The Dawson news. (Dawson, Ga.) 1889-current, 1905-07-19
HYDE'S CRITICISM OF HENDRICKS REPORT
The Equitable Society's Founder Champloneo 0y ms
Son Declares Elder Hyde Took Great personal
Risk for the Companys Good Not His Own.

: were unWllllS 10 tItsiC anu ulu 81.
"As it turns out, it would also have
been a good Investment for the society
to have taken its proportion Of the in
creased capital stock in 1902Iat $3.50
per share, but unfortunately the soci-
ETY. had not then as accurate concep-
ton of the mathematical fact of the
future as the superintendent Of in
surance now has of the mathematical
facts of the past and could not be GER
tain that such purchase at that time
would have been profitable"
The superintendent of insurance crit
icises the merger of the Western Ma
tional bank of the city of New York
and the National Bank of the United
States in New York upon the ground
that the society could have obtained
$500 per share for it's controlling in
terest in the stock of the Western Ma
tional bank, but that instead it ac-
copied 500 per share for this stock.
Concerning this transaction Mr..
Hyde said:
Il am not aware that any offer of 500
per share was ever made for this stock
or anything like that sum, but | call
attention to the fact that the superin-
tendent of insurance is mistaken in
stating that what the society really
received for it's stock in the Western
National bank of New York was 500
per share. What it received for each
share of this stock was $40 in cash
and $40 at par of the Consolidated
bank. AS matter of fact the stock
of the Consolidated bank was selling
at that time for $500 per share, which
meant $546 market value in stock of
the Consolidated bank, plus $40 in
cash, or altogether $616 per share mar
ket value, received by the society for
each share of the stock of the Western
National bank of the city of New
York, which il put into the cOnsolida-
ton"
Mr.. Hydes defense of the syndicate
operations Of James H. Hyde and as
sociates" was similar to other state
ments that he has made about these
transactions He denied Hendricks
allegation that he (Hyde) introduced
these syndicate transactions and reit-
Grated that he is willing that the
courts decide whether he is legally en-
titled to the profits derived therefrom.
Mr.. Hyde concluded his statement as
follows:
II will not go further into details
concerning matters in the superin-
tendent's report, most Of which are al
ready the subject of litigation, except
to call attention to the superintend-
ent's statement that did not hesitate
to extract from the society's treasury
1852, 900 for his my stock in the Mis-
souri, Safe Deposit company. The
facts about this was as | explained to
the superintendent, that this sale of
nv stock was made while | was in
Europe and was conducted on behalf
of the society by James w. Alexander.
II have been wronged by the mat
tention of the superintendent, as well
as Of the Prick committee, to the evil
dence which | have given, the exhibits
I have furnished and the statements
have made as to these syndicate trans
actions and other transactions com
planned of. The complaints against me
seem to have received their anxious
and minute consideration, but my an
swers to these complaints have been
completely overlooked.
Therefore I feel justified in at least
indicating to you some of the in
stances in which mistakes have crept
into these reports and in asking your
board of directors to suspend judg-
ment on these charges until all the
facts are made clear"