The Birmingham age-herald., 1905-11-15

syndicate was for the purpose of con trolling the Union Pacific MT. Hyde said he signed the syndicate agreement on behalf of the society at Mir. Hartman s suggestion. He presumed MT. Hartman had reason for desiring the individual signature but did not inquire what it was He talked only with MT. Hartman with reference to this matter. He never spoke about 1t to Jacob H. Schiff. MT. schiff he said, had considered him as an individual In this matter, but if MT. Schiff had looked further into the ques- ton he would have found that he was not acting as an individual. Witness said he would like to have this matter inves- tigated further because he felt that he had been greatly misrepresented
 Answering MT. Hughes the witness said he did not know that any member of the Equitable Life or of it's committee besides himself, Mir Hartman and MT. Alexander, knew that there was to be a holding syndicate. He added that Morti- mer Schiff of Kuhn, Loeb & Co.,, request ed that this transaction be carried on the books of the Equitable as an invest ment and the change was made to ac- commodate the firm. Kuhn. Loeb & CO. made their calls upon MT. Hyde who turned thenF over to the Equitable Life for payment. Witness said that Mir Alex ander did not think 1t necessary to ac-
 
 operation and Mir Hartman requested that the committee be not informed as ''he wanted this pool kept secret" He said MT Hartman even refused to give the superintendent of insurance state ment of the purposes of the pool.
 Net Loss of $47,3o2.
 When Mir Hughes had concluded with the interrogation of MT. Hyde relative to the syndicate participation. MT. Inter meyer, counsel for MT. Hyde presented a statement of all the syndicate transac- tions of J. IT. Hyde and associates, with Mir Hydes losses and profits regardless of any connection of the Equitable Life. There was net loss of $47.3O2. Deducting from this the profits from the Fitz- gerald and associates. and the Squier and associates syndicate. there was net loss to MT Hyde of BPS 615. This was the result of participation in twenty-three syndi- cates MT. Hyde himself submitted a supplementary statement showing that his connection with the Equitable Life and his connection with the trust com panies had netted him $3s.197 a year. His revenue was first figured out as seven years salary, s435,000 The net losses on syndicates were s2s,615. with which the S912 300 paid on account of the $6S5,OO0 loan amounted to 1115. This sum deducted from s435000 left a balance of $l93.SS4. .O6. or an average annual Income 10 come from the Equitable of s27,ss7. The income in connection with the trust companies added s1O,500 more.
 Mr. Hyde said that he submitted this statement to show that he had been mis- represented as to his revenue from his seven years connection with the Equita- ble Life Assurance society.
 Mir. Hughes said 1t was not quite clear to him why witness felt bound to pay s2l2.5o0 on a loan from which he received no benefit.
 AIr. Hyde replied:
 Felt Bound to Pay It.
 Notwithstanding the strained relations with the two gentlemen (Alexander and Jordan), I felt bound to see that this loan was liquldated by reason of the letter Mr. Alexander extracted from me"
 MT. Hyde further said that he paid the :2l2,5C0 because he understood MT. Alex ander was financially embarrassed. Wit ness did not know personally of loan of 2,7o0O00 to E. H. Hartman on May 5. 1901, but he presented statement from the finance committee which showed sucn a loan was made at { per cent interest,"