AN AGENTS'

JOURNAL

On the following page is reproduced a photograph of the statue of Henry B. Hyde, which now stands in the centre of the arcade of the Society's Home Office Building. This statue, which was erected by order of the board of directors, was unveiled on May 2, the second anniversary of Mr. Hyde's death. The ceremonies were simple and brief, but very impressive; and not cnly the Society's board of directors, but some of the best known financiers and business men of to-day, gathered to do honor to the occasion.

The statue, which is of bronze, is life size, and is the work of John Quincy Adams Ward, the well-known American sculptor. It rests on a pedestal of dark, polished marble, which bears on the front the statue emblem of the Society and the following inscription:

1901

At the unveiling, the only speeches made were by Senator Chauncey M. Depew and President James W. Alexander. Extracts from their addresses are given below.

The cord which released the flag in which the statue was draped was pulled by Fourth Vice-President McIntyre, who was appropriately appointed to perform this duty on account of his close relations with Mr. Hyde for so many years.

In this little paper devoted to the interests of the Equitable family it would be almost an impertinence to our readers to occupy any space in giving the reasons for thus perpetuating the memory of our great departed leader; for thus reproducing in enduring bronze the features of him who not only founded and upbuilt our great Society, and who was not only the pioneer in making American life assurance what it is to-day, but was also the man who, more than any other, dignified the profession of life assurance and made it possible for the life agent to stand where he does to-day.

In his short address before the unveiling of the statue, President Alexander said: "We meet to-day on the second anniversary of the death of a truly great man, to pay a tribute of love and respect to his memory by dedicating in his honor, the portrait-statue executed by the sculptor so well known to us all, John Quincy Adams Ward. It is with affection and veneration

that we thus perpetuate in bronze the form and features of our departed friend and leader. But he has himself impressed his character and his genius upon the imperishable fabric of this great institution of beneficence which he so fitly named at its very birth the Equitable Life Assurance Society of the United States.

"It is no disparagement of living men to say that Henry Baldwin Hyde, the founder of this Society, was the greatest constructor and developer, in the field chosen by him for his work, that has ever been known in this country.

"He not only founded the company which he lived to see surpass all others in strength and usefulness, but he inspired others with his own zeal and enthusiasm so that the undertaking moulded and brought to perfection by him should continue with everincreasing force and effect for all time.

"He was not content with rearing an immense financial corporation based on the soundest and most enduring principles, but undertook and successfully wrought out a complete revolution in the methods of the life assurance business, eradicating evils which had become habitual in the craft, and introducing reforms, all of which were so clearly equitable, just and popular, that the example set by the Society has become crystallized in the general practice of all companies asking for the confidence of the public.

"It was Mr. Hyde who first proved that the European field could be successfully invaded by an American company. It was under his administration that the policycontract was simplified and liberalized, making it intelligible to all, and stripping it of unnecessary legal technicalities. It was he who introduced the principle, now almost universal, of making policies indisputable after three years (a period since reduced to one). thus cutting off at one blow the possibility of much litigation and thus forcing the companies to be so careful at the outset that subsequent protective measures would become superfluous. It was he who made policies payable immediately on the death of the assured, instead of keeping the widow and the orphan anxiously waiting for settlement during periods varying from three to six months.

"These and many other innovations, all

based on an honorable regard for the rights of others, were never conceived of until this master-mind and far-reaching hand transformed the practice and character of the business, so that from an uncertain agency for good it has become a rock of reliance resorted to by a largely multiplying public.

"The seed planted by Henry Baldwin Hyde in 1859 has, in a little over forty years, become a mighty tree with branches sheltering many thousands of families, and year by year providing for multitudes otherwise bereft. From nothing, at the beginning, the thought and toil and indefatigable perseverance of this man of iron will and determined character has built and established a vast institution with invested funds of over three hundred millions; with an annual income of over fifty-eight millions; with outstanding assurance of over eleven hundred millions; with a surplus of over sixty-six millions, and with a sound condition and an honorable record which promise an uninterrupted future of beneficence and renown.

"Proud as we are to erect to the unfading honor of such a man a monument worthy of his singularly eminent career, we are still more proud to know that his most significant monument is this great and prosperous and successful institution, which will forever speak in the eloquent terms of good deeds well done for him whose mortal voice must remain silent in the grave."

Senator Depew said in part:

"There have been different inspirations for the youth at distinct periods of American history. The Revolution produced statesmen of creative genius, like Washington, Hamilton, Jefferson, the Adamses, Roger Sherman and their compatriots. For fifty years young men who had the energy and ability to rise studied the lessons in the careers of these revolutionary worthies. Then ideals changed to men of eloquence at the bar and in the Senate-to men who could interpret the spirit of our institutions and give it lasting form in measures for the expansion and growth of the country, and these ideals were long personified in the triumvirate of Webster, Clay and Calhoun. The Civil War developed the fighting passions of our race, and there came to the front an extraordinary number of soldiers with rare capacity for command, both in the regular and volunteer army. Since the