR advice and then
do rs they please.
''In the Equitable the control OF the
society was exclusively held by the en-
ecutive officers.
1T has been my practice to believe
that every man in this world IL honest
until | find out that he has been dis
honest, and In going through this
world do not suppose that any man Is
dishonest until find out that he Is not
honest. That has been my practice in
and has been my practice as
q director Of the Equitable.
mo law which yn,i may frame and
which the legislature Of this or any
other state may enact-no law, how
ever close 1t may be--will protect you
against dishonest actions or dishonest |
~
Alfred w. Wayne. associate auditor
II the Equitable Life Assurance so
eiety testified that Judge" Andrew
legislative representative
and handler OF the New York Life In
surancs company's yellow dog fund.-"
acted in the same capacity for the
Equitable Life Assurance society.
Mayne said President Alexander Of |
the Equitable had introduced Hamilton
TO him and said thev were to work in !
az far as possible.
All told, In 1897, Hamilton received |
upward Of $15,009 from the Equitable.