The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-23
MANY EQUITABLE SYNDICATES
HYDE'S ASSOCIATES" WERE NOT
ALWAYS THE SANE.


20 Refund-Hyde's LARGE Revenue
From $40 shares OF Per cent. stock
The declaration Of supt Francis Hend.
rioks Of the State Insurance Department
at Syracuse on Friday 10 the agents OF the
Equitable Life Assurance Society, before
/ get through with this company | will
find out who are the dummies, / will fine
that out absolutely, ELECTED information
in New York city yesterday that many rave
been wrong in assuming that the under
writing Syndicate known as james II
Hyde and ussoci ates,' had Teen a con-
tinuous body Of persons.
The facts are, it was stated yesterda y,
that from time to time Kuhn, Loeb d Co.
were putting out different issues Of bonds
which were underwritten by syndicates
got UP in the Office Of Kuhn, Loeb q Co.,
and consisting In nearly every case Of
some Of the Hyde-Harriman coter.e Of
Equitable directors, including the dunn
mics In each one Of these syndicates
young Mr.. Hyde took large participation.
This, IL was asserted, was after James
w. Alexander. president Of the Equitable,
had repeatedly warned young Mr. Hyde
that he must not be interested in any under
writings OF bonds which could be criu-
clzed because Of his connection with the
Equitable
After that warning, it was asserted yes
terday, when young Mr.. Hyde took par
ticipation in Kuhn, Loeb 4 Co.'S under
writing syndicates he divided up his par
ticipation among such people as he from
time TO time wished 70 have a share with
him. fllottinR his share differently from
time to time. There was no organized
body Of persons who were sharing with
him in these participations which he took.
and il was not known and IL not known
who constituted the different associates. y
Nothing would show this but young Mr..
Hydes own accounts, and these he has
withheld up to the present time.
When the earlier small checks came in
TO Mr. Alexander, it was asserted yester-
day, he had no reason to believe that they
represented profits from any transactions
in which the Equitable Society was in
terested, and it was not until the two
large checks came in in January last that
his suspicious we're aroused. Then Mr.
Alexander investigated, and learning the
truth turned the proceeds Of those checks
over TO the cashier Of the Equitable. Mr.
Alexander then endeavored, it was stated
yesterday, to ascertain whether the profits
which he had made, represented by the
earlier checks, had any connection with the
Equitable Society and it was not until
within the last few days that he obtained
any information on this point. He knows
that the Equitable has bonds Of the classes
which were the subjects OF the Hyde syndi-
cate operations, but, il was declared yes
terday, he does not know wheth er there
Is any connection between the syndicates
and the purchase Of the bonds by the
Equitable That can be accurately as
cert aimed only by the records which are
in young Mr.. Hyde's possession and not
accessible 10 Mr.. Alexander.
II MIR. Alexander made any profits from
the Hyde syndicate operations he was, it
WA declared yesterday, innocent and
imposed upon by the syndicAtors. That
young Mr.. Hyde was making profits on the
syndicate operations he has acknowledged
in his letter, and also by turning in the pro-
ceeds after il was announced that Supt
Hendricks was TO give a hearing on the
four-year naturalization proposition, and
after it was known that counsel for the
naturalization committee was about Ia
young Mr.. Hyde. The discovery by Presi-
dent Alexander, it was also asserted, OF
the above syndicate conditions was one OF
the principal causes that led him 10 act
against young Mr. Hyde, one Of the results
Of which has been that young Mr.. Hyde
has turned back into the societys treasury
about $4,000
Supt Hendricks Ia TO investigate all Of
these syndicate operations, and is TO call
upon young Mr.. Hyde to produce all Of the
records now in his possession concerning
them.
MORE REFUNDS FROM sYNDIcAToRs CALLED
FOR.
From a man who keeps himself well
informed about the developments in the
Equitable came the statement yesterday
that the Frick investigating committee
has sent out word to the directors engaged
with Mr.. Hyde in the underwriting syndi-
Gates TO send in 70 the treasurer Of tho So
ciety checks covering the profits which they
have made out OF syndicate deals in which
securities were sold to the society. These
checks, il was said arc 20 be held like the
check for SOL 900 which Mr.. Hyde turned
In, pending the decision by the directors
whether the profits should 60 into the pockets
Of the syndicators OF into the treasury Of
the society According TO the man who
told Of this action by the Prick committee
several directors have already deposited
their checks with the society's treasurer.
The directors who we're called upon, II was
asserted, included some members Of the
Prick committee itself The personal
checks Of some Of the directors, II an honest
refund was made, il was declared, would
not be drawn. as Mr. Hyde drew his check
for SOL 600, but for as much as $500. 900 in
some cases.
HYDE REVENUE PROM ISL 200 OF 7 PER CENT.
STOCK.
Reviewing Mr.. Hyde's reply 20 the agents.
a lawyer interested in the anti-Hyde side OF
the Equitable controversy said yesterday:
'Mr. Hydes letter TO the agents illustrates
how a mind may become perverted and
distorted by personal interest, He seriously
regards himself as an abused innocent
He thinks the company IL his own property,
that the policyholders are scheming self
seekers, that the company's officers are con-
spirators against him because they com
plain Of his conduct and desire TO protect
the company and its funds from his misuse
and that the agents are insolent and mis-
guided" hired men because they have
asked him 40 resdgn.
Review briefly the considerations which