The commonwealth. (Greenwood, Miss.) 1896-1923, 1905-04-22
H. B. HYDE'S CRISIS
FACED EMPLOYER AND AN
NOUNCED INTENTION TO
START RIVAL COMPANY.
Life Assurance Pioneer-"Momen-
tous Decision by a Young Man
Which Led to Extraor-
binary Results.
By James Alexander.

= L
7 HE strenuous life is not absolutely
modern, nor is it exclusively Amer
lean, but the verb ito hustle" has In il
a flavor peculiar to Columbia and sug-
gests a quality which has contributed to
the march of success with which the yam
kee has attracted the wondering gaze OF
the world. Among the "hustlers" who
have already left their indelible mark
on the history of their times l know OF
none who deserves distinction more thar
the late Henry Baldwin Hyde, of New
York. Some have stOrmed citadels,
some have founded nations; some have
penetrated the hidden mysteries of sci
ence; some have built III mammoth in
dustrieS. hyde chose a work of human
beneficence and achieved a conspicuous
supremacy. 1t was he who, of all others,
made life assurance what it is to-day in
America and from America throughout
the wOrld-a gigantic influence for good
and a vast financial instrument.
Humble Start in Life.
1t wOuld be difficult if not Impossible
to find a more emphatic Illustration of
the effect of a "~mOmentous decision''
>Aoii LII LIAI l VI iSl I)oIt w IL L NC.
A poor country boy, he found himself
alone in New York in the year 1850,
without friends, without experience,
without money, with nothing but his
own character and courage and an un-
Known future before him. He started
as a clerk in a dry goods house and
worked early and late. One of his en-
ployers at this date, William A. Wheel
ock, Esq, became afterward a director
In the Equitable Life Assurance society,
founded by Hyde, and sits to-day on it's
finance committee.
Cashier of Mutual Life.
But Hyde was destined for higher
things, and he became later the cashier
Of the Mutual Life Insurance company
of New York. The scientific and benef-
cent character eff this business attracted
his interest and taste, and he made it a
study. His far-seeing intelligence
showed him possibilities in it which had
never been dreamed of. Up to this time
the affairs of the life companies had been
conducted in an ~easy-gOing way. The
most important of them all was the Mu-
tual Life, which was then nine years
old, and was doing about So, 000, 900 Of
assurance per annum Its total out
standing assurance was only a little
more than SIT 500, 900, and its accumu
lated assets a little over 81, 200, 900. Be-
sides this company there were about
forty American companies. There were
not more than 70, 900 people insured in
these companies at that time. The
mount carried on these lives hardly ex-
ceeded s12O 900 900, and the annual pay
ment Of claims of deceased policy bold
ers was about $4,000, 900. These statis-
tics are given in order that the contrast
presented by the business to-day may be
clearly appreciated.
Immense Wealth of Companies.
There are about 80 companies (omit-
ting the very small ones) in the United
States. Their combined accumulations
are about 1000, 900 900. Their out
standing assurance in force is about
81 900 900 900. Their annual new BUSH
less is about 81 ,4O0, 900 900, and the an
nual noun paid to widows and or
phans is about Sis, 000, 900. l unhesi-
tatingly assert that this tremendous
change, involving what it does of COM
fort and protection to thousands and
thousands of women and children bereft
of their support; involving thrift and a
p%rovident habit; involving the wise dis
tribution of wealth without pernicious
communism; involving the minimizing
OF poverty n the leSsening of pauper-
ism; involving the creation of centers
Of capital for lending purposes, thus as
sisting the masses; involving the hon
ora h1a a nd 1ncrafiyp 7, n oy on of b,r
dreds of thousands of people engaged in
securing and conducting the business
is the direct result Of the work of Henry
Baldwin Hyde and of the decision made
by him, at the age of %, which is the sub
ject of this article.
This is a bold declaration. and should
not be made unless there is evidence to
support it. Those who have been init
mately acquainted with the progress of
this institution of life assurance during
most of the past h~alf-century, as the
writer has, know it to be a fact. For
instruction n encouragement of
those who have not. let US pick out for
observation some of the leading events.
Sees the Opportunities.
In the month OF March, 1859, Hyde was
It his desk in the Mutual Life. Fred
erick s. Winston was president of that
company. He was a stern business man
Of the old school, a martinez, recognized
as "facile princeps' in his domain. con-
,cious that there was nothing better of
It's kind than the company under his
:harge. The idea that any one would
De so intrepid as to undertake a rival
enterprise had not entered his head.
sut b. was not then aware of the ag-
,ressive characteristics of his cashier.
Iyde had a brain which was prolific, an
mbition which could only be satisfied
y the attainment of the highest, a deter
lination SO indomitable that, as the
sture was to show, all fell before it.
rhis young man. with no teacher but his
wn inner consciousness and his dis
,iminating judgment. saw tremendous
,ssibiiftiss in the development Of life
;surance, and believed that he was the
an to develop them. Over and above