The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-23

| two years at profits In excess Of 81 900 '00oi
! considering that az Btockholder OF he
| Equitable Trust Company he has received
/ large dividends earned on deposits OF
| Equitable money at low rates Of interest,
and considering his absolute inability 70
! understand that these things aie wrong,
! II ought 10 be plain 10 others II not TO nm
why the company president, ia 0Gcers,
agents and policyhoders want MN 70
get out
Mr. Hyde asserts in his letter 70 the
agents that naturalization, a 'Aystem OF con-
troll which virtually places the agents over
the Director and ofiioeTs, ~ mleouiu IN
principle Theoretically, scme argument
might In certain Casea support this opinioni
but in this particular case oonoltlons ue5
mnnd a Bubordination Of the Officers and
directors and Mr., Hyde seems TO be about
the only one who fails 20 see that,
I'm asking him 20 resign Mr.. Alexander
did not violate the trust imposed upon him
by Mr.. Hyde's father. That trust was for
the protection Of the company's funds,
not for the protection Of the violator OF the
trust Mr.. Hyde's distorted vision cannot
see that Mr.. Alexander had any duty other
than to sustain him in the spoliation OF the
company.
on WHAT SIDE Is THE TRICKERY3
mir. HYDE says that he was 'desimedly
tricked into the sacrifice OF oonoedlng
that the power TO vote for twenty-eight
directors should be given 10 the policy
holders This statement Is disin genuous
After the board had resolved unanimously
70 give the policyholders the right Of voting
for all directors at the earliest possible
.,me, Mr. Hyde induced the board to elm
mate all substance from this proposition
by passing an amended charter which
limited the voting power OF the election OF
twenty-eight directors IN the course OF
four years This would have actually con-
frmed his power. Mr.. Hyde knows that
he was not tricked into making this con-
ccssion, and that il was no sacrifice. He
let il 60 through the board because II
amounted to nothing, and he thoughtit
would fool the policyholders. But il did
not. The polioyholders understood 1t and
protested successfully against its approval
by the Superintendent Of Insurance, Then
under fear Of further exposure Mr.. Hyde
made the following agreement:
-. one One half elected in 1905 and one half
3. Two vacancies to be filed by names
= These two 10 be put into executive com
.. Al vacancies occurring before election
Of the two now TO be elected on nomination
OF policyholderr committee: This, ho|e,VSST,
was not TO apply 70 vacancies IN list OF dl-
-. Two more members Of executive COM
mittee 20 be appointed or nomination OF I. y
hers here provided for TO remain az twelve:
the four vacancies in the executive com
mittee 10 be created by resignation or by
the board on the designation OF the Supern-
tendcnt Of Insurance.
a board meeting was called to carry
out this agreement. By that time Mr.
HYDE had decided TO defeat the agreement.
He caused the board 10 vote 20 TO II against
Mr.. Bliss's motion 70 call for the nominees
Of the polcyholders' committee. He did
have the board adopt the two year plan,
but with the knowledge that the Lord suit
was in readiness to interfere with it's con-
sThia is a record Of the facts, and II It
constitutes case Of trickery, Mr.. Hyde
Is not the victim
SYNDICATE YET UNDIsCLosED.
The statement was made by a man ia
miliar with the details Of the soCiety's
business that Mr.. Hyde's check for SOL, 44o.9
did not bv any means cover all OF his profile
in deals in which the syndicate bad sold
securities to the Equitable. This man
had very good reason 70 believe. he said
that the sum deposited by Mr.. Hyde with
the cashier Of the society represented only
the profits Of the syndicate transactions
in which President Alexander's name had
beer used,
Another interesting statement which
came from a reliable source yesterday was
that the Prick committee has confdential
men in its employ who are seeking TO find
out definitely just where state Senator
]
the controversy in the society. II has been
asserted by the Hyde people that Mr.. Brack-
EFT represented a wing Of the Alexander
attack but the Alexander factionists and
Mr. Bracket as we'll have denied this,
and Mr.. Bracket has said that his interest
was inspired only by regard for the rights
Of his clients.
LAWYERS AT SWORDS POINTS.
II was learned yesterday that the intense
personal feeling which has marked the con-
troversy "a between the factionists within
the society II being reflected strongly
now even between lawyers engaged on the
opposing sides. One report had II yesterday
that there had been threats by one firm
against another Of disbarment proceedings,
and counter threats Of the same sort. What
the nature Of the grounds was upon which
such action might be taken was not dis
closed.
The general agents who were left in
town did not receive Mr.. Hyde's letter very
cordially yesterday morning. Most Of them
hurried 10 the Equitable Building " here they
held a conference and considered sending
a reply 10 his letter. They protested that
Mr. Hyde's reply was most unsatisfactory
in every way. After a half hours delibera-
ton, though, they decided TO let the thing
stand
NEW LONDON April PA protective
committee Of Equitable Life polio holders
hos been formed here, VILLAIN Whitman
Icing Chairman.