Daily capital journal. (Salem, Oregon) 1903-1919, 1905-06-23
HENDRICKS
ROASTS
OFFICIALS
Hyde Is no Angel and Alexan-
der not Qualified for
the Pulpit

A dispatch from Albany, New York,
under date Of June 21, says: The re-
port Of Superintendent Francis Hen.
bricks, Of the State Insurance Depart.
ment, to Governor Higgins upon his
investigation of tho Equitable Life
Assurance Society, vas made public
here and in New York tonight. It is
described in the title as a "prelimin-
airy report" and II sharply criticizes
the management Of the society as well
as the new trust arrangement for vot-
ing the stock agreed upon by Thomas
II. Ryan and the three trustees desig.
mated by him. In conclusion, Superin.
tendent Hendricks says:
"No superficial measures will cor
rect the existing evils In this society.
A cancer cannot be cured by treating
the symptoms. Complete naturalization
DO paid for at a price commensurate
with its dividends, is, in my opinion,
the only sure measure Of relief. This
report, with n copy Of the evidence
taken on this investigation, will be
transmitted TO the Attorney-Genera
for such action thereon as he may see
proper.
Severe on Hyde and Alexander.
James W.. Alexander, president, aud
James II. Hyde, first vice-president,
whose designations were accepted yes
terday by Chairman Morton, are Sc.
verely arraigned. Gage u. Tarbell,
second viee.prosident, is exonoratel.
Mr.. Hendricks finding that no substan.
tial evidence appears in support Of the
charges against him. Mr.. Hendricks
says II is an open question whether Mr..
Alexander and the other officers and
directors who participated with him
in the transactions Of "James II. Hyde
and Associates" are not disqualified
under section SO Of the insurance laws,
from hereafter holding any Office in n
life insurance company. The report
strawberries tho transactions as UNI
lawful. Mr.. Tarbell's name is not in
the list Of participants in these trans.
actions. The policy holders, however,
tho report sets forth, are under great
obligations to Mr.. Alexander and the
other executive officers for demanding
the naturalization of the society and
the retirement of Mr.. Hyde from its
control.
Henry b. Hyde No Angel.
A surprising feature Of the present.
mont is that Mr.. Hendricks goes back
20 the organization Of the Mercantile
Savings Deposit Company in l76 by
Henry Il. Hyde, founder Of the society,
and declares that this company, which
leases It's offices and vault room from
the Equitable Life Assurance Society,
does not pay sufficiently and profits
enormously at the expense Of the par
ent company, paying 20 per cent divi-
dends. The safe deposit lease has 90
years 90 run.
OF Henry II. Hyde and the organiza.
tion Of the safety deposit and other
subsidiary companies, Mr.. Hendricks
says
"He did not neglect his own inter
ests or those of his immediate a%ssoei-
ates and dependents in the society"
The relations Of tho Equitable Life
and its auxiliary companies are dis
cussed at length. OF Mr.. Alexander g
share in leases 10 these companies, Mr..
Hendricks says'
"James w, Alexander says he signed
these leases under the direction of
Henry b. HYDE l believe il to be a
fact and it is the most charitable con.
struotion which can be placed upon his
acts"
Bank Stock Given Away.
A loss to the Equitable Life result
suited from the consolidation Of the
Western Bank Of Commerce, Of New
York, with the Western National Bank
of New York, according to the report,
The Equitable Life owned about $4,000
shares, or a controlling interest, in the
Western National, and Valentine p.
Snyder, who was its president, testified
that he could have sold the controlling
inter lst at $700 a share. In the merger