The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-06-06
Hyde AIexander Contro-
versy at an End.
FORMED AN ALLIANCE
Determined Effort to Reconcile Inter
ests Of Warning Factions and Re-
Establish the Direction of the
Society On a Basis Accept
able to All.
(By the Associated Press.

New York, June 3.-OverShadoWing
in interest all the other sensational
developments in the affairs of the
Equitable Life Assurance Society, at
tendant on the rejection by the direc-
tors yesterday and the publication to-
day of the report of the Prick COM
mittee comes an announcement that
the controversy between President
James w. Alexander and Vice-Presi-
dent James Hazen Hy,le, is at an end
and that these two gentlemen have
concluded a defensive and offensive
alliance The basis of this agreement
is reported TO be that they should in
future devote themselves to the in
terests of life insurance and keep all
Wall Stret entanglements out of the
affairs of the Equitable.
Mr. Alexander and Mr.. Hyde were
in conference today with certain of
their friends and advisers for more
than two hours. Deep interest at
taches to the results of the unexpect-
ed turn of affairs. the general inference
being that it poItends a very determ-
ined effort to reconcile the interests
of the warning factions and re-estab-
lish the direction of the society on a
basis acceptable to all. 1t was also
made evident today that there is
scant probability the resolution of the
directors yesterday to create the office
of a chairman of the board with plen-
airy power over all departments and
affairs of the society, will ever be put
into effect.
This is indicated by the marked
ncination of several members of
the committee of seven, appointed to
nominate a chairman, to serve on the
committee.
d. o. Mills, who was named as one
of the committee, said today that he
had decided not to serve and that
none of his colleagues had SO far con-
scented to do SO.
After the conference between Mr..
Alexander and Mr.. Hyde it was re-
ported that Robert r. Lincoln had
been agreed upon by them as the man
best qualified to assume the chairman
ship of the board of directors.
The prominent features of the Prick
report, about which there was bound
less speculation, when it was pracu
lcaIy rejected and suppressed at the
meeting yesterday, proved when it was
published in full today to follow close
ly the outlines forecasted several days
ago. Both Mr.. Alexander and Mr..
Hyde are severely criticised in the re-
port, which declares that assuming
Mr. Hyde to be guilty of the things
charged by Mr.. Alexander, the latter
is "culpably negligent in acquiescing
in them for so long a period, and in
not bringing them to the attention of
the board of directors" ;
Among the features of the report is
a letter from Mr.. Alexander, devoted
in part to a reiteration of his charges
inc Ny JxrIn in1l
to the effect that Mr.. Hyde was en-
abled to become a director in many
corporations by reason of the fact
that large quantities of stock belong
ing to the society were held in his
name. Commenting on a letter from
Mr.. Hyde, giving the details of profits
resulting from syndicate operations,
the report, while admitting that the
society had profitted by these trans
actions, declared the officials in the
syndicate to have been guilty of
breaches of trust and propriety in so
dealing with corporation which they
were serving.
Counsel for Mr.. Hyde issued late to-
day a long statement defining Mr..
Hyde's position in reference to the at
lacks on him. In this attention is
called to the fact that Mr.. Hyde had
offered to trustee his stock,
and had for many weeks urged that
Il man "of dominating national repu
tation'' be placed at the head of the
society. The statement covers the de-
tails of numerous stock purchases al
legged by Mr.. Alexander to have been
made at the instance of Mr.. Hyde
consultation with any MEM
bers of the society and declares them
to have been approved at meetings of
the finance committee at which Presi-
dent Alexander was present. let
ter from Mr.. Alexander to Mr. Hyde
is incorporated in the statement in
support of this contention. Mr.. Hyde
again denies that he ever attempted
to undermine the Presidents authori-
ty. Referring to the charge of per-
sonal ambition, Mr.. Hyde declares that
his sole ambition was to worthily fill
the place occupied by his father, the
founder of the society. In. conclu-
sion, Mr.. Hyde reiterates his charges
that Mr.. Alexander conspired against
him with the design of ousting him
from his position and obtaining con-
troll Of the society himself.