Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1905-04-27

son, but to be held in trust for him
until he should reach the age OF
airty. This age he reaches in a few
tbs. the move TO rid the COM
pany OF him is due principally to the
young mans evident lack Of capacity
for such a place to his frivolous and
spendthrift method OF living that has
brought reproach on the company; to
the ease with which certain scheming
financiers and politicians are able TO
manage him for their own purposes I;
and to his seeming lack of conscious
ness OF the responsibility his company
bears to its more than half a million
policy holders and those dependent on
them, as evidenced by many acts that
fall nothing short Of perfdy itself.
For instance, Hyde gave costly
banquet last year to NJ. Cambon, the
French ambassador, and charged the
expense to the Equitable on the
ground that it was a method OF adyer-
Using. He was compelled to refund
this sum-about $4,000. Then he
gave a French ball last New Years
that, because of its showiness and i'm
morality, was the talk OF New York.
1t has been charged that the Equitable
bore part of the expense Of this ball,
but even if this were untrue the spec
tacle of the vice president and soon
to-be owner of such a great iiduciary
concern disporting himself in this way
could not fail to reflect great injury to
it. Then Hyde has not hesitated to
profit by certain deals in securities at
the expense OF the company under
methods that to his blunted conscience
he claims seemed proper
The whole reveals Hyde as a young
man extremely dangerous to have in
control Of such a great concern, as he
soon will be, il steps are not taken to
prevent. And inasmuch as he has in
his hands majority of the stock he
could not be displaced anyway except
for certain provisions in the Equitable
charter that relate to naturalization,
that is, to the turning over OF control
by the stockholders TO the policy hold
ers, as has been done in other COM
panies. Many insurance companies
were mutual at the outset. II is prop
erly contended that inasmuch as the
Equitable has been built up by the
policy holders, and their interests in
effect take precedence, they should di-
rect the company to the end that its
assets and revenues may not be /
wasted, but may be conserved for the
benefit of the widow and orphan"
Mr.. Hyde, seeing the drift against
him, has made various concessions,
even agreeing TO allow the policy hold
srs majority OF the directors, under
certain conditions. But it is desired
hat he get out at once before he can
10 any further harm, and that bona
ide naturalization take place imme-
lately. The convention of general
agents, held last week ia New York,
ormally asked him to retire, for the
benefit OF the company. This he
refused to do.
II is fair to say that Mr.. Hyde has
friends and supporters who think be
s being unfairly treated, They say
90 much has been made of his youth
nj indiscretions; that he has legal
title to control and cannot be dis
that he has already been
generous in his offers; and that a
mean spirit of rivalry and jealousy,
prompted by fear lest they lose their
)wn fat places, actuates those who are
seeking TO GUST him. They allege that
iyde has done things no worse than
'ther officials OF the company, and
las proven himself better than they
~ offering restitution. Hyde's friends
ire particularly bitter toward Presi-
lent Alexander. whom they accuse of
reachery and deceit.
Altogether, it is a nasty row, with
10 end in sight. harmful not only in
is effect on the Equitable. but on life
insurance in general. The popular
rust in these great fiduciary institu-
ions is receiving some hard jolts.