New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-04
PROBING OF EQUITABLE.
Continued from hrst page.


the meeting OF the executive committee, the
most important one was meeting at the office
Of E. H. Hartman. There were present Mr..
Hyde Jacob H. Schiff Samuel UnteTmyer chief
Of counsel for Mr.. HYDE, and Senator Depew
Later came other conferences with his lawyers
and OF the lawyers with some OF the Hyde d.
rectors.
The crimmins committee OF pOlicyhOiders seems
in sad difficulties with its counsel Frank II.
Plat. who IS with the Alexander people in the
demand for instant naturalization of the So
ciety. Mr.. Crimmins. chairman of the commit
tee, declares that all its members are in favor
Of the last plan submitted by Mr.. Hyde. What
ever Of ''treaehery" there was. was on the part
OF Mr. Plat. says Mr.. Crimmins. This the
lawyer denies. saying that Mr.. Crimmns has
deserted the interests OF the polieyhOlders
Mr. Crimmins declared that he knew all about
the charges Of treaehery made against him.
They were false he maintained The committee
was unanimous in its action on Saturday. al
though only five members We're present
Il want to deny that the City Trust Com
pany has received S5.OOOOOO deposits from the
Equitable" said Mr.. Crimmins. The company
has no money from the society on deposit. 1t is
untrue that / am seeking any high office in the
society. I would not accept office. l would not
be a director even. There is trouble in
committee, no difference of opinion. Our cOun-
sci, Mr.. Plat. has gone over TO the Alexander
side. but ne went alone
E. H Hartman had word TO say about Ger
tain reports that he had obtained immense loans
from the Equitable. since that concern had Sc
curities of his railroad properties amounting to
sd. l30,49S among its assets.
Personally 1 never borrowed dollar from
the Equitable in my life" said he. The same
be said of my railroad companies. Per
sonally 1 never sold any bonds to the Equita-
bic. neither have any of the railroads I'm which
I am interested sold their securities to the
Equitable"
PRESIDENT ALEXANDERs STATEMENT.
President Alexander spent almost the entire
afternoon at the office of Alexander & Colby. in
conference with his lawyers. cambridge Colby,
ex-Judge William n. Cohen and William B.
Hornblower. Although they were working over
the draft Of statement nothing definite was
said about it until evening. when the following
criticism Of Mr.. Hydes methods was put forth:
It has been my settled purpose to avoid as
far as possible a discussion in the public press
of the merits of any phase of the controversies
now existing within the Equitable Life Assur-
Society. 1t is properly a matter Of con-
Germ with me to avoid any expression which will
embarrass the board Of directors in the dis
charge of its duties that will give rise to pre-
mature judgments on any matter Affecting the
society or any individual l am confirmed in
this resolve by the fact that an examination OF
the society asked for by me through a let
ter addressed TO the Superintendent OF lnsur-
ance on February n. 1900 This examination rs
in progress. Its result Will establish the
truth falsity of many matters which are now
being alleged on the one hand and controverted
the other
dent of the society. James II. Hyde, on Satur-
day. April l. 1905 certain statements were
made which cannot allow to pass unchaIenged
He says that the charges that have been mace
against him have their origin in an effort by
individuals TO obtain control or the Equltaoie
Society and its assets. On the part OF hyseII
and the other officers of the society who are as
ISOLATED with me in this movement. desire TO
deny thai action is influenced by any mo-
tive exec IT a desire to discharge our duty as
.ofFleers 15F1tl4e society.
Mr.. HYDE further says that ne has exercised
no power except with the presidents concur
renee. In reply, 1 assert that Mr.. Hydes
usurpation of the presidents authority ana ms
habitual action without the consent or the
knowledge of the president of the society are
among the subjects of serious criticism against
his conduct as officer Of the society.
Mr.. Hyde's request for an examination OF the
society's affairs by the superintendent Of In
surance must be viewed as an acQuiescence in
my course in this respect, which a rev Gays
ago Mr.. Hyde was disposed 10 regard as taken
without authority.
have thus far made denial Of the fire.
Quent assertion that one of the trustees
of the Hyde stock l ana vested with the voting
power upon it. The trust expressly provides
that no vote shall be cast upon the Hyde shares
at any election of the society by the three
trustees except for person approved by James
H. Hyde. who is also one of the trustees.
TARBELLs STATEMENT on HIS SALE.
Gage E. Tarbell said last night of the sale CT
his commissions:
l was, for many years prior to my election
to the society s a Vice-president, its manager
at Chicago. The volume OF business written by
me during the long period of my representation
Of the society in Chicago and previously at Mil
waukee Appropriated S1O0O0O.0OO.
My renewal interest on business written by
me as an agent is secured TO me under the terms
OF the sOciety's contracts with me. 1t has been
for many years the custom Of the society to pur-
chase the renewal interests Of its agents when
ever il could do so at advantage to itself The
liability of the society for the payment of COM
missions on renewal premiums is fixed liabil-
ity and the society has derived no incOnsiderable
profit Ia the past from the purchase Of such in
terests 1t is a matter which is strictly within
the routine of the society's business.
The value Of such renewal interests can be
closely calculated by the society's auditors and
actuaries, and 1 have been under standing in
structions for years to close up the accounts of
agents in regard to their renewal interests
wherever II was possible with any saving TO
the society | have for some time been DESTROYS
of realizing upon my renewal interest and prior
to the date on which / awaited myself of the
socety's rule with reference to transactions OF
this kind / had been in conference with the O.
ciety's auditors and actuares as to the calcu-
lation Of the value Of my renewal interest
/ made an offer 10 the society TO dispose OF
my renewal interest at figure considerably
lower than the sOciety's auditors calculated 1t.
The president confirmed the calculation as to
the valuation of my renewals. and my offer
was less than their value computed by the So
cietys auditors, il was accepted and my renew
ais thus disposed of in entire conformity with
the practice of the society ever since its organ
iZatiOn
such matters have never been referred TO any
committee of the society. They are matters of
strict calculation These renewals now being
acquired with authorization beyond the GER
thcatiOn Of value by the mathematical officers
of the society and the executive approval
As an evidence OF the confidence that l have
IN the Equitable. / might add that I am now