The Montgomery advertiser., 1905-11-15
HARTMAN AND PRICK ARE SCORED BY MIR. HYDE

Charges of conspiracy to get him out of the country were made by Mir. Hyde against Henry C. Prick and E. H. Harri- | man in connection with the reported aspirations of Mir. Hyde to become Am bassador to France. He said Mir. Prick | Inspired the idea and witness took it l as joke at first. but when Mir. Prick brought it up later, Mir. Hyde was flat tered and both MT, Hartman and Mir. Prick promised to use their influence to secure the appointment. Against 1 them MT. Hyde waxed bitter in his ex- planation of the extraordinary interest those gentlemen had in his absence from the country. . He said he thought their idea was that they would acquit themselves of | their friendly stewardship with great profit to themselves" and added that the nature of their interest has since become very obvious. James H. Hyde. former Vice. Presi- dent of the Equitable Life Assurance Society, was the most conspicuous figure at the opening of today's session of the Armstrong committee on insur- ance investigation. Just before the session was called to order Mir Hyde entered the room accompanied by his counsel, Samuel Uttermeyer, and took seat well towards the front of the room and immediately back of the press table.
 Extra Police on Hand. Extra police had been stationed in the corridor outside the committee room and were on hand to control any great crowd that might appear. The first witness called was John McGuin- ness. employed by the Equitable Life, who was on the stand at adjournment last night. and the reading of orders of TT ID Jordan fn taIH rxl. tive to bills introduced In the Legisla- ture at Albany, was continued.
 Mir. Hyde was the next witness. He testified that he was 29 years of age and became Second Vice. President of the Equitable one month after gradu- ating 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 Equi- table.
 He had travelled and studied with that object in view. His father had instilled in him his views on life in- surance. He was a director of the company two years before he gradu- ated. From his early youth he had lived in life insurance atmosphere and had expected to make 1t his life work
 During his fathers illness. James W. Alexander turned over to him, little by little. matters of detail. He did not receive salary upon his first con- lection with the company. He was offered salary but declined.
 The President and various members of the Executive Comniittee then sug- gested that as he had qualified himself by two years work he should have salary and President Alexander in 1900 fixed it at sso,ooo. MT. Alexander asked if this was agreeable to him (Hyde). Fs
 In 1909 General Louis Fsfsesrard re- signed as chairman of the Finance Committee. and Mir. Hyde was appoint. ed to the chairnianship. For the added responsibility falling on Mir. Hyde. his salary was advanced to SIS, ,000. His duties constantly increased in the va- rious departments, and in 1903 his sal. ary was made $100.000, at which it re. mained until his resignation last spring, The witness never spoke to any one of the officers or members of the Executive Committee or in any way suggested an increase in his sal- ary.
 Not Worth it Elsewhere.
 MT Hyde was asked if he was willing to serve the company at $75,000 salary, and he replied that he was, and he caused laugh by remarking that he did not think he could get it anywhere else.' A list of MT. Hyde's director ships. also his personal stockholdings in companies, in which the Equitable was interested. was presented and in- troduced in evidence. Mir. Hughes said 1t was not his purpose to go over the matter covered by Superintendent Hend- rick's report. Mir Hyde was asked if money could be obtained on his voucher without 1t coming under the notice of any other officer.
 Witness said it could be done and that this method was put into effect by an order of the President. MT Hyde knew only by hearsay of the George H. Squire trustee account The syndicate to float the $50,000.00O International Mercantile Company was the syndicate in which MT. Alexander asked MT. Hyde to give c. H. Squire, Trustee, a par ticipation from the share of U. H. Hyde and associates"
 His attention as Vice-President of the Equitable Trust Company was never called to the Squire account. He did not know of what MT. Squire was trus- tee and never inquired why Alexander wanted him to give George H. Squire Trustee. participation. MT Hyde said he received salary of $5.00O when he became ce-President of the Equitable Trust Company and in 1903 this was advanced to S12.O00.
 UT the International Mercantile Ma rine Syndicate. $250.o00 was allotted to George H. Squire, Trustee. by J. H. Hyde and associates. When Mir Hyde called on the Squire account. the amount was borrowed from the Equitable Trust Company, but Mir. Hyde says he did not know about this. His curiosity as to the Squire account was not aroused when he was asked to make the alIot- ment, but he has since learned that if was the purpose to apply the nrofifs of this account to the payment of inc S6S5,OOO to an account of which T. W Alexander and Thomas D. Jordan were trustees.
 Loss Instead of Profits.
 Instead of profits there was q loss MT Hughes said that the matter would be taken up later. MT. Hyde was asked where W. Fl. Mcintyre. former fourth vice-president of the Equitable was and he replied that he had been seen hv the newspapers in Boston. MT. Hyde wrote him a letter there to the Hotel Touraine about a month ago.
 MT Hyde said he had never heard If. or even known of the MarcoIlus Hartley account, nor the Louis NJ Bailey account. Neither did he ever hear of any building operations in the name of Louis M. Dudley until a few days ago. when informed by his coun- sel
 In the fall of 1902 he first heard of the J. W. Alexander No. account the S6S5, ,000 loan. It was brought to his attention by President Alexander. who said that he (Alexander) and Jordan had incurred large expenses on behalf of the society to settle debts, that would interfere with business to pur- chase stock that had been bid up to