Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-03
BIG OFFER TO EQUITABLE
HYDE AND OLD DIRECTORS
SEEK SETTLEMENT.
Pro6er Not Likely to Stop New York
States Suit-Present Directors
Convinced" Hyde.

NEW YORK. December Blame.
Hazen Hyde and other members of the
old directorate of the Equitable Life As
surance Society have offered TO turn back
more than $1.OOOOO0 into the treasury of
that institution. 1t Is understood that the
amount which Mr.. Hyde alone offers 10
restore is nearly sI.o0O.oCO
Apparently one of the purposes which
Mr.. Hyde and others I'm the old rector
ate have in making this offer is to get tl, j
attorney general of New York to discon
tinue the suit which was begun two year ;
ago on behalf OF the state against the en-
tire board OF the Equitable Samuel Un-'
termyer. Mr.. Hydes counsel, wrote 10 AT.
torney General Jackson some time ago set
ting forth the settlement which Mr.. Hyde
and other directors had proposed to the
society's present board of directors. The
attorney general Is not inclined to accept
any settlement and is making prepars-
lions to push the suit.
Hyde's Proposal Voluntary
The offers OF Mr.. Hyde and the other cd
directors apparently were not voluntary
Almost a year ago the new board of the
Equitable appointed special committee
to deal with the claims which the society
had against members of the old regime.
This committee was made up OF ]. Edward
Swanstrom. Thomas Spratt and another
director. This committee entered into ne
gotiations with Mr.. Hyde's representatives
and finally came to satisfactory under
standing with him.
When one director was asked yesterday
what II was that had influenced Mr.. Hyde
to consent to part with such a large
amount Of money without n contest he
said that the directors committee had
been IN a position where they were able
to convince Mr.. Hyde that this would be
the wiser course. This director was asked
also If any evidence of criminal transac-
tons had been turned up BY the commit
tee In the Equitable, but he declined TO
discuss that.
Suit Of the State.
The committee submitted some time ago
to the board of directors a report of tho
proposed settlement but the board decided
to do nothing until the matter had been
submitted to the attorney general for his
approval. This was done by the board
merely as an act of courtesy to the at
torney general. for the pending state suit
covers all the transactions in which tho
society has claims against Hyde and other
directors. \ member Of the committee
said yesterday that no definite reply has
been received from the attorney general
as yet. but the proposition will not be &C
copied by the directors IL he objects.
Mr.. Hyde, before he sailed for Europe
q year or more ago. refused to admit that
the Equitable Society had any legitimate
claim against him. He had put up check
for $82 1233 with the Equitable Society to
cover his share in underwriting tranfac-
tons in which the company also had been
interested. This check. according to the
understanding then, was to remain In the
possession OF the society until the court
determined whether or not the profits had
been made unlawfully. Mr. HYDE. In MS
full amount OF his underwriting pronts
into the society treasury.
Other transactions involved In the resti-
tuition proposition are the Turner loan.
the Mercantile Safe Deposit Company
leases. the Security Safe DEPOSIT Company
leases and the sale by Mr.. Hyde OF 1.AN
shares Of the Missouri Safe Deposit Com
many stock to the Equitable.