The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-03

The meeting was called TO order by Presi-
dent Alexander. He read paper in reply to
the charges which had been made against
him in the Frick report. He maintained that
the business of the society had been we'll
conducted, that the management Of the
agency department had been superior, that
the growth and the progress of the Equi-
table has been the marvel Of the country
for the last twenty-five years and that its
financial solidity entitled it to be known as
the strongest life insurance company in the
world. Mr.. Alexander denied the charge
that the company had been managed ex-
travagantly and compared the results at
tanned by the Equitable with those attained
by other large companies.
HYDE REPLIES TO THE oHARGEs-
Mr.. Hyde followed Mr.. Alexander. He
began by saying that he recognized this to
be the crisis Of his life From the be-
ginning of the unfortunate controversy he
declared. he had endeavored to bear his
troubles patiently and with the dignity be-
fitting the high Office which he held. But
even patience, be said. had its limits. and the
welfare Of the society, which was nearer
his heart than any other interest, required
IT'LL iioW w plCdN out III III 'uiSciteAu eo'Ao
for it's good name, which, he asserted had
been assailed and dragged in the dust.
He then proceeded to take up in detail
the charges against him. He declared hat
il any honest man could find In the evidence
before the commit ee single word or fact
that could be construed into wrongdoing
he would surrender his stock and retire to
the oblivion which he would justly deserve.
He admitted that he was young and had
been still younger when he assumed office
in the society. but that was crime he
declared, which time would cure. He
admit ed also that he had been tr,lstful OF
those who had professed to be his friends,
but he had already, he said, been sufficient "
punished for having too much trust IN
them.
Mr. Hyde insisted that there was not
single act throughout his entire career
with the society which was the subject OF
just criticism on the part Of the fair minded
man, with the possible exception of the
Cambon dinner. That he declared. was
matter Of honest difference Of opinion as
to business methods. He said that, althoug h
he had deposited $4,000, representing the
total cost Of the dinner, with the cashier
Of the society, he felt that he ought to re-
ceive it back.
He went into details in regard to the
charges that he had protited in the under
writing synolicates which sold bonds to
the Equitable, declaring, rs he has be-
fore. that the society made large profits
from these syndicate transactions and
that he had been advised by counsel that he
had = Va no wrong. Mr.. Hyde said that he
propose 20 insist on his right to those
commission, amounting to $6l 600. the
check for which was deposited by Mr..
Hyde with the Eq,litable's cashier. He
concluded by demanding the utter re-
lection and Reputation Of any report that
criticized his administration and asserted
that he would force an opportunity to let
tho public know what was behind the at
tacks. After this the board adjourned
for luncheon.
DEFENDS THE DEFERRED DIVIDEND PLAN.
William Alexander. the society's secre-
tary, followed Mr.. Hyde with speech
in which he declared that the deferred
dividend system of life insurance, the
elimination of which is recommended by
the Frick report, was decidedly advan-
tageous as compared to the annual divide nd
plan. H. c. Deming and Alvin w. hrech
told how advantageous the Equitable's
connection with its subsidiary companies.
the Equitable and Mercantile trust com
paniee. had been. and then Mr.. Tarbell
defended the agency management
TABBELL PLEADS FOR HIS DEPARTMENT.
He said that he could not understand
how the committee could justly make any
report whatever regarding the conduct
Of the society's agencies, for the reason
that the accounts for which the committee
had asked and which had been compiled
as rapidly as possible had not been COM
pleted at the time when the committees
report was made, and had of course never
been delivered to the committee.
The criticisms Of the Frick committee
on his depart ment. Mr. Tarbell declared,
we're based on the evidence Of three or four
statements sent to the committee from
unfriendly sources. Mr.. Tarbel! said that
the corlmittee had called attention to the
large agency balances for the last five
years but had omitted to mention the fact
that the savings in the first years COM
missions under the new system at com
pensation. adopted at the beginning of
1900 exceeded by more than 100000 the
entire increase in agents balances. Mr..
Tarbell denied the charges Of extrava-
gance in other matters connected with the
conduct Of his department. citing the
figures Of the auditor to prove his state
ments. All Of the Frick committee's charges
against him. he declared. were based not
on actual facts, but on unauthortative
reports that had been sent to them.
He asserted that the Equitable was more
economically managed than others OF the
big companies and cited figures TO sustain
his assertions. He submitted letter from
the actuary Of the society commencing the
mana cement Of the agency business OF the
society under Mr. Tarbell's supervision.
He expressed surprise that the Frick COM
mittee had made no mention Of the question
Of naturalization which, he declared, was
the most important question that had been
before the board. He protested against
the injustice Of oens,lring him upon a re-
port founded on ex parte information and
without allowing him hearing on the
charges.
Il will not he declared, ALLOW such
charges to go upon the record of the board
unchallenged."
seHIrF BUSHES TO THE DEFENSE