Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-11-15
HYDE is VERY BITTER


CONTINUED from Page One.)
themselves Of their friendly steward
ship with great profit to themselves,
and added that the nature of their in
terest had since become very obvious.
Mr.. Hyde charged Mr.. Frick with
breach of faith in leading him to be-
iieve that the Prick Investigation com
mittee was friendly" 10 him and was
doing all he could to dissuade witness
from selling his stock at the same time
as MIR. Hyde said, doing everything on
that committee he could 10 knife NE
and destroy the value of that stock.
Mr.. Hyde was excused until tomorrow" .
when his examination VIII De fe'i
New York. Nov 14.-James ii. iSu''
former vice-president of the Equita"-e
Iifa Assurance society was the Hi"''
corcnicuous figure at the opening $50
eior,e of the Armstrong committee Vi
,hoi ,e,rance Investigation. There
,,a,.e. several ladies present, tooas'
a..,.,,er thon Mrs. Charles +. Hughes
% +ba counsel to the committee
and ,trs ". F. Armstrong. Just De
fore the session " dS t>'i'No' -
rJ,,de entered the room, accompanied
his counsel, Samuel Cterlleyel' anu
took a seat we'll up toward the front o.
the room and Immediately BACK Oh the
press table.
Extra police had been stationed in
tbe corridor outside the COMMITTEE
room ana were on hand to control any
great crowd that might appear. The
first witness called was John Mcguir-
ness. employed by the Equitable Life
who was on the stand at adjournment,
last night, and the rending of orders of
r.. D. Jordan to \. c. Fields, relative to
bills introduced in the legislature at AL
bany. was continued.
Mr.. Hyde was the next witness. He
testified that he was 20 years of age
and became a second vice-president of
the Equitable one month after gradual
ing from harvard. He had always
been brought up to believe his life work
was to be the legitimate successor OF
his father. the founder Of the Equlta-
bic. He had travelled and studied
with that object in view. His lathef
had instilled in him his views on lie
insurance. He was director OF the
company two years before he gradual
ed. From his earliest youth, he had
lived in a life insurance atmosphere and
had expected to make it his life work
During his fathers Illness, James w
Alexander turned over to him, little by
little, matters of detail. He did not re-
ceive 4 salary upon his first connection
with the company. He was offered Il
salary but declined. The president and
various membt rs Of the executive COM
mittee then suggested that as he had
qualified himself by two years work he
should have Il salary and President
Alexander, in 1900, fixed il at $780, 00.
Mr.. Alexander asked if this was
agree. BILE to him (Hyde). In 1902 Cen
eral Louis Fitzgerald resigned MS
chairman Of the finance committee and
Mr.. Hyde was appointed to the chair
man ship. For the added responsible
ties falling on Mr.. Hyde his salary was
advanced to $75 600. His duties con-
stantly increased in the various depart
ments and in 1903. his salary was made
100000 it which ii remained until his
resignation, last spring. The witness
never spoke to any of the officers or
may way suggested an increase in his
salary.
Mr.. Hyde vas asked if he was willing
to serve the company at $4,000 salary,
and he replied that he was, and he
caused a laugh by remarking that he
didn't think he could get it anywhere
else"
A list Of Mr.. Hyde's directorships, al
50 his personal stockholdngS in COM
panieS in which the Equitable was in
tereSted vas then introduced in evil
denc". Mr.. Hyde was asked if money
could be obtained on his voucher with
out it coming under the notice of any
other officer, Witness said it could he
done and this method was put into ef-
feet by an order Of the president.
Mr.. Hyde said he received salary of