Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-23
HANDS NOT TAINTED
MANAGER BoWES DEFENDS
PRESIDENT ALEXANDER.
Special Dispatch to The Star.

Special Dispatch to The Star.
BALTIMORE, Md, April 22.-Joseph
Bowes, local manager of the Equitable
Life and chairman of the agents COM
mttee that waited on James Hazen Hyde
and demanded his resignation from the
society, returned to Baltimore today. Late
tonight he gave The Star correspondent the
following statement:
President James A. Alexander of the
Equitable Society is as clean and upright
man as can be found and his hands are
not tainted with the financial transactions
in connection with the organization. Alex
ander has seen the trend of affairs that
was turning the gigantic assets of the
company into the control of Wall street
railroad kings and bond dealers, and his
efforts to save the society by mutualiza-
ton and the efforts of others to save
themselves by clouding the atmosphere are
apparent to ALL Alexander did receive
checks representing part of the profits Oh
the James H. Hyde and associates un-
derwriting syndicate, but /, and all the
agents believe his statement that he turned
the money into the Golfers of the society.
We were not shown any evidence of this
fact but l have positive information that
Henry Neyck of the investigation commit
tee has been shown the books which con-
tain the records. Mr. Alexander will come
out of the turmoil with clean hands. He
questionable transactions
When l saw him he told me that he was
willing to give half his fortune, and that
he would resign as president or the soclety
he has served forty years if he could by
these means bring about peace in the or
ganization and security to the policy hold
ers. 1t was Mr.. Alexander who brought on
the fight for the naturalization of the So
ciety, and it was he who saw whittier the
financial affairs of the corporation were
drifting under the influence of Mr.. James
Hazen Hyde. He will not resign, but in
tends to fight it out to the bitter end, and
he will continue to be the president of the
Equitable Life. After the storm blows over
there is no doubt that he will be made the
chief executive of the organization.
I'VE know that Mr.. James Hazen Hyde
profited from the underwriting syndicateS,
for we have as evidence the checks he re-
Gently returned to the society. He will be
forced out of the association. That nearly
all the agents believe him guilty of finan-
ciering subject to criticism is shown by the
fact that when the convention Of agents
took vote on the proposition to ask him
to resign it was passed with but ID out OF
$50 dissenting.
is in favor of the naturalization of the or
ganization. He said that he was delaying
action out of courtesy to the attorney gen.
eral of the state of New York, who was
awaiting the decision of Judge Maddox in
the Lord case, in which the board of d.
rectors have been enjoned from efforts at
naturalization. Mr.. Hendricks said that he
was in sympathy with naturalization, and
that he would use determined efforts to ac-
complSh the end. He said that he intended
to conduct a rigid investigat ton into the
affairs of the company, and that he would
consider every transfer of stock and the
methods and reason for the transfer
You can say that the suits entered in
New Orleans and Chicago to declare the
organization in such condition that it
should be placed in the hands of receivers
Will not prevail, as the organization, as
Superintendent Hendricks states is the
soundest corporation and has more surplus
than any organization in the world Harri-
man, Gould and Schiff, who are directors
latter, who acquired a few shares since the
ganiza ton. the society will be mutualized
and Mr.. Alexander will be president
Special Dispatch to The Star.
MADISON, Wis, April 22.-The National
Association of Insurance Commissioners is
to ask for an investigation into the affairs
of the Equitable Life Assurance Society.
Insurance Commissioner Host has written
Fred d. Cutting. the Massachusetts, COM
missioner, who is president of the National
Association, suggesting that he request this
privilege from the Equitable company He
says the commissioners of Connecticut
ONO. Michigan. Minnesota and Tennessee
have taken the same course.
A commission of state commissioners is
suggested for the examination.