The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1905-04-17
Where Control Is Centred.

there fore the investment apportion-
ment.
Where Control Is Conferred.
But who elects them? Not the
policy holders They have nothing to
do with it, The stockholders of the
Equitable cleo the directors. The late
Henry h. Hyde, founder of the
Equitable. left in the hands of trus-
tees for his son 81 per cent of the
Equitable stock, so that that 81 per
cent rules in the election of the di-
rectors. For the sake of harmony
that majority interest has been used,
not to elect an entire board of its
own choosing, but a good majority,
granting the choosing of some di
rectors to the holders of the other 40
per cent.
BY the terms of the late Henry r.
Hyde's will his majority interest in
the Equitable stock was bequeathed
to his son. James II. Hyde. But until
the son should come to the age of
80 years he would not have full pos
session of it. Until then, it Is to be
managed by trustees, of which young
Hyde became one. At first. under the
will, there were half a dozen or more
trustees and now, with more than a
year still to run before he becomes
80, there are three trustees in charge
of the majority interest: namely,
James w. Alexander. William II. Nc
Intyre and James II. Hyde.
Mir. Mcintyre stands as one with
young Hyde in all Equitable matters,
so that these two men can outVote
Mr.. Alexander at any time an issue
is made by the latter among the trus-
tees. This is believed to be the point
where the trouble begins. Hyde and
Mcintyre. being two of the three
trustees in charge of the Hyde estate
majority of the Equitable stock can
practically name a majority of the
directors. On June 6, 1906, Mr.. Hyde
will he 80 years old and then, dispens-
ing with the trustees provided for up
to that time under his fathers will,
he will be able to vote the 81 per
cent of the Equitable alone, and him
self name the whole board of direct
ors if he so pleases. At least TINS
was the way matters stood before the
AleXander-Hyde fight began.
J. w Alexander, one of the three
HYDE trustees, is and for years has
been president of the Equitable So
ciety Soon after the Hyde ball at
Sherry's he began to talk about the
hurtful notOriety that this and other
widely published doings of Hyde were
giving the society. He also said that
the expenses Of these gay occasions
were charged up by Hyde to the So
ciety under advertising" and other
heads He therefore urged that the
young man be dropped from the vice
presidency of the society, and that in
order that his (Hyde's) control of
the society be ended and at the same
time an act of justice be done to the
policy holders. the charter of the So
ciety be amended so that the policy
holders be admitted to the voting for
directors.
Mr.. Hyde's answer was direct and
forceful. He charged President Alex
ander with being false to his trust
under the Hyde will, in endeaVoring
to change the conditions of the estate
under that will Hyde further charged
that Alexander desired to make this
change not really in the interest of
the 500, Equitable policy holders,
but in his own interest, designing, as
president. to obtain the proxies of
most of the policy holders and thus
TO secure voting control of the So
ciety.
What with bitter elimination and
recrimination in the newspapers, the
public was reused to a great state