The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-11-15
FEARED TRUST
CHARTER REPEAL
Hyde Explains Odell's.
Suit to Recover the
Trust Bonds.
HARTMAN sWAGED
A. SETTLEMENT
~ ----------- ---------
Referring to Suit Against Mer-
camille Trust Co. to Recover
on shipbuilding Bonds,
Hyde Said Hartman
Feared Retaliatory
Measures.
------------
(By Associated Press

(By Associated Press.)
NEW YORK. November 14--Janies
fIazen HYDE former president Of the
EauitnbIe Life Assurance Society whose
resignation followed the sensational dis
closures In that company last spring,
which led to the Investigation Of insur-
ance com pany methods BY the Armstrong
committee OF the ,Lcgislature; the man
whose presence us o witness before this
committee has been looked forward 20
in the expectation that 1t would produce
the greatest sensation of tho inycstiEa-
lion. appeared before the committee to-
day , M 81
Mr. Hydc's manner on the stand was
ona OF com,osurc and deliberations, and
his replies to questions from counsel
were calm and deliberate and ofttlmes'
studied He was fortified with state.
mcnts and data, and was very frank IN
his explanations. Frequently he would
become bitter in his reference to some
Of hfs associates. and while his entire
testimony was Of deep interest and
cleared up many points that I have hereto
fore remained In the dark, II was not
until late in the day that The sensational!
4 TEXTURES OF his testimony were developed.
Mr.. Hyde was called to the stand shortly
3 after the session opened this morning.
and he was under examination all day
until Il few minutes before adjournment
4 was taken. IN anticipation OF his pres
ence az n witness, there was 8. greater
crowd than has attended the sessions OF
the committee heretofore, and extra Do-t
2 lice were stationed III the corridor With
out the committee room to keep order. 81
Hyde Clears LoanSMystery.
Mr. Hyde cleared UP the matter OF the
i sss5, 600 loan Of the Mercantile Trust COM
.papy which appeared on lie books Of
Inc Equitable Life under the caption Of
the t.J. w. Alexander No. 3 Account
Z This account has been under. Investigation
en- several previous occasions, but none
OF the witnesses heretofore examined
has been able 10 explain II.
MIR, Hyde first heard of this account
in the fail OF 1892, when 1t was called TO
/ his attention by President Alexander.
who said that he and Mr.. Jordan had I'm
u CURED the loan to take UP stock that
Was being bid up to fictitious values, U
I the dctriment of the company, To settle
suits that were hampering the business
sof che society, and for campaign contri-
4 buttons This contribution was the one
tosthc last campaign: and was asked by
Slr. Frlck, who suggest ted II for the ben
!
money Mr.. Alexander had Mr.. Hyde
write n letter to the president OF the Mer-
camille Trust Company. and this letter
practically placed him in the position
nf n guaranteer.
Hyde Made Good.
Later when th,. settlement OF the loan
was forced. Mr. Alexander and Mr.. Jor-
dan raised all they could toward it, The
stock purchased with part Of theN loan
was sold to Thomas II. Ryan for s2l2, ,GOD,s I
and the balance, s2l2,50o. Mr.. Hyde paid
II personally. He did this because he under
stood that Mr.. Alexander was financially
embarrassed, and insa bitter tone said:
Notwithstanding the strained relations
with these Two gehtlene II i Alexander and
Jordan. felt bound 10 see that the
debt was liquidated by reason of tile
Y letter Nh. Alexander extracted from me
MI. Hyde said that he first received ii
salary of $4,000 seven years ago In
1902, when he became chairman of the
finance committee. this was advanced
to $500. and in 190sit was advanced to
$1,000, at which 1t remained until he
Resigned as vice-president of the society
Mr., Hyde presented u statement, saying
that In the seven years of his connection
with the Equitable Life and the allied
corporat!ons his average income had
been only little more than $3S0OO a
year. This was figured as seven yea Il, y
salary, from the Equitable. amounting
to SiS,o0o. from which hegdeducled his.
bpAScs In syndicate transactions, amount :
Ing to $685., and the s2l2,iQO paid on
the $GS5,DO0 loan, which left ii balance
Of sl9S,Ss4. or an average anntal INCOME
of $y7,697. to which WIS added the aver
ago income from his offices In the trust
companies OF SW,s0O. Witness said hc
presented this statement to show that he
had been misrepresented.
He was asked to make an allotment
OF 99f CERTAIN bonds of syndicate to Geo.
not aroused. lie had since learned, how
eyer. that tho account was maintained by
.leAanucr and Jordan, that the profits
tn ttmereirom s ~ might he applied to the pay
ing Off OF the $GS5,000 loan.
hnoWs 4yotnlng OF Lobbying.
!, The instructions Of MI. Jordan to "A.
G, Fields, the Legislative generalIssi-
mo- mo as Mr.. Hughes referred to him to-
Gay, Mr. Hyde knew nothing about. He8
abont n hg ei nGiy,er consulted With MI Jordan
OF the Legislative measures affected him
~ MS interests In any way. .l&
~ ane syndicate operations Off II, Hyde
pnr prbiv bGissoela'es a g was gone into very thor
ty-three syndicates Mr.. Hyde s,lstuined
ns,EHsona persona losses Of s28dl5. MI. Hyde as
I6fepea 6ns a,Id Ihs apportionment Of the ,Equita-
,ph,ueIs ,na OF ne Equitable Life to tho Gus
'o.ns of tho ama fnrn,e fHaages u, Of Wall Street,
end Associates syndea te, Mr = 1ivdo r. t1ydg .a ~
San, st., M!eN amer suggested It for the con
hhs.'ehee hsM ,hn o. bankers He did not reneli,-
uun uant sful ~ ahy appoI!lonment Of an aliot-
made to individuals Who We're sge1 not p9st. nfs.
GERS Of, the Equitable Life Mr. iexandsr lew uL,
nealdea and who no shond copose thS sSna-
Harriman's Scheme.
OF the $4,000 900 Union Pacific pool Mr.
e Hyde said, Mr.. Hartman instien ia; ~ n
and explained twas TO besa holding, syn. IN.