The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-05

the stock might be depended upon to re-
sist in its own interests the efforts to
mutualiZe the society. | was convinced
that the concession embodied in the COM
mittee's report was all that could be OBJ
tanned without controversy which might
have very serious results. | therefore re-
luctantly acquiesced in the report. / ac-
quiesced in the committees recommended
lions, believing that / could not take the
responsibility, in view OF the committee
opinions and the probable action of the
board of rejecting that measure of con-
troll and participation which it secured to
the policy holders. 1 believed at the time
that the amendment of the charter in
the manner proposed would not exhaust
the power of amendment conferred by the
insurance law and that when the made
quacy of the arrangement had been dem
onStrated further amendment might DO
made. Since then / have been advised
that my views on this subject may have
been erroneous. l cannot say. therefore,
that the proposed amended charter is sat
isfactory to me-
Denied for Hyde
The statement given out tonight on
Mr.. Hyde's behalf by one of his friends
denies the charge made by Mr.. Alex
ander that Hyde had largely usurped
the powers and authority of the presi-
dent and quotes the bylaws of the
Equitable to show that practically all
the power of the secretary is vested in
the president.
The statement then takes up Presi-
dent AleXander's letter of March q to
the state superintendent of insurance,
which 1t says lis referred to by the
friends of Mr.. Hyde as another proof
of their assertion that Mr.. Alexander
has acted disloyally and in bad faith
to his board of directors.
1T will be recalled" continues the
statement, that he and Mr.. Tarben
had joined with other members of the
naturalization committee In recon-
he cd oh 1Ttn NUhi 011
passed the board and was forwarded
by the directors by unanimous consent
to the superintendent of insurance for
approval. All con&ending parties agreed
TO support that charter. When the
question came before the superintend-
ent last Tuesday the only apparent OPP
position was from the part of the Platt
committee, controlled by Mr. Platt. 1t
now appears that this opposition was
inspired by Mr.. Alexander, in the face
of his agreement to the terms and APP
proval of the charter. AS Mr.. Hyde
made large sacrifices from what he be-
neved to be his legal rights to secure
unanimous action by the board and
was assured that these concessions
meant the end of the agitation, his
friends are incensed at what they re-
gard as this breach of faith.
Alexander S. Bacon, counsel for GER
tain policy holders, gave out tonight
statement, in which he says:
The real leader of the Alexander or
administration forces is Gage f. Tar
bell, who was a successful agency d.
rector and was promoted from the
agency field to the executive"
Col. Bacon then repeats the charge
which was brought by the Hyde party,
that Mr. Tarbell had but recently sold
to the Equitable for $4,000 his inter-
ests in renewals of business written by
him or his agents when he was In
charge of the Chicago agency of the
society. In this connection Mr.. Tar
bell admitted, when the charge was
first made. that he sold to the society
his interest in renewals, but asserted
that II was legal act and IN line with
insurance customs. .