The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-11-14
HYDE ON STAND
Former Vice President of the
Equitable Testifes.
Explains Mysterious $685., 900
Loan to the Company.
$4,000 TO C. n. BLISS.
IL. g. Frick Asked for the Cam
paign Contribution.
Tells How His Salary Grew to
Be 100000.
$4,000 TO C. N. BLISS.

testifying today before the insurance IN
vestigating committee. said that the OBJ
jects Of the mysterious s685,00O loan by
the mercantile Trust company to the
Equitable Assurance society was to buy
off fnconvenient suits, to buy uD stock
OF the Equitable as it came into the
market and to make political contribu-
tions. Mr.. 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 presidential campaign. This
contribution was solicited by H c.
F'rick said Mr.. Hyde.
Last summer when the banking depart
ment called for the repayment Of the
$685., 600 and the Equitable Life repudiat-
ed it, Mr.. Hyde said, Mr.. Alexander and
Mr.. Jordan raised as much as they could
and then he CHyde) made up the ball
ance, $4,000. He said he thought he
was generous in this as he had not re-
ceived any benefit from that loan.
Mr.. Hyde, former vice president OF the
Equitable Life Assurance society, was
the most conspicuous figure at the open
ing of tOday's session of the Armstrong
committee on insurance investigation.
Just before the session was called to
order, Mr.. Hyde entered the room ac-
companied by his counsel Samuel
Untermyer.
Extra OOAlCG OaQ DGGn SLaDOllEQ III
the corridor outside the committee room
to control any great crowd that might
appear. The first witness called was
John AIcGuinness, employed by the
Equitable Life, and the reading of or
ders of T. D. Jordan to A. C. Fields,
relative to bills introduced in the legis-
lature at Albany was continued.
Hyde Testifes.
Mr.. Hyde was the next witness. He
testified that he was % years old and
became second vice president of the
Equitable one month after graduating
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 Equitable.
He had Travelled and studied with that
object in view. His father had instilled
in nina his views on life insurance. He
was a director Of the ol-Dany two
years before he graduated. From his
earliest youth he had lived in a life
insurance atmosphere and expected to
make it his life work. During his faith
er's illness James w. Alexander turned
over to him little by little matters Of
detail He did not receive a salary
upon his first connection with the COM
pany. He was offered a salary but de-
clined. The president and various
members Of the executive committee
then suggested that as he had qualified
himself by two years work he should
have a salary and President Alexander
in 1900 fixed it at 100000
Mr.. Alexander asked if this was
agreeable to him CHyde). In 1902, Cen
eral Louis Fitzgerald resigned as chair
man of the finance committee and Mr.
Hyde was appointed to the chairman
ship. For the added responsibilities
falling on Mr.. Hyde. his salary was ad-
Vanced to $4,000 His duties constant
Iy increased in the various depart
ments, and in 1903, his salary was made
800 000 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
to any way suggested an increase in
his salary.
Hyde's Salary.
Mr. Hyde was asked if he was will
ing to serve the company at $4,000 sal
ary, 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 di-
Te9toTshiPs. also his personal stock 3SS
Equitable was interested was presented
and introduced as evidence. MI. Hughes
said it was not his purpose to go over
the matter covered by superintendent
Hendricks report
Mr.. Hyde was asked if money could
be obtained on his voucher without It
coming under the notice of any other
officer. The witness said it could be
done and this method was put into eff
Hyde knew only by hearsay of the
George II. Squire Trust account The
syndicate to float the $50 900 900 Inter
national Mercantile Marine COMPANY
was the syndicate in which Mr. Alex
ander asked Mr.. Hyde to give G. H.
Squire, trustee, participation from
the share of u. H. Hyde, and assOci-
ates" His attention as vice president
of the Equitable Trust company was
never called to the Squire account. He
did not know of what Mr.. Squire was
trustee, and never inquired why Mr.
Alexander wanted him to give George
III. Squire. trustee. a participation. Mr.
Hyde said he received a salary of 5000
when he became vice president of the
Equitable Trust company and in 1903
this was advanced to S12. 600.
He Was Not Curious.
OF the International Mercantile
Marine syndicate S25O,OOO was alIot-
ed TO George H. Squires trustee bv
j. II. Hyde and associates. When Mr..
Hyde made calls on the Squire ac-
count the amount. was borrowed from
the Equitable Trust company, but Mr.
HYDE SAID he did not tnOW about this
His curiosity as to tl85 Squire account
was not aroused when he asked to make
the allotment, but he has since learned
that it was the purpose to apply the
profits Of this account to the pav1nent of
the S685,000 loan account Of which ] "
Alexander and Thomas d. Jordan were
trustees Instead of profits there was a
loss Mr.. Hughes said that matter
would be taken uD later
Mr.. HYDE was asked where w. H. Nc
Intyre, former fourth vice president of
the Equitable was and he replied that
he had seen by the neWspa pers- that he
was in Boston. Mr. Hyde wrote him a
letter to the Houltrain about a month
ago.
In the fan Of 1902 he first heard of j.
W Alexander No. 3 account (the S6s5.-
600 loan) 1T was brought to his atten-
ff0n BIZ President Alexander who said