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


eates Of Indebtedness due July
1908, authorized 800. 900 outstanding
$4,000 On July Il, 1908, the first mort
gage bonds and the certificates Of indebted
meas fell due and were exchanged for the
600 frst mortgage A., the Inst item In the
Fouitabe report. 90 Nov. 70, 1904 the
stockholders ofthe Cotrey Island and Brook
lyn Railroad Company authorized new
mortgage OF slO.OOoOOO 4 per cent bonds
10 refund the then existing indebtedness
Of the road. amounting to SL9iO.oOO. and
10 provide for improvements the imme-
diste issue to be Sl,SoOOOO. $4,000 to be
maid tothe Equitable, t265, 900, in' notes and
Sl0s. 900 in improvem ents.
SANE DIRECTORS IN oTHVooNoRRNS-
On Jan. /. 1905, according to the report
OF the Coney Island and Brooklyn Rail-
road Company. the Equitable Life Assur-
ance Society had practically all Of the out
standing bonds Of the company. Now let
ia look and see who are tbs oficers OF tho
Copey Island and Brooklyn Railroad Com
pany.
They are: President, j. L. Helms; first
yios-president, Louis Fitzgerald until very
recently a oo-trustee with Mr.. Hyde IN the
MANAGEMENT Of Mr. Hyde's 800 Of the loo
shares OF stock in the Equitable Society;
second vice-president James Hazen hyoe,
Associated with Mr. Hyde in the board OF
directors are Mr.. Fitzgerald, William H.
MCINTYRE. fourth vice .prestcent oil the
Fouitable. who took Mr.. FitzgrTald's place
a. n co-tr1istee with MIR Hyde in the man
arement Of Mr. Hyde's 500 shEes Of stock
in the Equitable: Valentine =. Sn' der
one Of the Hyde dummy directors IN the
Equitable. and II. r. Winthrop. ,another OF
them.
So. according to the report'of the Equl-
table life Assurance Society +ent TO the
Superintendent Of Insurance. and accord
ing 10 the report Of the COney Island and
HrookIyn Railroad Company, MI. HYDE
and his fellow directors in the Co1ey Island
and BROOKLYN Railroad Company sold to
The Equitable Uhe Hyde directors directing
the purchaser practically all Of the bonds
Of the Conev Island and Brooklyn Railroad
COMPANY. Hcre is another caP where
tho HYDE directors in he EGuitable+contI OF
ling the $4,000. 600 surplus Of that society
used the funds of the Equitable to buy bonds
Issued by themselves az owners Of the
Coney Island and Brooklyn Railroad Com
Inny.
Il is transactions Of this character and
transactions as TO the loans on and the
purchase Of Union Pacific stocks and bonds,
and the financial transactions OF what are
known as HYDE directors Of the Equitable
that Supt. Hendricks is 20 investigate.
But the fact that Mr. Hartman and other
Of Mr.. Hyde'- dummy directors have had
such sweeping authority, while not even
policyholders in the society, il one Of the
matters considered to be most astounding
by the policyholders Of the society.
PRESIDENT ALExANDER's STATEMENT.
This is the statement issued by President
Alexander. which among other things
shows that tho Hyde stock held by trustees
must under the trust not be voted for any
director not approved by Mr., Hyde:
1T has been my settled purpose TO avoid
AZ far as possible a discussion in the public
press Of the merits Of any phase Of the con-
troversies now existing within the Equi-
table Life Assurance Society. II is properly
a matter Of concern with me TO avoid any
expression which will embarrass the board
OF directors in the discharge Of its dutiee
OF that will give rise to premature judg-
ments on any matter affecting the society
or any individual. | am confirmed in this
resolve by the fact that an examination Of
the society was asked for by me through
letter addressed TO the superintendent OF
Insurance on Feb. u, 1905. This examina-
ton is now In proRress. IL result will
establish the truth OF falsity Of many mat
tens which are now being alleged on the one
hand and controvpIted on the other.
In a signed statement issued by the
vice-president Of the society Mr.. James
H. Hyde, on Saturday, April 1, 1905, certain
statements were made which cannot allow
TO pass unchallengcd He says that the
charges that have been made against him
have their origin in an effort by individuals
to obtain control Of the Equitable society
and its assets. On the part OF myself and
the other Officers Of the society who are
associated with me in this movement,
desire 10 deny that our action ia influenced
by any motive except a desire 10 discharge
our duty a. officers Of the society
'Mr. Hyde further says that he has exer-
cised no power except with the presidents
concurrence. In reply ! assert that Mr.
Hydes usurpaton Of the president author
ity and his habitua action without the con-
sent or the knowledge Of the president
Of the society are among the subjects Of
serious criticism against his conduct az
on officer Of the society.
MIR. Hyde's request for an examination
n the society affairs by the Superintendent
Of Insurance must I've viewed a. an aoquies-
cenoe in my course in this respect, which
few days ago Mr. Hyde was disposed
TO regard as taken without authority.
i have thus far made no denial OF the
frequent assertion that as one Of the trus-
tees OF the hyde stock am vested with
the voting power upon il. The Trust eT-
pTessly provides that no vote shall be cast
upon the Hyde shares at any election Of
the society by the three trustees except
for a person approved by Mr. James II,
Hyde, who IL also one OF the trustees.
jams ". ALEXANDER
ENCOUNTER AT EXECUTIvE MEETING.
This statement was issued by President
Alexander after Mr.. Hyde, at a meeting OF
the executive committee Of the board OF
directors early in the afternoon. had de-
handed Of him that he define his attitude
toward the proposed naturalization plan
suggested by the pohcyholdsrs' committee
and acquiesced in by Mr. Hyde and his
supporters. The encounter between the
two was dramatic,
The feeling between them has long since
..achad n mint which doas nof r,aFy,if