The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-23
MRS, HYDE'S PENSION CEASES.
sryTIMENT NO LONGER HAS A
PLACE IN TIE EQUITABLE.
70 ne Made an Insurance Com pany in Every
sense OF the Word-POliticlans barred
ms DIrccto rs-Hyde Endorsed s6s5 900
Notr-LOan Used to Cover Losses.

Sense OF the WOrd-POnticlans barrcu
ne Dlrccto rs-Hyde Endorsed s6s5 900
Notr-Loan Used to Cover Losses.
The $4,000 a year pension which Mrs
renry B. Hyde, mother OF James Hazen
HYDE and widow of the founder OF the
rn,i,able Life Assurance Society, has
drawn from the society since tho death OF
bcr husband, in 1899, has been cut of by
chairman Paul Morton, according to the
statements Of several persons interested in
rrii,abe affairs.
Mr Morton was out Of town yesterday,
.yyine gone to Oyster Bay to visit President
Roosevelt, and no confirmation OF the re-
mort could he obtained at his Office
The payment Of this gratuity by the Equi-
table society was disclosed by Supt. Hen
bricks in his report, and ever since the
publication Of that document 1t has been
expected that announcement OF the dis
continuance Of the pension would be made,
In accordance with the new anagements
general plan OF retrenchment
II was said that influence was brought to
hear by some members OF the old board OF
directors on Mr.. Morton to get him to allow
this one gratuity to stand on the society's
hooks. but that he refused, declaring that
the time for sentimental considerations in
conducting the Equitable's affairs was past.
1t was learned definitely yesterday that
James Hazen Hyde, as an officer Of the
Eoutable society, Endorsed that note for
sass 600 given by James w. Alexander and
Thomas D. Jordan, as trustees, to the
Mercantile Trust Company, to cover blind
loan for that amount. 1t was an open
question Yesterday whether Mr.. Hyde had
the right to indorse this note as an OFFICER
Of the Equitable without authorization by
the executive committee. That the COM
mittee did not authorize the loan Is as
s,rned from the fact that no mention OF
such action is made In the testimony taken
before Supt Hendricks, and also from the
fact that Chairman Morton has stated that
no record of the loan has been found on
the Equita5le's books.
Some persons declared yesterday tina,
Mr.. Hyde. under the powers delegated to
him by the bylaws Of the society, had
perfect right to indorse the note In the
Eauitable's name, especially as the trans
action must have been approved by the
president and comptroller Of the society,
who were the direct beneficiaries Of the in
dorsement. Others asserted, however, that
Mr.. Hyde had absolutely no right to use
the society's name in this way.
The opinion Is becoming pretty definite
that Alexander and Jordan and possibly
other directors OF the society used this loar
account chiefly to pay personal losses II
stock transactions and losses incurred BY
the society in ventures which they did no
wish to have recorded on the society's books
The account. it was learned yesterday
was started az far back as 1893, and the
amount Of the obligation when finally taker
up represented an accumulation OF debit
extending over the entire period from tina
year. No payment, 1t is said. was ever made
on the loan.
All Of the checks drawn against the &C
count were from the Mercantile Trust Com
pany and made out to the order OF Alex
ander and Jordan as trustees. None OF tn
checks, 1t was dec Jared yesterday, e1ceede!
$4,000, and most OF them were very mucl
smaller.
Il was said that there were a good man!
checks in the lot drawn in favor Of the Equi
table Life Assurance Society, but this coulc
not be verified. Not single check, 1t wa
asserted, was made payable to James Hazel
Hyde.
aroused over the disclosures that have beer
made in regard to the loan account and HI
intends not only to get at the bottom o
every detail Of the transaction for his owl
satisfaction and the satisfaction ofthe othe
Equitable authorities. but he propose
when he is certain OF the facts to explain tn
transaction to the public.
There is every indication that he will hav
the earnest support of State Superintendent
of Banking F. D. Kilburn in the matter
Mr.. Kilburn has ordered thorough exam
nation made OF the loan action and ha
requested that the results be for"aTde'
to him at the earliest possible date. Thi
examination Is practically completed b,
the bank examiners and Mr.. Kilburn vii
have in his possession early this week no
onl complete history of the loan, but
statement of every payment that was mad
from the account.
Chairman Morton yesterday authorize
denial of the story that he had discovers
evidences that the Equitable books had beel
altered through the use of acids. The stor
is absolutely a fake, was the way he put ~
The three trustees, Messrs. Cleveland
O'Brien and Westinghouse along with Chalr
man Paul Morton, it was announced yester
day are determined to make the Equitable
life insurance company in every sense OF tn
word, and in the remode ing, 1t was added
politics and the Vaccinations OF politicians
Republicans and Democrats, are to have n
part. 1t was pointed out that while Nil
Cleveland and Justice O'Brien are Demo
Gratis, two-thirds of the new directors c
the society are Republicans. There ar
five vacancies on the board OF director
and more are expected. 1t has been as
certained that several aspirants for thee
places have attempted to work up boom
FOR their selection. 1t was stated YER
pointedly that all artificial booms' no
being nurtured by aspirants for director
ships will be without force. Wouid-t
directors, who by various devices nav
secured lists of policyholders and hav
been campaigning among them for vote
will, it was added be left at the post.
RETTER IAH CI EIELANDS HOPl