New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-29
HYDE AND SCHIFF ACCUSED
Continued from first page.


to the society. notwithstanding which he has
taken from the treasury OF the society during
the last several years large sums of money under
the following conditions:
Said Hyde has frequently extravagantly en-
tertained persons to whom he was DESTROYS or
getting social attentions and has wrongfully
taken the expense of said entertainments from
the treasury of said society on the claim that
such entertainment benefited said society by
advertising il, and that therefore such expense
should be paid by it. an instance of such prac-
tice being the entertainment of NJ. Cambon, late
Minister from France to the United States"
Another instance of the wrongful use of funds
according to the petition. the costume ball
given by Mr.. Hyde at Sherry's last January.
which cost IT is said. as much 100000
Complaint is also made that Mr.. Hyde spends
much time each year in Paris, land there gives
social entertainments, and the expense thereof
and of his travelling from Paris to New-York
and return his expenses of living in Paris. have
been wrongfully charged to said society and
wrongfully taken from its treasury.
TRANSFERRED STOCK ALLEGED.
It is asserted In the petition that Mr.. Hyde
has been able to do these things because of his
ability to elect board of directors. majority
of which has been subservient to him. The
charter requires that each director shall own
4lNe chdIeS OF STOCK. Inc petltOn asserts tndl
Mr.. Hyde or some member OF this family has
been in the habit of transferring this stock to
directors who Immediately after their election
have reassigned the stock to Mr.. Hyde to-
gether with the power of attorney.
The affairs of said society have been admin
1stered and controlled by such dummy directors"
the petition says, land through them by said
Hyde, who, by reason of such control, has been
able to do the wrongful and illegal acts herein
and heretofore specified"
Jacob H. Schiff. the petition says has been a
director for several years. during which time he
Co. This firm, it is asserted. has sold more
than S5,000000 of bonds and other securities to
the society and has received large sums in the
way of commissions. in which Mr.. Schiff, a
member OF the firm. has received share. In ex-
press violation of the statutes. The sum re-
cetved by Mr. Schiff and his firm, the petitioners
say, should be recovered by the society. and Mr..
Schin should be removed and disqualified from
holding the position of director in any insurance
company OF the State.
The petitioners assert that officers OF the So
ciety, through gross Encouragement of the
funds. have made many hundreds of thousands
of dollars. Tt is asserted that the society pur-
chased large block OF stock In the American
Deposit and Loan Company, now the Equitable
Trust Company, at $500 share, though the
stock was not worth more than $3.50 a share,
which was all that the officials of the society,
who were in control of the trust company, paid
for it. Through this transaction, the petition
says, the funds of the society were depleted to
the extent of S1,126000, and the officials OF the
society who control the trust company made
100000 OF more