The Saint Paul globe., 1905-04-16
Mr.. HYDE EXPLAINS
USE OF THE FUNDS
Refuses to Keep Silence While
Others Talk With Such
Freedom


Life assurance society:
Your committee has enjoined me
and all the officers of the society from
discussing in the public press matters
covered by your proposed investiga-
tion and it has been imposed upon all
of US that the daily publication of
scandal may gravely injure the So
cietys business.
4 have absolutely kept faith in this
matter, but 1 will no longer suffer the
concessions which 1 have made for the
benefit Of the policy holders and the So
ciety and the steps which l have volun-
tarily taken to be misrepresented and
distorted in the public press by those
who have not kept faith and who will
never keep faith. This mornings pa
pers contained certain statements about
me which are designedly misleading
and essentially false. l. therefore. pro-
pose TO make the facts known. They
are as follows:
Tells of Syndicate
AT the outset of the present Equi-
table controversy, / was charged with
having been a party to various un-
derwriting syndicates known as James
h. Hyde and associates where partici-
patton had been taken and where 1t
was claimed that the underwriters had
made profit by use of the funds 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 d syndi-
cate known as James H. Hyde and as
sociates, including James w. Alexan-
der, president of the society (whose
participation was always equal to my
OWN, and this syndicate had been un-
derwriterS of a number of banking is
sues of securities and the Equitable
society purchased in some instances, in
the ordinary course of business, securi-
ties which had been underwritten by
this syndicate
AT the outset of this controversy
James w. Alexander and / were both
advised by counsel that as to any such
syndicate transactions in which any
officers of the Equitable society had
been interested full statement should
be made up and laid before the board
of directors, and whatever law and JUS
tice required regarding them should be
done by the officers concerned.
Makes Big Deposit
Following the advice l have above
referred to, 1 examined these syndi-
cate transactions and deposited my
check for $61,446.92 with the treasurer
of the society as trustee This amount
represented my entire profits from syn
dicate transactions of the character
above mentioned, with 6 per cent in
terest up to the date of such deposit.
This deposit was accompanied by the
statement that 1 made it because 1
preferred to have any question about
this matter settled with the money un-
der the control of the society, and that
this deposit was made for the benefit of
the society.
In other words, this money was
deposited to be disposed of as the pro-
priety of these transactions might be
finally determined. | made no restitu-
ton l admitted no wrong doing. l
admit none now. l merely put the So
ciety in the position to make itself
good so far as [ was concerned, if it
should be determined by proper au-
thOrity that transactions of mine, in
nocentlys made, made with the sane
tiOn of universal precedent. made with
the approval and following the exam
pie of the president of the society,
made without the concealment of any
facts and made without intent to injuTe
the society and with no such injury
as their result, raised a situation either
technically or substantially emitting
the society to profits which l supposed
and now believe were legitimately
made.
Charges Bad Faith
My concessions have been deliber-
ately miSconStrued, my silence has
been misrepresented, and the self
seeking persons who have prepared
the present trouble, and who. masking
as friends of the policy holders, are
striving to deprive me of my property
and to secure for themselves continued
control of the society, persist in violat-
ing faith and in publishing ard con-
niving at the publication of attacks on
me supported by garbled extracts from
the records of the society, including
the correspondence of the president, to
which these persons have or are given
access.
Il shall do all in my power to carry
out the amended charter giving the
policy holders the selection of the ma
jority of the board. Beyond this l will
make no further concession from my
legal rights and 1 shall defend as well
as [ may the. rights which I have re-
served.
You shall have my earnest cooper
alton in making your Investigation
searching, and its results full and hon
est. But you must protect me from
these Infamous daily attacks in the
newspapers or put me at liberty to
make my own defense in my own way.
[ have to request that you cause this
communication to be published 9th
erwise, l shall be compelled to secure
its publication
Pronounces Statement Untrue
President James w. Alexander of the
Equitable tonight gave out the follow
ing answer to the above in writing:
Mr.. Hyde'S statement on the sub
ject of alleged syndicate participations
by me is untrue. On receipt a few
weeks ago of a letter from Mr. Hyde
accompanying the checks to which he
refers L stated to him that the matter
was one which ought to be fully sifted
and l requested that l be furnished at
once with a complete statement from
him on the subject This request has
not yet been complied with No dis
closures as to Mr.. Hyde's acts have
got into print through me.
Il may say that many statements in
tended to be injurious to me have been
given to the press by those interested
in defeating the movement set in mo-
ton by me for the benefit of the pol
icy holders. These statements l have
traced to press bureaus identified with
Mr.. Hyde, but l have preferred to
suffer these baseless attacks upon nv
conduct and motives rather than re-
sort to such methods in contest for
principles. which / regard as vital and
in the discharge of duties which are
more grave and onerous than any
which l have ever been compelled to
perform"
Precursor of Cholera