New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-02
Mr.. Hyde's statement was as follows:


Mr.. Hyde's statement was as follows:
To the Agents and Policyholders Of the EQui-
table Life Assurance Society.
The public press for several weeks past mas
been filled with scandalOus charges relating 10
my conduct as a director and officer OF the
Equita BILE society. These charges are false Ihey
have their origin in effort by individuals 10
obtain control of the Equitable Society and its
assets. 1t is impossible for me to meet them
and to have their falsity established In the
newspapers, and the only way to meet them
1 have requested the Superintendent of the In
surance Department Of the State OF New Xork
TO make immediate, thorough and drastlc m
vestigatOn Of the entire management OF the
society.
AS to the granting Of participation In the con-
troll of the society to polieyholders, have, ever
since the subject first broached, expressed
my willingness to have the stock left by my
father voted by the trustees in whose hands ne
left it in favor of granting such partlclPatoi
and upon that subject / am in entire accord
with the board of directors Of the Equitable
society, with the New-York policyhOlders COM
mittee and with the Superintendent or insurance
OF the State of New York
do not control the Equitable Life Assurance
Society. The stock left by my father, the FOUNDER
of the society, is held by trustees, OF whom the
president of the society, James w. Alexander Is
The only power of that stock Is 20 eject
directors, and to that no question has ever
arisen between the trustees and myself since my
fathers death. The Equitable society Is gov
erned by a board Of directors, most OF whom
were elected before my fathers death and be-
fore 1 was of age. They body Of men OF
the highest character and standing in the COM
munity.
have no official power in the society except
such the president Of the society chooses to
give me, and I have exercised no power except
with his concurrence and for the benefit OF the
society itself.
The management of the society during the
brief period Of my connection with 1t has been
successful prosperous and in the highest degree
beneficial both 10 policy holders and 70 the
society. challenge the fullest INVESTIGATION OF
that management, including every official act Of
NINE and 1 ask the agents and policy holders
who have shared in the prosperity OF the great
institution built up by my father, to form their
Judgment of me- as we'll as Of my associates.
upon the results of such an investigation, rather
than upon irresponsible and sensational news
paper articles inspired by selfish personal inter-
ests.
1 believe that against any effort which may
be made to continue controversy for personal
ends this matter will shortly be disposed OF with
advantage to the society, and in the mean time
I beg you to believe that your company was
never stronger your interests safer finan-
cially than now.
THE MEETING WITH HENDRICKS.
In the statement issued after the meeting the
policyholders demanded representation in the
directory at the ratio of % to "a one-half to be
elected in 1895 and the other half in 1906, the
two existing vacancies to be filed by men whose
names were to be proposed by the polieyholders'
committee. These two men, as suggested by the
policyholders committee. were to be put the
executive committee, the executive committee
consisting Of twelve members. 1t was suggested
that two additional men for members Of the ex-
ecutive committee should be designated by Cor
nelius N. Bliss. To obtain four vacancies to
enable the polcyholders' committee to have two
representatives and Mr.. Bliss the two others
it was suggested that the Superintendent Of In
surance should designate the four men who
should retire from the present executive COM
mittee.
There were present when the conference be.
gan at IL o'clock E. H. Hartman. James H.
Hyde, John .. Crimmins Henry Morgenthau
and z. w Bloomingdale, with these lawyers
representing the various interests: Elihu Root,
W. C. CULVER. Edward Lauterbach. Frank H.
Platt and John B. Stanchheld, who represents
Senator Bracket. They were Joined later in
the conference by E. w. outerbridge and z. ].
Esselstyne President James w. Alexander was
not present. but was represented by cambridge
Colby and ex-Judge William N. Cohen.
One Of the Crimmint committee said he had
no information that an ultimatum had been de-
livered to Mr.. Hyde IN Friday by President
Alexander. He did say that the control Of the
society must be changed and that the society
must be mutualized soon. If these points were
not gained, he said. the public and policyholders
would be at once informed of facts in the pos
session of the Crimmins committee
When the conference closed Mr. Hyde came
out eating sandwich. He was accompanied by
Elihu Root. He was asked if he had resigned
His reply was a shrug of the shoulders and an
uplifting of the eyebrows, while his teeth were
vigorously at work on the sandwich. To all
further questions Mr.. Hyde said: Il refer you
to the statement"
Mr. Hendricks. when asked after the confer
ence to state if the investigation ended.
said: There has been no investigation as yet"
will there be one?" was asked.
THAT depends entirely whether the facts
warrant it. We make examinations only when
asked to do so by the heads Of the insurance
companies not at any stated periods"
Asked whom he would designate as the men
who should be dropped from the executive COM
mittee, he replied:
1t is too early yet. have made no selection.
And if I did make selection, haven't the
power to enforce their removal
Mr.. Hendricks would throw no further light
on the question as to who had the power or
what was likely to be done.
One of those present at the conference was
asked if the plan of compromise as outlined in
the statement was actually agreed 10 by all the
! different interests present
"Au 1 can say now he replied, "is that the
matter seems 10 me to be up to the board OF
directors of the Equitable Life Assurance So
eiety You viii have 10 wait and whether
everybody is satisfied and you will be better
able to tell that a year from now than this
/ afternoon"
Mr.. CULVER, OF Mr.. Hyde's counsel. was asked
il it true that Mr.. Hyde had consented to
resign. He answered: THE question OF his
( resignation has not been up IN any FORM
4. To set at rest VumOrs that certain phases Of
the Equitable tangle might call for an investga-
ton by the District Attorney Mr.. Jerome was
asked for opinion yesterday. He said that
he had not been approached by any one con-
corning the Equitable Societys affairs and that
it would be time enough to take such matter
Up when IL properly presented.