The Washington times., 1905-06-02
Censures of Committee
Cause Alexander Hyde
Rapproehement
A HOT TIME EXPECTED
Equitable Life Directors
Meet to Take Action on
Committee Findings.

NEW YORK, June 2-"There's going
to be a hot time" SAID NJ. l. ingalls,
today, as the Equitab bic directors gath
cred to fight out the report OF The COM
Tnittee censuring President Alexander
and Vice Presidents Hyde anu Tarbell.
That's all I know" he added. grim
ly.
The directors present included George
J. Gould Senator Depew, and Samuel
Untermeyer, who is Hyde's counsel.
The adjourned meeting of the board
OF directors of this morning is t.le main
topic in the financial district.
Supporters of Hyde and Alexander
charge that the report of the Frick
committee is part of a gigantic plot to
turn over the control of the Equitable
and its s4Oo 0oo.o 600 or more of funds TO
the Standard Oil capitalists.
Alexander-Hyde Rapprochenent.
An outcome of events is the rap
prochement between the forces Of the
president and the vice president. For
the first time since the scandal began
they found themselves with a common
object TO fight forAthe prevention OF
the control OF the wealthy society. with
! enormous assets. passing 10 u third
party.
As evidence of their contention that z
plot exists, which, IL successful, would
result III Standard OIL controlling tho
/ Equitable millions, the Hyde and Alex
ander men point out tnat d necessary
move TO this end would be getting rio
of the present heads OF the society
This was recommended IN the Frick re-
port.
1T is the gravest crisis in tae histor,
Of the Equitable said an Alexander
supporter.
''The plan is that the Equitable shall
pass into the control OF Hartman
schif. stiilman. and the Rockefeller:
| and the Standard OH crowd.
Hyde had been promised by Harri
man that no drastic report would b
made against him and other member
| Of the committee. Now Hartman
| Friek, and ingalls, bring in 2 repor
ignoring grave charges and exaggerat
ing trivial ones for the purpose of con
trolling the funds of the society
Finding Beyond Anticipation.
The scope and extent of the charge
of the committees findings are beyon
anything that the board had anticipat
ed. All partisan lines have been wipe
out, each man hit by the report, an
that includes d large percentage OF tn
directors, is scurrying to cover on hi
own account and the principals in tn
controversy are demoralized.
If the board accepts the report 1t vi
be obliged to ask for the resignation
Of Alexander, Hyde. and TarbeII.
The report, besides practically recon-
mending the removal OF Alexander
Hyde, and Tarbeu, declares that tn
departments which they managed a
president, first vice president, and seq
ond vice president, respectively. haV
been conducted extrava gantly and will
out due regard TO the society's welfar
President Alexander's Office, the repol
: SAYS, has been managed with laxit
and negligence.
Found Hyde Extravagant.
The report recommends that the sals
ries of s122,5O q year paid TO Mr. HyC
] b.. the Equitable Life and It's subsidial
companies. the Equitable and Mercanti
c Trust companies. be readjusted. al
: that money used wrongfully either f
Z travelling expenses or other causes mu
p all be returned. The report finds that e
.ravagant charges for travelling G
: Denses were made by Mr. Hyde,
The report says also that waste and c
y travaeance have existed in other d
paftments besides those managed
= HYDE and Tarhell, and It declares IN
= large sums Of money have been depos
- ed in different institutions Tor the pc
y / s0naI Usa NJ certain directors Of the 8
= ciety. The report. 1t was said. set Il
= sum at between $40. 900 900 and S29:0J0 .
The report recommends generally n
the business of life insurance shouid
j reorganized In the interest Of the polio
holders The most radical recommenC
~ ton is that the Equitable should aba
: don the writing OF what is known a
t ferred dividend. policies. which inclu
IS many of the torftine policies, from whi
I, the Equitable draws Its greatest re'
-y nue. II was said yesterday that 8
seVenths Of the Equitable business "
of this nature and that $40, ,Go6, 600 of I
So. 600 coo surplus was held for these p
ferred dividend policies.