Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-06-02
MAY sQUELCH REPORT
Indications That Hyde and Alexander
of the Equitable Will Stand To-
sether For Mutual Proteetion-FricIs
Report May Be Voted Down.

New York, June "A new align
ment of the parties concerned in the
controversy in the Equitable Life AS
surance Society, appeared to have
been established today when the di-
rectors meeting began. It was gener-
ally expected the directors either
would decide to make public the report
of the Frick Investigating committee
with a resolution that its recommended
tions be carried into effect, or that a
number of directors would resign. A
friend Of Vice President Hyde today
gave out statement to the effect that
the report would probably be voted
down. This plan, it was said, had the
support of President Alexander, who
heretofore had opposed Hyde.
Substance Of Report.
The report of the Frick committee,
which consists of forty-two pages OF
printed matter, contains the following
radical declarations:
First-It practically demands the re-
der, First Vice President James II.
Hyde and Second Vice President Gage
e. Tarbell.
Second-It declares that every Off
Ger and director of the Equitable soci-
ETY. who ,profted in any way as a MEM
Der of the James II. Hyde and asso-
ciates" syndicates must pay back into
the treasury every dollar he made at
the expense of the policy holders 1t
declares that If any of these guilty
officers refuse to refund this money
the Equitable should compel restitu-s
ton by suits.
Third-It declares that the office OF
President Alexander has been managed
with laxity and negligence and should
be thoroughly reorganized.
Fourth-It charges that Vice Presl-
dent Tarbell has conducted his office
with waste and extravaganza, and that
his department should be reorgan-
lied. No charge Of dishonesty is made
against Mr.. Tarbel.
Fifth-It condemDs the salaries of
$122. 500 paid to James H. Hyde, by the
Equitable Life and it's subsidiary COM
panions, the Mercantile Trust and the
Equitable Trust, and censures sys.-
tenn that has prevailed in Mr.. Hyde's
office by which his personal clerks re~
ceive salary advances sometimes as
high as $50 per cent.
Sixth-It declares that the entire
business Of life insurance should be
thoroughly reorganized in the interest
of it's beneficiaries, the poficyholders.
Waste is Rampant.
Seventh-It finds that waste and ex-
travagance, if not peculatipn, have
existed in practically every depart
ment of the Equitable society.
Eighth-It declares that between
$40 100000 and $2O,0o0,OO0 have been
deposited in different institutions for
the nersonal use of certain officers of
the society.
Ninth-It declares that secret agree
ments have been made among certain
officers to purchase large lots of bonds,
and that other secret agreements have
been made to sustain the price of these
bonds after the purchases We're made.
Tenth - 1t condemns settlements Of
the various suits that have been
brought against certain directors of the
society with the money of the Equit-
able In connection with the settle
ment of the suit brought by former
Governor BIB. Odell, Jr, for his losses
in the securities in the United States
Shipbuilding Company, it was declared
this was done to crafty the private
ambition of certain directors.
Eleventh-All of the charges OF
wrongful misuse of the Equitable's
money against Mr.. Hyde. such as the
$12,5O0 paid for the Cambon dinner,
are gone into with great detail and
condemned.
Twelfth = 1t finds that extravagant
charges for travelling expenses were
made by both Mr.. Hyde and Third
Vice President George T. Wilson, the
former putting in bills for $4,000 and
the latter for 100000, total for the
two men of 100000.
Condemns Tontine Policies.
It was learned yesterday that the
most radical recommendation is that
the Equitable should abandon writing
what is known as deferred dividend
policies, which include many tontine
policies, from which the Equitable
draws it's greatest revenue The Equit-
able instituted this system in 1868,
and began to COLLECT it's great surplus
by means of it. The New York Life,
Mutual Lie, Northwestern Life also
are engaged in business of similar
sort.
Servia and Turkey at Outs.
constantinopIe June 2-Servia has