New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-04
RESIGNS HYDE TRUST.
ALEXANDER BLOCKS SUIT.
Tells Company Trustees They Had
Agreed to Every Step He Took.


w. Alexander resigned yesterday trustee of the
Equitable stock in the estate Of Henry B. Hyde
Hyde partisans haze declared recently that a suit
would be begun to compel Mr.. Alexander TO resign
In his letter of resignation. addressed to James
H Hyde and William II. Mcintyre. co-trustees,
Mr.. Alexander answers the accusations as follows;
Referring to the agreement of September II, 1895:
in which was named as one OF sever uustesS OF OF
Society, hereby resign as one OF sild uustees anu
request an immediate acceptance OF my resignation
The powers and duties imposed upon the trustees
under the agreement are PueS toIi't t r. r;,inaI
trustees other than myself named IN me orlglai @
omd atbougb have hitherto been willing to con-
tirue in my nominal relation trustee of the
subject matter of the agreement, now feel az
view of the wholly unjustinable charges so widely
circulated BY you that have b. been gUify OF tb
of the policyhoders of the Equita be Lie
Assurance Society to some participation in its man
The purpose of the late Henry B. Hyde making
the agreement referred to was TO prevent the con-
trolling interest of the stock of the Equitable from
ogresnent ass and until % June 8 1sS When n James
Hyde becomes thirty years of age, and the agree
by It's terms expires, this purpose is unaltera-
trustees with certain voting powers left their ex,
ercise entirely subject 10 the Will and consent or
this pronn vi te is conaRed 0
After the said James Hazen Hyde shall attain
to vote on the said shares. and shall receive and
Re s9S cdnTed a on Re 81 ndr this
paragraph shall be operative only in case OF the
refusal bv the said James HaZen HYDE TO act, or
in Of his inability absence from the United
There is further provision In the fifth paragraph
Of the agreement emphasizing James H Hydes
AFTER the said James Hazen Hyde shah attain
the age OF twenty-one years no vote shall be cast
on the said shares at any election OF the Equtable
by the said James Hazen Hyde"
when the suggestion first made in the pub
of duty under this agreement, I considered the
Sharge TOO % M Tor and at T duties
under It to counsel who advised me that not only
tioS Of the Eoutable incapable Of being construed
as a breach Of any duty under the agreement but
of duty to the beneficiary Of the trust by reason %
Of the peculiar G4arbCISr e OF ' o t6e charge that
l have committed some breach OF duty as a
knowledge Of the terms Of the agreement makes
it permissible not to say S rbe eo
called trust stock is in your possession; every
ferTed upon the trustees under the agreement is in
reality, exercised either directly by James HI Hyae
or subject to his approval. and may add that no
fo have anI effect on the value of the trust stock
which YOU both have not concurred in, by your
recorded votes.
According to last nights indications 1t is the
reverse OF probable that James H. Hyde, James W.
Alexander and Gage f. Tarbell will appear before
Justice BschoR next Thursday to testify about the
amendments to the charter of the Equitable Life
Assurance Society adopted on March q. as required
by the signed yesterday at the request of Her
bert G. TulI. of Philadelphia. policyholder of the
society Evidence is wanting that the order will
be stubbornIy contested. and. If legal talent proves
of any avail will meet the fate of similar orders
ANY one get such order signed any day
in the year the terse comment of of the
defendants friends
The executive committee of the National Associa-
tion of Insurance Commissioners is to meet at the
Hoffman House to-day to discuss the advisabilitY
of a formal independent investigation
In regard to the various reports in circulation
It declared yesterday that the Equitables
loans to its directors were less than $350O0O and
it's bank and other loans less than a2OO0COO.
1t was stated by a Hyde partisan that the
Frick committees report would probably
be ready for at least another week. that II prob
ably would be published in sections. and that
when it eventually did appear. 1t would prove Mr..
Hyde to have been much maligned man. The
report of Superintendent Hendricks may. after all.
II said be issued first,
r. c. Folk of Tennessee. and H r. Prewitt. Of
Kentucky. representing the executive committee
OF the National Association of Insurance Commits
sioners, cal cd Mr.. Hyde at the Equitable Build
ing. brief conference over the situation fol-
lowed. After the conference the two commission
ers made informal examination Of the affairs
of the Equitable. looking into the litigation in
which it has been involved by the Alexander-Hyde
fight especially the Lord suit.
The commissioners are empowered TO make
general investigation TO call officers OF the
ciety. and examine the books of the concern.
They declared. however. that they would not de-
termine on any such formal investigation until
to-day.
While at the Equitable offices the commission
ers called on Actuary Van Cse. They stated on
leaving the building that both Mr.. Hyde and
Mr.. Van Cise had invited them 10 make a thor
ough investigation of anything they might be in
terested in offering assist them in every possi
Bile way Superintendent Hendricks is in town
and may attend to-days meeting He declined yes
terday discuss Equitable affairs
Justice Bischorr signed order directing Messrs.