The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-06-03

have meant that every member who
voted for it subscribed to everything
that was in it. Its adoption was i'm
possible, in view of its attacking the
deferred dividend system under which
ninety per cent of the society's total
policies, aggregating 0O,OOO,0OO
nave oeeh written AlteI me ms ms
wers OF the officers of the society had
been made I don't think any one in
the meeting agreed to that
What caused the designations of
Messrs. f'rick, Hartman and Bliss 2!
Those designations were due to
what I might call composite causes.
I mean that they were the result OF
many other things than the failure TO
adopt the report"
win there be other designations
from the board %
81 don't think So"
''Was the report a just one"
Il Won't criticise the committee 1t
was a hard task they had in hand"
viii the designations have a bad
effect on the society2"
THAT you never can tell. There
are great many distinguished men
left, was Mr. Depew's reply
What 1t Means.
The statement that Mr.. Hyde viii
relinquish his stock meant, Mr.. Depew
said, either sale or a trusteeshlp OF
the stock. 1t was on the lines of the
society passing into the hands of the
policy holders. he explained.
"Of course" remarked Mr. DepeW,
under the Maddox decision Mr..
Hyde's stock is a very valuable asset
Mr.. Depew went on to tell some
thing about the meeting. He said:
when the officers made their de-
fense the impression was that while
| they might have been guilty of in
discretions, the society had lost no
money but on the contrary it had made
a great deal of money. In other
words, it had gained more IN hVe
! cd
had made during the previous ten
years. It had added in this time $5OO,-
100000 in outstanding insurance,
while it had taken forty years pre-
viously to get ,00O,000,00O.
1T had increased its assets in these
five years about $120, 100000 and had
increased it's surplus between Sl6,-
! 600, 900 and 100000, 600. The dl-
/ rectors knew that these results We're
those of extraordinary ability on the
/ part of officers who were attacked.
To punish men who accomplished such
results by dismissing them would be
too harsh. and to replace such men
| by new men would prove disastrous to
| the company.
Mr.. Depew here entered into a
/ lengthy analysis of figures to show
that the EquitabIe's surplus is really
more than $S0,000,000 instead of about
| committee. There was nothing in the
talk of a F'rtck-Harriman conspiracy,
Mr.. Depew said.
He concluded with this statement:
81 know Mr.. Frick acted with the
utmost conscientiOusness.
Hyde's Statement.
Counsel for James H. Hyde issued a
statement this afternoon outlining the
position of Mr. Hyde with reference to
the attacks made on him. The state
ment follows:
The resolution passed at yesterday :
meeting for a selection. of a chairman
of the board and requesting Mr.. Hyde
to trustee his stock contained nothing
that is new, and it, will be remembered
that from the outset of this unfortunate
and unnecessary controversy Mr.. Hyde
had offered again and again to trustee
mis- stock for a limited term under prop
er restrictions so as to secure a board
of directors which the policyhOldSrs and
the public would accept as fearless and
independent although it would be diff
cult to find a more representative body
of men than those constituting the pres
ent board.
Mr.. Hyde may well complain thai
his disintereSted efforts to save the
society from the calamity have not
been appreciated and that in the null
titude of plots and counter plots tc
capture control of the society the eff
fort has been under cover of abuse to
wrest his property from him.
THAT suggestions thata man of domi-
mating national reputation, fearless
and Independent, be put at the head
of the society with the offices of the
chairman of the board fAAd with un-
limited power, is one that Mr.. Hyde
has been constantly urging for SIX
weeks past as a solution of the trOu-
BILE All he asks is the selection OF
some person whose name will be a
guarantee of honest, fearless manage
ment. He is willing to take his chance
with such a man.
Mr.. Hyde has said from the outset
that there is one subject and only one
on which he will never bulge. Thai
relates to these sO-called charges, etc
He will fight to the end in defense OF
his reputation. Anything short Of thai
demanded by the welfare of the society
he is, has been and always will be
willing to sacrifice"