Bisbee daily review., 1905-06-17
PUBLICITY AND PUBLIC OPINION.

OPINION.
 During recent years publicity has
 been advocated as one of the many
 panaceas by which might be cured
 many of the evils from which the pub
 lie suffers at the hands of corpora
 tiOns, trusts and monopolies. Both
 Bryan and Roosevelt have in their
 different ways advocated publicity as
 a remedy for many of the grosser
 evils which these institutions inflict
 upon the public. The effect of public
 ity. and afte. it public opinion, upon
 the affairs of large corporations and
 individuals connected herewith, has
 just had a very practical and far
 reaching demonstration in the matter of the investigation into the condition
 of the Equitable Life Assurance sO-
 ciety. One of the largest and richest
 corporations of the world, with untold millions of dollars at its beck and call. doing business with all people in
 every land. when the light of publicity
 was turned upon it's affairs public opinion has compelled every one of its executive officers, from it's pres ident down the line, to tender his resignation. It would have been
 thought that the men at the head of
 the affairs of the Equitable with their
 long experience in the business world, with unlimited money to back them and powerful friends to look after their interests would have been able to defy
 public opinion no matter how much
 the search light of publicity was
 turneds upon their affairs; but public
 ity did its work and all, big and lit
 tie, have been compelled to step down
 and out. In the case of James Hazen
 Hyde, the second vice president, this result of publicity is even the more remarkable The Equitable society was founded by his father almost fifty years ago. He lived to see its bus mess develop until it was the great est insurance company in the world and one of the largest and richest corporations. When he died he left to his son very large majority of the stock of the company and it's absolute control with additional millions to carry on the vast work of the com pany which had been the pride of the life ol the elder Hyde. To carry on this work. to continue as one of the chief officers of this gigantic corpora tion, was the one great ambition of the life of this young man. He was it's second vice president at a salary of $50 900 per year, he owned eighty per cent of it's stock and could control his stock the company as he pleased. In the administration of his office he had done no criminal act but had been indiscreet and had made many business blunders and prob ably had violated the insurance laws. of the state of New York. When the light of publicity was turned on the Equitable and it's affairs exposed to| the public and Mir. nyde's acts severe ly criticised he bid public opinion defiance and held on to his job an- that in no event would he control of the company which his father founded and in which he owned a controlling interest. He had not reckoned at that time with the power of publicity. The storm of pub lie opinion and public condemnation grew from day to day until MT. Hyde has not only been compelled to resign as vice president of the company but has also been compelled to sell his interest in the stock of the company. So much for publicity. If it can work such marvellous results with one great corporation possibly its good effects will be as pronounc- ed with others. The doctrine of publicity as a cure for many corpor- ate evils has been greatly strength ened by the results in the Equitable investigation.