Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-11-14
Former Vice President Of the
Equitable a Witness Before
Insurance Committee
FROM NOTHING TO ;1ooood
Three Years Service With the Equit-
able Brought Him into PrinesiyI
saIary-How the Equitable Bought
of inconvenisnt Lawsuits With the
S6s5,ooo Corruption Fund. Z

New York. Nov. 14.-James II. Hyde,
former vice president Of the Equitable
Life Assurance Society was a witnesss 4
today before the committee on insrlr Il
ance investigation. He testified he was
20 years Old and became second vices
president OF the Equitable month at
ter graduating from Harvard. He had &
always been brought up to believe HIS &
life work was to be the legitimate suc-
cessor Of his father. founder Of che
Equitable. He was q director of the
company two years before he gradu
ated. During his fathers illness James
w. Alexander turned over to him ne 81
tie by little, matters Of detail. He did
not receive a salary upon his firsts cone
#nection with the company. He was Of ssa
fered salary, but declined. The pres-S
ident and various members Of the exec!
cutive committee then suggested thaK
as, he had qualified hirhseK by tWo
years work he should have a salary
and President Alexander, In 1900, hxedg
1t at $4,000. In 1902 he was appointed
to the chairn,anship Of the hnanes
committee. For the added responsible
titles his salary was advanced to $75ss
900 and in 1908 70 500, 600 at which y Z
remained until his resignation last
spring. witness never spoke TO any
the officers or members OF the execu-l
tive committee or in any way sugge
ed an increase In salary Hyde wal
asked il he was willing to serve the
company at the $4,000 salary. replied
he was, and caused q laugh BY rernarl
ing that he did not think he could Sss
1t anywhere else
Hyde was asked II money could 9 !ss i
Obtained on his voucher without ~
coming under the notice Of any other
officer. Witness said II could be done:
that this method was put into eject
Eby order Of the president. Hyde knsMs
only by hearsay Of the George
SQUIRE trustee account. The syndicate
to float the 35o.poo.ooo international
Mercantile Marine Company was aS'
syndicate in which Alexander asked
Hyde to give q. Fl. squires, trusfees
a participation from the share Of =. e.
ii. Hyde and associates" His atten-
ton as vice president Of the Dquitabls
Trust Company was never called to NE !;
SQUIRE account. He did not know Of
what Squire was trustee and never
inquired why Alexander wanted him
to give the Squire trustee participa-
ton. Hyde said he received q salary
OF $4,000 when he became vice presa-
dent Of the Equitable Trust COMPANY
in 1903. This was advanced to s11,-
900. s
Hyde said the object Of the mysteF.
ious sss5,o0o loan by the Mercantile
Trust Company: to the EQUITABLE Liz
was to buy OF inconvenient suits. to
buy up the stock Of the Equitable e.
1t came into the market, and TO make
political contributions. Hyde said the
only political contribution Of which he
knew was that Of $4,000 to Cornelius
N. Bliss, treasurer Of the republican,
national committee in the last presi~
Dental campaign. This contributions
was solicited by Il. G. Frick said
Hyde.
Last summer when the banadnG g.
parument called for repayment OF tho
$685., 900 and the Equitable repudnted
1T, Hyde said Alexander and JORDAN
raised as much as they could and then
he (Hyde) made up the balance. 44l7.as
900. He said he thought he was gen-l
erous IN this. as he had not rece0veo
any benefit from the loan.