The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-05-18
NO HYDE.ALEzANDER TRUCE.
STpCNG FIGHT TO re MADE on
"HISH-IP" POLICY.
Policyhoiders and Others Determined on
n HOusecleanins- Hyde. on the Rack
Again. Denies That He and Assn.
ciat,s yiniatpd Insurance Law

Again. Denies That He and ASSN
ciat,s Niniated Insurance Law
That both the Hyde and the Alexander
parties in the Equitable controversy have
made advances looking TO cessation OF
hostilhies and patching up Of the present
differences IL now practically certain.
That such course will he fought bitterly
by persons in the society who are deter
mined that there shall be complete house,
cleaning and that the policyhoders shall
have supreme power in the company is
equally certain.
II il can be definitely established that
Mr.. Hyde and Mr.. Alexander have como
together for self-protection, there will be,
it was predicted yesterday, immediate &C.
ton by certain directors and policyholders,
who will he satisfied with nothing less than
the retirement Of both from the society
1t was said yesterday that the plan OF the
Hyde and Alexander parties n ow is that each
shall be let down with mild criticism In the
official reports, but that nothing shall be
brought out against either Mr.. Hyde or
Mr., Alexander that would tend to en- dan ger
his official position in the society, The
chief factor in this harmony program is
said to he Senator Chauncey NJ. Depew.
WHO Is Sdlu 10 ia We tlTdWu ii VI $<o,VV
year for services" not yet explained.
Mr. Depew has been in conference for
several days with Elihu Root, and James
H. Hyde has attended the most of these
meetings. Mr.. Root until recently has not
been actively enga, ed in the Equitable
scandal, and report yesterday had u
that he had been drawn in again in the role
of concilator.
Samuel untermyer. who has for some
-, tipr Ar uyIa az
sci, has from the first advised HIS client
against the surrender of any Of His rights
in tie company, and it was said that Mr..
l'ntermyer was strongly opposed to any
proposition looking toward an adjustment
Of the present troubles through concilia-
tory methods.
MIR Untermyer said that there was not
and had never been the slightest difference
of opinion between Mr.. Root, and himself
or between Mr.. CULVER and himself as to
the policy of conducting the Hyde case.
Mr.. tntermyer said also tf at so far as he
knew William Nelson Cromwell, had moth
ing TO do with the society affairs.
Congressman NJ. f. Drscoll of Syracuse,
State Superintendent Of Insurance Hen
bricks counsel in the Equitable investiga-
ton, resumed yesterday his examination
of the officers of the society. Supt. Hem
bricks was not present at the session yes
Robert Hunter. The only person examined
was James H. Hyde. Mr.. Hyde devoted
two hours to explaining the transactions
of the james H. Hyde and Associates"
underwriting syndicates.
Mr.. Hyde argued that he and the other
directors and officers of the society who
composed the syndicates which had under.
written securities sold to the Equitable had
not violated Section 80 OF the Insurance
law, which prohibits any officer or director
of an insurance company from making q
profit out Of the sale of Investment securi-
ties to the company with which he is con-
nected. Mr.. Hyde asserted that there
had been no violation Of the law, because
there had never been any actual sale by
his syndicates Of bonds to the Equitable.
The syndicates were, he asserted, merely
subscribers to larger, nderwriting syndicates
which made the actual sales of the securi,
that there were only eight Of these syndi-
Gates in which u. H. Hyde and Associates"
we're members and from which the Equitable
society aftsrward bought any bonds These
total Of $4,000, 900 worth Of securities, all
OF which, he declared. were heavily over
subscribed. No underwater, he said, was
ever called on to take any OF the bonds.
There was an average Of ITO underwriters
to each issue, u. II. Hyde and Asso
being a single subscriber,
Mr.. Hydes average int crest in these
eight syndicates, he told Mr.. Driscoll, was
only ISL Almost every large banking
house and many Of the principal hnanciers
Out Of the total Of s144,oO0 900 Of securities
represented by the eight syndicates the
combined purchases Of the Equit society,
he asserted, amounted to only SO, 400, 900.
In the event; however. Of the syndicate
members having been required to take all
the bonds which the Equitable bought Mr..
HYDE said he would have been OBLIGED to
take only $780, 900 Of the bonds out Of the
total OF $4,000, 900.
Mr.. Hendricks will probably arrive in
town to-day, when the examination OF
Directors schih and Hartman will be
begun.
Col. Alexander 8. Bacon, counsel for
Rowland S. Buford of Virginia, yesterday
served papers in a new suit against the
Equit able on c. B. Alexander Of the law
firm OF Alexander Il Green, attorneys for
the Equitable, Mr. Buford, who is nearly
30 years old. and who since 1871 has been
paving premiums upon one OF the old line
policies, complains that in accommodating a
large surplus over the amount legally re-
quired the Equitable Is net carrying out
it's contract with him. He asks the court to
order the directors Of the society to dis
tribute the $50, 900 600 surplus in such a way