Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1905-03-21

In anOtner COluInl Is d ietlei iioiii
Mr.. w. ]. Roddey, manager for the
Equitable Life Assurance society In
North and South Carolina, In which
we are told that there were inaccur-
acies in the statement that was pub
lished about the Equitable's affairs In
our last ISSUE While we have no de-
sire to enter upon any controversy
about the matter, or to attempt TO
contradict anything Mr.. Roddey has
to say, still the letter makes 1t In
cumbent upon us to go into further
details In order to show that we were
not attempting to be unduly meddle-
some. In the first place, we beg to
say that our reference to Mr.. James n.
Hyde as president Of the company In
stead of as vice president, was mad
vertent We knew better: but left OF the
vice." through slip Of the pen. AS
to the salary question, we had no pos
tive knowledge; but at the time we
wrote we had before us an Albany, N.
Y, dispatch of March 13 to the Chi
cago Record Herald, stating that on
that day papers had been served
against James Hazen Hyde and the
Equitable Life Assurance society In a
suit brought by State Senator Edgar
T. Brockett, in behalf Of Mrs. Mary s.
Young, the holder Of an Equitable
policy for $1,000. in the form Of one of
the societys gold bonds, due Feb. Z,
1921. The alleged purpose Of the suit
is to RESTRAIN the Equitable company
from paying Mr.. Hyde 100000 year
as salary and to compel the restitution
of all the money he has so drawn from
the funds Of the society on the ground
that such. a stupendous salary Is
wrongful and constitutes a conversion
and waste of the funds Of the compa-
n.y." 1t is alleged in the complaint that
Mr.. Hyde has already drawn 100000
as salary in two years Of his SER
vice as vice president, and the plaint-
if wants this sum refunded. The
plaintiff goes on to allege that thirty
eight Of the fifty-two members of the
board Of fifty-two directors are vir-
tually dummies" who own not a
share Of the capital stock Of the So
ciety, while the charter distinctly
makes the ownership Of at least five
shares a prerequisite to membership
on the board Of directors. This plaint-
iff, however, alleges that Mr.. Hyde
first selected his directors, made over
five shares of stock to each Of them,
had them elected. and then had the
stock re-transferred to himself, leav-
ing him in possession Of majority,
and in control Of the dummy directors.
It Is also set forth that Mr.. Hyde Is
only twenty eight years Of age, and 1t
is alleged that he Is without sufficient
experience in life insurance to make
his services Of such tremendous value
as would be indicated by the salary
he Is alleged to receive. AS to wheth-
er this complaint Is based on fact, of
course, we cannot say. That Is mat
ter Of evidence to be adduced at the
trial of the case on its merits. Neith-
oNNN
solid foundation for the many sensa-
tional reports that are being made
about Mr.. Hyde, and his alleged inten-
ton to rule or ruin the Equitable. We
have no reason, however, to doubt the
entire good faith Of any statement Mr..
Roddey has seen proper to make, and
we have no hesitation in saying that
so far as our honest Judgment may
be Of value, whether the sensational
reports referred to above are true or
untrue, and whatever may be the result
of the naturalization process now in
progress-whether Mr.. Hyde's major
ity of the stock can control the socie-
tvs surplus or not-Equitable policies
are as good as they have ever been,
and will continue to be good. The
domestic quarrel now going on, If
there Is such a quarrel, and the public
believes there is, will not affect the
value of policies, or the security of
policy holders in the least.