The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-04

On0 Of tie oornplainAs Mr.. HYDE makes OF
thu report = that Although n sefe iortn 70
fu NJ Ass.nds sese H,Ss sissni "a.
S de9snsss o PsrtScuisyrs Of shon preliminary
je(tor are s1volD. bat the main reply b ca.
tirely oraitte ed and most sparingly referred
to Ia the report. That necessitase un-
ie,rsSa' y. y. II. publication BY Mr. hyde
Hrps's ssrIY 10 TIE ALEXANDER cHAnoEs.
Mr.. Hyde said IN beginning bis letter,
which IL addressed to Chairman H. g, Frick
and dated May Ia, that he writee IN com
piiance with . request cor tanned IN letter
from Mr.. Friok that Mr.. Hyde answer Ger
tan statemen .nsde N tns 'e Ss PC az
d dss;''a e sns t'i X. saHes
charge that he has committed tho society
TO Transactions, podtiors, relations, and
agreements without ooD sultation with the
president or other officers or with tho COM
ssss tn ts.. Ss esd ras
irregular conditions 100000 par value
Of bonds Of the Coney Island and Brooklyn
Railroad Compar y, I 600 shares OF stock
Of tho HibernA Bank ard Trust Company
Of New Orleans and 81 ,7so ooo Of preferred
stock Of the Union Pacific railroad Com
A to the charge concerning the Coney
Island and Brooklyn Railroad securities,
Mr.. HYDE shows by analysis that they were
purchased in seven instalments; that the
first purchase was made while he was
abroad; that all the purchases weTS sp..
on elk or seven occasions when they we're
approved Mr.. Alexander Is recorded as hav-
ing been present and as having voted in
approval Of the purchase. The society
had, he says. for many years prior to ms
come ton with it been interested in the
A ,,rit ioa ~ thia road
Tho Hibernia Bank and Trust Company
stock, he says, was acquired BY MIN at the
suggestion Of Gage E. Tarbell and upon
the approval Of President Alexander and
the finance committee: Mr.. Hyde says
that he and Mr.. Tarbell beoame directors
in the hank to represent the interests OF
tho society, but that he subsequently, re-
signed in favor Of the manager OF the
Equitable agency for In New Orleans
In regard to the Union Pacific transaction,
President Alexander charged not only that
the stock had been acquired without his
knowledge or the knowledge OF tho execu-
tive committee. but that 1t represented the
proportiopate share Of stock 81 bscr1bed
for by Mr. Hyde indlvtdu ally under syn.
dictate agreement. one Of the conditions OF
the agreement being that the stock 81 1uld
not b sold BY tho individual subscribers
for a period Of years.
In reply to this charge, says Mr.. Hyde,
4 beg to state:
Il. That before the purchases were
made Or agreed to be IN nads the , suS,ect
va. fully discussed with Mr. Aie1anoor
and his assent secured.
e. That the syndicate agreement vas
signed BY me In my individual name with
the knowled sc and consent OF Mr.. Alexan-
der for business purposes and convenienoes,
but not for the purpose OF gaining any
ever derived any personal profit OF adj
CAnta ia th0rSpfror
"3. That, % far from the transactions hay
ing been contaminated without the knowl-
edge Of Mr.. Alexander, he delivered to me
the following letter with respect thereto,
JAMES In view Of the fact that you
have entered into contract dated Ntv. II,
1902, between yourself, Messrs. Z. H. Harri-
mau. James Stillman. Kuhn. Loeb 4 Go.
and others for the benefit Of the Equitable
Life Assurance Society, and that the society
It Is understood that the society from time
to time will supply such funds as may DO
necessary IN the transactions therein con.
templated. and that you personally will
be fully indemnifed and protected against
any personal liability or log .hish q. yS or
in Tho course q the carrying out Of said
This. says Mr. Hyde i. . fair illustra-
tion Of the accuracy Of Mr.. .Aexan der's
statements apd Of the strata IN, which; he.
illustrations Of usurpation OF authority
requires no comment
As TO HIS suscHPTIB1LITr TO rLArrERY.
Mr.. Hyde says in regard to the charge
that he has unt errnined the authority OF
the presi ent, that there Ia no semblance Of
founL alton for such a complaint.
Il have" says he, "asked those having
business with the committees Of which |
am hairman to discuss the business with
me- but have never knowingly done so
In a manner that was arrogant, offensive
or disrespeotful to the president or to any
officer"
He says that he does not believe he has
an inor,inate love Of prominence.
Il confess" says he, ito Icing ambitious
to worthily All the place which was occupied
by my father In the community, ana II may
be that l am exceptionally responsive to
fattery, although l am not aware OF the
fact
Mr.. Hyte says that in many of the cor
porations Of which be Is irector he has
personal interests and the society has none;
In others, that he has personal interests
along with the society in a few he lisa irector
by virtue Of the interests held by the societ
in those corporations, being there for tho
protection Of those interests.
In some Instances he tod tho COM
mittee, MIR. All xauder is also a dire ctor
ard a mt mber Of the executive committee;
In some OF them, such as the Delawar and
Hudson company, tn N are shars IL tbs
Lame OF MIR. Az IA der II 10 .gipg to the
society, and he Is thus qualified as direc-
tor
STOCK HE HOLDS FOR SOCIETY.
Mr. Hyde de clars that in his opinion
there ls nothing UNUSUAL or improper In
ha wing shares Of stock of tho society in
the NAMES of Office rs or employees.
when tho society says he. has largo
holdings Of stock In corporations 1t has
always been considered to Its / rst
from many points Of view that 1t should
have n representatives. on the board of direc-
tors of these corporation In that way it
kee ps in touch with the progress Of affairs
Of such corporal tons and 10 able to de ter
mine when to buy or sell securities. It
also obtains In that way many valuable
opportu lilies for securing business for
the society and the constituent companies
In which Il l. largely interestd, such a.
trasteeships for the trust companies ard
d posts Tor the banks that are AFFILIATED
with the society, thus adding to the value
Of the sooiety's holdings In these compa-
Mes
Mr.. Hyde says that one OF the most i'm.
p RANT services performed by hin as vice-
PRESIDENT of the society and chairman Of the
executive and finance commi tees !, IN
acting on the boards Of director, Of the'e
other companies and attending their meet
ings, which he says he does with great
regularity. keeping In touch with all new
butiness and endeavoring to Greet 1t to the
institutions In which the society is most
lar ely interested.
~ ALxA III