The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-16
HYDE TELLS OF UNDERWRITING
SAYS ALEXANDER WAS IN 1T
UNTRUE. SAYS ALEXANDER

WI stand by Charter Amendments
Already Agreed On. but WIN Make
No Further Concession From His
Legal RiEhts-Can PolicyhOldeTs Law.
fully Vote for Corporation DlrectoTS9
vice-Presdent James II. Hyde Of the
Equitable Life Assurance Society made
public last night letter which he has sent
10 H. c. Prick, Oh airman Of the committee
appointed by the board Of directors to
investigate the affairs Of the society, relative
TO the statements made yesterday that he
has refunded to the society moneys lost by
il In securities unoaded on the society
by two underwriting syndioates Of which
Mr. Hyde was a member.
Mr. Hyde admits that he was member
Of an underwriting syndicate known as
james H. Hyde and Associates; that the
Equitable society purchased in some in
stances securities underwritten by the
zyndicate, but he denies that any such
profits a. asserted we're made through
the use of the societys funds. His entire
profits in the syndicate, with per cent. in
tcrest up to the present, he asserts, are
SOL 1882. and he has, he declared de-
posited a check for this amount with the
treasurer Of the society, pending a decision
by the officers and directors Of the society
as TO whether he is entitled TO the money
or whether it should go into the societys
treasury He has he declares, made no
resolution, and he admits no wrongdoinR.
rssident James w. Alexander, he asserts,
had an equal interest with him In the under
writing syndicate.
Mr.. Hyde complains to Chairman Prick
that his concessions are being deliberately
mlsconstrued and his silence misrepresented,
and he calls on him for protection against
the things that are appearing against him
In the public press, demanding a thorough
and convincing examination by the com
mittee. Here Is the letter:
NEW YORK. April rs, 1905.
h c. Frick. ESQ, Chairman Of Investigating
Committee Of the EQHtdble Life Assurance
Society
DEAR SIR: Your committee has enJoIned
me- and all the officers Of the society. from
discussing In the public press matters covered
by your proposed investigation. and IL has
been Impressed upon all OF us that the daily
publication Of scandal may gravely inJure
the society's business. ] have absolutely
kept faith in this matter, but will no longer
suffer the concessions which ] have made
for the benefit Of the policyholders and the
society. and the steps which have yolun-
tarily take 20 be misrepresented and dis
torted in the public press by those who have
not kept faith and who never will keep faith.
This mornings papers contained certain
statements about me which are designOdly
misleading and essentially false. / there
fore propose to make the facts known. They
are a. follows
Al the outset Of the present Equitable con-
roversy was charged with having been q
party 70 various underwriting syndicates
known a. james H. Hyde and Associates,
where partioipations had been taken and
where 1t was claimed that the underwriters
had made q profit by use Of the Equitable
society.
No such profit had In fact been made by
The use Of the funds OF the Equitable. but
there had been syndicate known as
James II. Hyde and Associates." including
james W. Alexander. president Of the society,
Whose participation was always equal TO
my OWN. and this syndicate had been under
writer's OF number OF banking issues Of
securities, and the Equitable society pur-
chased, In some instances. in the ordinary
course Of business, securities which had been
underwritten by this syndicate.
At the outset Of this controversy Mr., James
". Alexander and ] were both advised by
counsel that as 20 any such syndicate trans
actions In which any oficers OF the Equitable
society had been interested a full statement
board Of directors and whatever law aud
Justice required regarding them should be
done by the officers concered.
Following the advice above referred 10.
examined all these syndicate transactions
and deposited my check for SOL 4ls.e2 with
the Treasurer Of the society as trustee. This
amount represented my entire profits from
syndicate transactions OF the character above
mentioned. with per cent. interest up 20 the
date Of such deposi period. This deposit was
accompanied by tie statement that made II
because / preferred to have any question
about this mLtter settled with the money
under the control Of the society. and that
this deposit was made for the benefit OF the
society II the board OF directors thought the
money should be retained by II, or returned
70 me II It should be determined that | was
entitled 10 Il.
In other words. this money was deposited
20 be disposed OF as the propriety OF these
transactions might be finally determined
made no restitution admitted no wrong
doing | admit none now. / merely put
the society in the position TO make itself
good so far as ! was concerned II II should
Ice determined by proper authority that
transactions Of mine, innOcently made, made
with the sanction Of universal precedent
made with the approval and following the
example Of the president OF the society, made
without the concealment OF any facts and
and with no such injury as their result raised
situation either technically or substantially
emitting the society to profits which | sup
posed and now believe we're legitimately
mine
My concessions have been deliberately
misconstrucd, my silence has been mis-
represented, and the self-seeking persons
who have prepared the present trouble and
who masking as friends OF the polcyholders.
are striving 10 deprive me OF my properly
and 70 secure themselves continued control
Of the society, persist In violating faith and In
publishing and conniving az the publication
Of attacks on me. supported by garbled eX-
tracts from the records OF the society In
GLIDING the CORES Ondence Of the president
70 which these persons have or are given
Access
] shall do all in my power 70 carry out the
amended charter, giving the policyholders
The selecting Of the majority Of the board
beyond this will make no further concession
from my legal rights and shall defend as
well a. may the rights which have reserved.
You shall have my earnest cooperation
IN making your Investigation searching and
lie results full and honest. But you must
protect me from these Infamous daily attacks