The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-11-14
BARES USES OF
YELLOW. DOG FUND
James H. Hyde Says Polcyhold-
ers' Money Was Used to.
Buy Off Suits.
CONTRIBUTIONS FOR
REPUBLICANS, TOO
Young Man Tells How He
Worked Up" from Bottom
to 100000 Salary.

New York, Nov. 14.-James H. Hyde,
former vice-president Of the Equitable
Life Assurance society, was the most
conspicuous figure at the opening Of
today's session Of the Armstrong COM
mittee on insurance investigation.
Testifying today, Mr. Hyde said that
the objects of the mysterious $6S5,OOO
loan by the Mercantile Trust company
to the Equitable Life were to buy off
inconvenient suits. to buy up stock OF
the Equitable as it came into the mar
ket, and to make political contribu-
lions.
tribution Of which he knew was that Of
sos, 900 to Cornelius N. Bliss, treasurer
of the republican national committee,
III the last presidential campaign. This
contribution was solicited by II. G..
Prick, said Mr.. Hyde.
nartmen caed Y for the ene
the $6s5,0OO and the Equitable Life
repudiated it, Mr.. Hyde said Mr.. Alex
ander and Mr.. Jordan raised as much as
they could and then he (Hyde) made up
the balance, $4,000. He said he
thought he was generous In this, as he
had not received any benefit from the
loan. ri H.. .a
The Story of His Life.
Mr.. Hyde testified that he was 20
years old and became second vice presl-
dent of the Equitable one month after
had always been brought up to believe
his life work was to be the legitimate
successor of his father, the founder of
the Equitable. He had travelled and
studied with the object in view. His
father had instilled In him his views on
life insurance. He was director of
the eompanY~two years before he was
l. 4. 1,;c AZ nc4 h
| he had lived in a life insurance
atmosphere and had expected to make
, During his fathers illness, James w.
| Alexander turned over to him, little by
little, matters of detail.
| ..s,* No Salary at First.
He did not receive a salary upon his
| first connection with the company. He
was offered salary, but declined. The
president and various members of the
that when he had qualified himself by
two years. work, he should have a sal
Larry, and President Alexander in 1900
fixed it at 100000. Mr.. Alexander
asked if this was agreeable to him
In 1902 General Louis Fitzgerald re-.
signed as chairman of the finance COM
| mittee and Mr. Hyde was appointed to
| The craftsmanship For the added re-
sponsibilities falling on Mr.. HYDE his
salary was advanced to $4,000.
His duties constantly increased in
the various departments and in 1903
his salary was made 100000, at which
it remained until his resignation last
spring. The witness never spoke to
any of the officers or members Of the
executive committee or any way sug-
| Gested an increase in his salary.
Willing to Take $4,000.
4 Mr.. Hyde was asked if he was will
ing to serve the company at $4,000
salary, and he replied that he was, and
he caused a laugh by remarking that
he "did not think he could get it any
where else. - -
A list Of Mr.. Hyde's directorships,
also his personal stockholdings in COM
panies in which the Equitable was in
terested, was introduced in evidence.
= Mr.. Hughes said it was not his pur-
j pose to go over the matter covered by
Superintendent Hendricks report.
Mr.. Hyde was asked if money could
, be obtained on his voucher without It'd
L coming under the notice of any other
officer. Witness said it could be done,
, and that this method was put into ef.
!, feet by an order of the president.