The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-05

tHy VI .lo aiegeu RIOundb upon WIZ
was conducted. The movement had reachcd
Us hnnl proportions before any Of tho Other
dlrectOrs had been advised q It's eIlstenc',
and communication Of knowledge OF u 70
me was 10 timed as to offer mo the least
possible opportunity for reflection ana
consultation upon a situation involving
not merely the major part u my fortune
but my destiny and reputation
The movement was conceived and Rlldea
by Alr. j. " Alexander whose power and
influence with the officers o. the company
we're exercised secretly 80 far A. ! and
my associates upon the board u directors
we're concerned. and the signatures to doc
uments charging me with unfit ness we're
thus induced even from officers and heads
Of departments with whom my functions
have not brought me In contact and who
were thus persuaded to make written
record Of their disapproval Of me with az
little opportunity on my part TO correct
them az there was on their part 10 exercise
independent Judgment
ALLEGED DIsLoIAuTY TO THE TRUST
My father, Mr.. Henry b Hyde, was the
founder Of the Equitable society and the
owner Of a majority Of it, stock. The
success q the society was his litework
and II was his most cherished wish tba
as hi. successor in the ownership Of its
stock / should devote my life and energies
20 the future Of the society.
! shall not In this statement undertake
10 discuss OF palliste any personal indis-
oretions which may have given occasion
for Just criticism, but have no hesitation
in contrasting ell Of these, and Others
far moro grievous than any with which
have been charged with the attitude
which has been taken in this matter by
Mr.. James W. Alexander, a man Of mature
years, Of wide business experience and Of
such abilities that IL ia impossible he should
have misCOnceived the solemn duties
devolved upon him, and accepted by him,
H. t.aW NnFN n fWat a
by my father.
At the time Of my fathers death he left
Mr. Alexander. Gen. Fitzgerald aud my
self together with certain other gentle
men whose functions a. trustees terminated
when / reached the age Of % years.
"a trustees Of the majority Of the stock
Of the Equitable society bequeathed TO
me. By the terms Of the trust the trustees
vote the majority Of the stock Of the Equi-
table society thus held in trust. subject
only 10 an effective objection on my part
to any nominees to membership In the
board and 20 a right in me 70 cast the proxy
Of the trustees for the nominees thus selected
by them. In the event Of the retirement
OF Gen. Fitzgerald from the trust the re-
naming trustees we're, by the deed,
authorized 20 select his successor and, Gen.
Fitzgerald having retired, this power was
exercised In the selection Of Mr.. Mcintyre
Ny fathers confidence In Mr.. AleIan-
der's loyal devotion 10 his trust and his
jealous fidelity in carrying out its pur-
poses was 40 great that he designated
, H. NJ Alexander. the son Of j. W. Alex
ander, az the natural successor Of the latter
In the performance Of these duties. j.
| ". Alexander has no office in the Equitable
society which no does not hold primarily
through the trust and confidence Of my
father and, after my fathers death. the
trust deed executed by him. Mr.. Alex
| ander Is a director Of the Equitable society
and president Of that society solely by
the vote of the stock oOnflded To his keeping
/ by my father and by virtue OF the trust
and confidence which | have reposed in
! him, and which was almost an inheritance
! from my father.
By this trust deed Mfr. Alexander was
! not only charged with the obligation TO
| thus care for my patrimony, but he was
most soemnly adJured in that deed land
| he accepted the duty thus imposed) 70
exercise all possible influence with Inc,
! when should attain the ago Of thirty yenrs,
! 10 induce me TO renew and extend the trust,
| thus continuing as far as might be legally
possible the control and administration
! Of the Equitable society initiated by my
| father.
quote the following from the trust deed:
And this indenture further witnesses that
| the parties hereto do hereby accept and
agree 70 carry out the terms Of the SAID trust
] a. hereinbefore set forth. aud 70 perform the
| duties and obligations imposed upon them
hereby. and the said parties Of the second
]
I James Hazan Hyde shall survive the party
/ hereto OF the hrst part, the parties OF the
second part and their SUCCESSORS WI use s, al
/ Haven Hyde, upon his attaining the age OF
| thirty years, and upon the termination OF thus
trust, TO make new settlement Of the stock
! in such manner that the same may continue,
! 80 long as lawfully may be. 70 ee held ana
! served for the benefit Of the children OF the
said James Razen Hyde after his death.
! SECRET cABAL TO DESTROY TRUST ESTATE
IN HIS HANDS.
On the sixth day Of June, 1906, will have
/ attained should / hvel the age Of 3
I years and will then. subject TO my duty
/ 10 my fathers expressed wish have come
I into possession Of my stock Thus. shortly
/ before the expiration OF that period, Mr.
! Alexander, owing bis existence as director
/ and officer Of the Equitable society to his
/ trust and 20 the stock confided 70 his care,
! has engaged in a secret cabal with officers
l under his control, and in many cases sub
| jeot TO his coercion, to destroy the value
| OF the subject Of his trust and to destroy
! the reputation and future Of the beneficiary.
! The Equitable society IA in the hands OF
a board OF hfty-two directors. in whose
selection Mr. Alexander has had an infiu-
| entail voice and In the selection Of which he
| has never In a single instance been antagon-
! lied by me. IL IL substantially the board OF
] directors selected by my father, continuing
without conference.-the vacancies from
| time 10 time being filled by those who were
| in logical succession for the ohloe. | am
I entitled 20 receive my portion Of the credit
| for having maintained In office these fifty
| two gentlemen under whose administration
! the Affairs Of the society have singularly
| prospered Under the bylaws OF the COM
| pany the board Of directors have absolute
/ power in the mana cement Of the concerns
| of the society and the president has I'M
usually wide and controlling powers in
| the supervision Of It's business. / cannot
| be Justly charged by Mr.. Alexander with the
! usurpadon OF any Of lie functions have
usurped no such functions and ! could not
have done 90 without incompetency on his
| part.
OBJECT, TO CONTROL THE SOCIETY.
No man could be more reluctant than TO
| change the character Of the board Of di-
| rectors OF the Equitable society or to impair
the proved efficiency Of its management.
I II cannot be pretended that TO deprive the
stock OF the Equitable society Of its legal
control would result in the selection Of a
better board OF directors or in the creation
| of a more efficient management. There
| las been no general claim or demand upon
the part Of pohcyholders in the line Of the
| present movement. There can be no long
! continued disguise Of the true purpose
| Of the present movement, It's purpose 10
! 10 transfer the selection Of the directors OF
! the Eouitable society, and its mana cement,
! 10 a coterie OF men whose more immediate