Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-05
Vice President Hyde Decides to
Make Open Warfare on
President Alexander
LETTERS ARE PUBLISHED
Attempt Will be Made to Force Alex
ander and Gage TarbeII to Retire
From Presidency and Second Vice
Presidency, Respectively, Of the Big
Insurance Company.


Equitable Life Assurance Society as
sumed new phase last night when
several letters that heretofore have
been carefully kept secret were made
public. Further interest was aroused
by a persistent report emanating from
an apparently reliable source and so
far not denied that Vice President
Hyde and his friends in the society
had decided to assume the aggressive.
According to the report the Hyde par
ty will force James w. Alexander and
Gage e. Tarbell to retire from the
presidency and second vice presidency,
respectively, of the society at the
meeting of the board of directors to
be held next Thursday.
This report was strengthened last
night by the fact that both parties to
the controversy gave out certain let
ters and statements, bearing on the
questions in dispute. Mr.. Hyde's con-
tribution was the letter which he wrote
to the Equitable directors on Fepru-
airy Is, when the fight for mutualiza-
ton first came officially before the
board, At that time the letter was
carefully guarded and only Its general
tenor was allowed to become known.
The letter is a lengthy history OF the
Equitable and Mr.. Hyde's position un-
der the terms of his fathers requests.
and in it Mr. Hyde formally charges
President Alexander with gross
breach of trust to my father and me-
Mr.. Alexander's contribution to the
history of the controversy is his let
ter to the state superintendent of in
surance defining his position and ac-
quiescing in the compromise plan for
the naturalization of the society. 1t IS
interesting in that he declares that his
consent was given with reluctance be-
cause he felt that he could not take
the responsibility of rejecting even
that measure of control by the policy
holders.
Gage E. Tarbell a Target.
Second Vice President Gage Y. Tar
bell is the target of an open state
ment given out by Alexander S. Ba-
con. counsel for certain pollcyholders.
This statement declares that Mr.. Tar
bell is the real leader of the Alexand-
err force and brings up the charge that
Mr.. Tarbell, just prior to the begin
ming of the present controversy, sold
back to the Equitable, for the sum OF
s135,00O, all his interests in renewals
or future business.
Ir Mr.. Hydes letter to the direc-
tors he says he was called into con-
ference with President Alexander on
February 3, when but two business
DAYS interviewed before the directors
were to meet to elect officers, and told
that a Large number of officers of the
Equitable society, under his leadership
and initiative, had signed memorial
addressed to the directors, demanding
that steps be taken which would re-
suit in placing the policyholders IN
control of the corporation to the ex-
clusion Of the stock control" The let
ter says he was also given a legal
opinion to the effect that it was the
duties of the officers to bring this mat
ter before the directors, together with
a paper signed by a majority OF the
officers, charging Mr.. Hyde with per-
sonal unfitness for the office of vice
president. The letter continues:
"Mr. Alexander demanded by im-
mediate consent that my control of the
company, thru the ownership OF ma
jority of it's stock, be at once relin-
quished; that should consent that the
functions of the stock should be super
seeded under reorganization, thru
which the vote of the policy holders by
proxy should select a management to
control the affairs of the company,
and that should personally resign and
withdraw absolutely from any conrlec-
ton with the control or management Of
the company, accompanying these de-
mands by threats of exposure of i'm
proprieties on my part, in both per-
sonal and official conduct, and i'm
pressing upon me that the movement
against me personally had been so
effectively organized as to be resist
less.
Claims Secret Movement.
"The movement had been conducted
in secret. So far as / have been able
to ascertain, no one of the f1fty-tWo
directors, except the officers who had
been connected with his initiation,
were aware of any such movement or
of any of the alleged grounds upon
which 1t was conducted. Communica-
ton of knowledge of it to me was so
timed as to offer me the least possible
opportunity for reflection and CONSUL
taton upon a situation involving not
merely the major part Of my fortune,
but my destiny and reputation"
Mr. Hyde further said in the letter
that the movement was conceived and
guided by Mr.. Alexander secretly so
far as he and his associates in the d.