The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-06-22


This report, with a COPY of the evil
dence taken on this investigation. will
he transmitted to the attorney general
for such action thereon as he may
think proper"
Severe Arrangement
James W. Alexander. president. and
James II. HYDE. first vice president. re-
spectively. whose designations were &C
cepted yesterday by Chairman Morton.
are severely arraigned in the report Gage
T. Iarhell, second vice president. is eX-
onerated. Mr.. Hendricks finding that no
substantial evidence appears in support
of the charges against him. Mr. Hen
bricks says II Is an open question whether
President Alexander and the other off
Gers and directors who participated wit h
him in the transactions of James IT.
Hyde and associates" are not DISQUALIFIED
from hereafter holding any office in life
insurance ComDanV- The report Charac-
tcrizes these. transactions as unlawful
MT Iarbeil : name Is not IN the list Of
participants in these tranSa CtiOnS. The
pollCy-holdcrs- however the report sets
FORTH are under great obligations to Mr.
GERS for demanding the naturalization of
the society and the retirement Of Mr.
Hyde from its control.
Elder Hyde Scored.
A surprising feature OF. the presentmeut
Is that Mr. Hendricks goes back to the
organization of the Mercantile Safe De
post company in 1876 by Henry b Hyde
founder of the society. and declares that
this company. which leases its office and
vault room from the Equitable Life As
SuTance society. does not pay sufficiently
and profits enormously at the expense
Of the parent company paying p per cent
dividends The Safe Deposit lease has
ninety-siN years to. run.
OF Henry 3 Hyde and the organization
Of the safe deposit and other subsidiary
companies. Mr. Hendricks says: He did
not neglect his own interests or those Of
his immediate associates and dependents
in the society
The relations of the Equitable and its
auxiliary companies are discussed at
length OF Mr. AleXander's share in leases
to these companies Mr. Hendricks says:
James W. Alexander says he signed
these leases under the direction Of Henry
B. HYDE; I believe it to BE- the fact and
il is the most charitable construction
which can be placed upon his acts
Equitable Lost Heavily.
A loss to the Equitable Life resulted
from the consolidation Of the Western
Bank Of Commerce Of New York with the
West ern National Bank of New York. &C
CoTding to the report The Equitab bic Life
owned about l2OO0 shares. or a controlling
interest in the Western National and Val
entiue p. SNYDER, who was its president,
testified that he could have sold the con-
trolling interest at 500 a share In the
merger however. the E0uita bic Life As
$40 in stock Of the consolidated bank
The syndicate transactions of James
H HYDE and associates are referred to
as notorious" James W. Alexander s
name is given in the list of participants.
and il is shown that in various bond is
sues BY Kuhn. Loeb & Co. Speyer & CO.
! P Morgan & Co. and Brown Brothers
the syndicate was represented in the I'M
dcrwriting The total profits Of the syn
dictate are placed at S1S6l01. of which So
81 each went to James II. Hyde and
James w. Alexander. Another participant
was William II. Mcintyre, fourth vice
president of the EqUitabiC. whose share
was Sl4f20. All of those who took part
i'm these dealings the report says. should
be compelled TO pay back the sums re-
ceivcd BY them. This Is only very mild
punishment" SAYS the report
Gould Was Favored.
In the record Of Mercantile Trust COM
pauy shares Mr.. Hendricks found That on
June T. 1870 100 shares of that company
stock were sold to George J Gould Al
$500 4 share and on the same days fifty
shares were sold to II. G Prick for ~
per share. On Dec. 20. 1901. 100 shares
We're sold to NJ /. SChieff at $500 4 share
and on Jan. >. 1902. fss1 shares were SOLD
to r IT. Hartman for 500 share.
The report shows that on the advice Of
Mr.. Hendricks Kuhn. Loeb x Co re
purchased from the Equitable S1.V9-mo oi
Missouri Pacific gold Is Of 1915 TO wh'cf