Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-11-15
HIS SALARY NOT LARGE
And He Reels Off Sensational Dis
closures About the Com
pany's Management.

New York, Nov. Thames HaZen
| Hyde, former first vice president of
| the Equitable Life Assurance Society
| whose resignation followed the sensa-
| tional disclosures in that company last
| spring which led to the investigation
| of insurance company methods by the
committee of the New York Legisla-
| ture, the man whose presence as a
witness before this committee has been
| looked forward to in the expectation
| that it would produce the most signi-
| ficant testimony Of the investigation
appeared before the committee, today.
Mr.. Hyde's manner on the stand was
one of composure and elaboration and
his replies to questions from counsel
were calm and deliberate and oft times
studied. He was fortified with state
ments and data and was very frank
| in his explanations. Frequently he
| would become bitter in his reference
to some of his associates, and while
! his entire testimony was of deep in
terest and cleared up many points that
have heretofore remained in the dark,
it was not until late in the day that
tie sensational features were develop
ed.
Mr.. Hyde was called to the stand
shortly after the session opened this
morning, and he was under eXamina-
ton all day until a few minutes be-
fore adjournment was taken. In an
ticipation of his presence as a wit
ness there was a greater crowd than
has attended the sessions of the COM
mittee heretofore. and extra police
We're stationed in the corridors with
out the committee room to keep order.
Mr.. Hyde cleared up the matter of
the $6S5.000 loan of the Mercantile
Trust Co., which appeared on the
books of the Equitable Life under the
caption of u. w. Alexander No. 3
Account" This account has been I'M
der investigation on several previous
occasions, but none of the witnesses
heretofore examined were able to ex-
plain it. Mr.. Hyde first heard of this
account in the fall Of 1902 when it
was called to his attention by PreSi-
dent Alexander who said that he and
T. d. Jordan. former comptroller of the
society. had incurred the loan to take
up stock that was being bid up to
fictitious values, to the detriment of
the society. to settle suits that were
hampering the business of the society,
and for campaign contribution. This
latter contribution was the one to the
last campaign and was asked by Hen
ry c. Prick. director. who suggested
it for the benefit of the society. To
procure this money, Mr. Alexander
and Mr.. Hyde wrote letter to the
president of the Mercantile Trust Co
and this letter practically placed him
i'm the position of a guaranteer.
Later. when the settlement of the
$685. 900 loan was forced. Mr.. Alexan-
der and Mr.. Jordan raised all they
could toward it. In addition the stock
purchased with part of the loan was
sold to Thomas F. Ryan for 1912. and
paid on the loan. After these payments
there was balance of s212,500 which
Mr.. Hyde paid personally. He did this
because he understood that Mr.. Alex
ander was financially embarrassed and
in a bitter tone said:
Notwithstanding the strained rela-
lions with the two gentlemen (Alexan-