Daily press. [volume] (Newport News, Va.) 1896-current, 1907-12-05
Former 0IIIGsr Of Equitable Willing
10 GlYe 100000 10 Settle
WANTS TO REIMBURSE THE SOCIETY
Asserted Action of Former rlras Vice.
prsslden. of Society is Rcaul. of
Move TO Push Suit for Return of Al.
legged Loose profits.


NEW YORK, Dec. 4.--James Hazen
Hyde. and ether members of the old
directorate OF the Equitable Life As
surance Society. have offered to turn
back moro than sl,0Oo,00O into the
treasury CT that institution. 1t Is un'
uerstcod that the amount which Mr.
HYDE alone offers to restore is nearly
$1,000000.
which Mr.. Hyde and others have In
Offering to make restitution Is TO get
the nttorncy.ge general TO discontinue
tho suit which was begun against the
cntlre board of directors of the Eqult
able two years ago. Samuel Utter
uiyer. Mr.. Hyde's counsel. wrote u
Attorney General Jackson some time
Rgo setting forth the settlement which
Mr. Hyde and other directors had
proposed 70 tho snciety's present
board OF directors.
The offers OF Mr.. Hyde and the 9th
er old directors apparently were not
voluntary. Almost year ago the
new board OF directors of tho Eauit
able appointed special committee to
deal with the claims which the 80
ciety had against members of the old
regime. This committee was made
MP OF j. Edward SwanstNm, Thomas
Spratt and another director This
committee entered into negotiations
with Mr.. Hyde's representatives and
inally cRme to Il satisfactory under
standing with him. When one direc
tor was asked yesterday what II was
that had influenced Mr.. Hyde to con
sent to part with such large amount
of money without q contest. he said
that tho directors committee had
been in n position where they were
able TO convince Mr.. HYDE that this
would be the wiser course. This al
rector was asked also IL any evldenc,
of criminal transactions hnd beer
y turned mp by tho committee In tbs
Equitable, but he declined to discuss
that.
courteay to the Attorney General
The committee submitted report
of the proposed settlement to the
SStSiN Va oiNS'O'S SbIlO llult uHO, Dul
the board decided to do nothing until
the matter had been submitted to thu
encouragement FOR his approval This
was done ty the board merely as MI
act or courtesy TO tho attorney-genor
al for the pending suit covers all the
transactions in which tho society has
ciams against HYDE and oiher direc
tOrl A M NJ
sad yesterday that no dofinlte repl,
has been received from the attorney
general as yet. but the proposition
VIII not be accepted by tho directors
II he objects
Ono member OF the committee dc
MED positively that any attempt hat
been made by tho directors to hay,
tho Encouragement squash the pend
ns suit In the event OF the Hyde set
tlement being accepted. This directo,
denied also that Mr.. Hydo had mad,
the dismissal OF this suit, ono Of tht
conditions Of the settlement. but II
view of Lawyer Untcrmyer's letter t,
the attorneygencral. it seems proba
bio that Mr.. Hyde would not have pro
posed the settlement unless som,
auch assurances were received.
position of Mr. Hyde.
Mar. Hyde, before he sailed for E,,
rope year or more ago, refused t.
admit that tho Equitable society hat
any legitimate claim against him. IT,
had put up q check for underwritin,
transactions in which the society alst
mad been Interested. This check nc
oordins TO the understanding then
4 was to remain in the possession OF tn,
Hociety until the court determined
whether or not the profits had beer
made unlawfully. Mr.. Hyde. in nj,
present proposition, agrees 10 turn
tue full amount OF his underwritin.
prohts into the society treasury.
James A. Donnelly. deputy attorney
general. who has been in charge O
the suit against the Equitable, advised
the attorney-general rs follows In re
gard to the proposed settlement:
Il an of the opinion that any prop
osition of settlement short OF ahso
lufe restitution Of every dollar OF nrof,
realized by the defendants in theil
manipulation Of the funds OF tn,
Equitable Life Assurance socet,
should be rejected. What the amoun
and the value of the money and prom
sTty alleged to have been misappro
priated by the defendants is canno
be aseertained without an accounting
Moreover. the complaint alleges tina
certain OF the defendant director.
N t..