New-York tribune., 1905-06-29
HYDE DEFENDS FATHER
Declares He Saued Subsidiaries at
Personal Risk.

r,.,.-i,y that sunerIntendent Hendricks had
-,55 ar attention 10 the charges against him
and little 10 his replies, James Hazen HYDE hpT-
.oerly vice-president Of the Equitable Life As
surance Society read 10 the directors at their
meeting yesterday a long letter which he had
sent to Paul Morton. chairman Of the board, IN
which he defended the memory Of his father
against the accusations OF the Hendricks report,
and himself answered the accusations against
his own conduct. Then, turning to the handful
Of directors. all who are left after the numerous
resignations he said earnestly:
4 ask you gentlemen to grant me permission
to give this letter TO the press. have suffered
the attacks on ali through this fight in the
silence the board OF directors imposed in the
beginning, but I feel that the accusations made
against my dead father demand widespread
reply. My own answer TO the charges made
against viii be made in court"
The directors, with Mr.. Morton's concurrence.
granted to Mr. Hyde the permission TO make
public his letter.
MI Hydes spirited defence was the feature
of what otherwise would have been a short,
routine meeting. enlivened only by the an
nouncement of three more designations from the
board and the list OF men named by the Ryan
trustees TO fill vacancies. The latest directors
10 leave the Equitable are George II. Squire.
who was interested largely in the syndicate un-
i
man to leave the Frick committee. and Alfred
o. Vanderbilt. All three were so-called
dummies qualified by the Hyde stock.
The meeting began at noon, with the follow
ing members present: H. C. Deming, Thomas
Jordan, Y. P. Snyder, Alvin W. Krech, William
Alexander James H. Hyde. Gage E Tarbell,
&. &. Alexander, J. F. de Navarro, Bradish John
son, H. R Winthrop. George T. Wilson, William
II. Mcintyre and Samuel n. Inman
Paul Morton, who presided announced that
the meeting was called chiefly to learn the action
Of the trustees Of the stock control and their
communication could not be received before 3
p. NJ. so it would be well to adjourn to meet
again at 3:30 p
MIR. HYDE READS DEFENCE.
At that time the board reassembled, and after
Mr.. Morton had taken the chair, Mr.. Hyde asked
permission to read to the directors communi-
cation he had sent To Mr.. Morton He read as
follows:
ask the permission of the hoard OF directors
Of the Equitable Life Assurance Society TO place
~ gPerinFendet @ Hcndreks iated June e 20 iss
on his investigation into the management of this
society so far as it reflects upon the memory of
The fact that this society exists is due to him
It's success Is in the main due to his Efforts Inc
Thai IL lies with no one connected with this So
csty TO say ANYTHING but good Of hira-
what he did and more, he would not nave implied
what he did. he had Informed himself OF all the
tacts before reaching his announced conclusions.
II is therefore not only fitting, bur my duty to
call the attention Of the board OF directors 10
some facts not known TO Superintendent Hendricks
because he did take testimony on the subject
HOr notify me that lac wished IL formation TO
Ihe matters which are his principal subject of
criticism.
DO not ask now for an opportunity TO present paa
evidence but only TO refer - few salient facts.
which / ask the board 10 keep in mind pending
eoDgiete investigation. =.
nernteadent Hendricks's attention has been main
y given 10 tne subject OF SAFE deposil cYii2ats -
tseses. which he assumes 10 nave Dseh ueF'seu W
ny father for the purpose Of personal gam =.
rFecsely the contrary is the Iact as rev
WORDS wilI Indicate 10 you These leases were en-
sopsl pecuEiaTy risk him in the effort 10 avert
serious ioss 10 the society ;.
PANE then the Mercantile Loan ana Wateo te
house Company became q tenant OF the EGullaDie
Iaie assurance Society in the city OF = e Sq Or;
80 70 Broadway, en- March 80. 1870. ana On ma ma
. 1872, the Equitable Lire Assurance Society purII
Chased a controlling interest in the then capllal
STOCK 81 the Mercantile Trust Company. ~hlch maS
hen $4,000 On June u, 1913, the capitaI STOCK oI
The Mercantile Trust COMPANY was increased 20
$4,000. May g. 1875, its capital stock wa
Society in each instance taking its proportion OF
he Increased capital stock. that since May ~
ways owned q controlling interest In the stock or
the Mercantile Trust Company
TRUST COMPANIES. GOOD INVESTMENTS
Since May 1875 the investment of the Equitable
Life Assurance Society in the stock of the Mef-
camille Trust Company has been, at par. 81 l0i 900.
N me then conoftlon OF the Equitable Lille tAs
seranee Society this investment was an important
item II its assets
From what my father has told me- and from
documents IN my possession, obtain these facts.
Prior 10 the dates referred TO by Superintendent