The Monmouth inquirer. [volume] (Freehold, N.J.) 1865-1933, 1905-11-23

1
Equitable Life Assurance society, was
called to the stand before the legisla-
tive insurance investigating committee
and questioned at length by Mr..
Hughes.
Mr.. Hyde made the charge that Ed
ward H. Hartman influenced a pc
cuniary settlement by the Mercantile
Trust company of former Governor
Odell's suit growing out of the ship
building trust case.
/ Mr.. Hyde stated under oath that Mr..
Hartman had represented to him and
to other officers of the Mercantile Trust
] that unless the Odell interests were
| placated in Albany steps We're likely
to be taken to revoke the charter of the
Mercantile Trust, which was then and
is now one of the Equitable Life Assur-
ance society's most valuable auxilia-
ries.
Paid Odell $4,000.
Influenced by this menace, Mr.. Hyde
said, and under the advice of Everett
Colby, it's counsel, the trust company
paid to AIr. Odell in settlement $4,000,
and in addition to that he retained his
holding in the bonds of the shipbuilding
company, which, according to state
ment made by Samuel Untermyer,
counsel for Mr.. Hyde, afterward real
| lied on the reorganization of the COM
pany about so cents ON the dollar.
Mr.. Hyde also charged Edward H.
Hartman and Henry G, Frick with
treachery toward him in their conduct
of the work of the Prick investigating
committee. He said he believed that
Mr. Frick, Mr. Hartman and others
had supported his ambition to become
United States ambassador to Europe in
the hope of thereby shelving him in
Equitable affairs and getting him out
of the way.
1t also appeared in evidence that
about the time Mr.. Hyde was going to
Washington to urge his claims on
President Roosevelt for appointment
to the French embassy Mr. Hyde. al
the request of Henry G. Prick, had rec
commended to Mr. Alexander. president
of the Equitable, a campaign contribu.
1 ton of $4,000 to Cornelius n. Bliss
treasurer of the Republican national
| campaign committee A contribution
of $4,000 had already been made by
the Equitable to the Republican cam
paign fund few months previous
while Mr.. Hyde was in Europe. He
was not aware that this had been
done, but the second contribution was
made nevertheless, making the Equita
/ ble's donation toward Mr.. Roosevelt
reelection last year $4,000.
Referred to yellow Dog Fund.-
Mr.. Hyde also made the revelation
/ that when the state banking depart
ment demanded last summer the pay
ment of the S685.000 loan carried by
the Mercantile Trust in the names of
James W. Alexander and Thomas D.
| Jordan, trustees. which loan has been
| technically known as the u. w. A.
No. 81 account and popularity known
as the yellow dog fund.- Mr. Hyde
paid from his personal account $4,000
in order to assist Mr.. Alexander and
after the present management of the
Equitable Life had repudiated he loan
| Mr.. Hyde sketched briefly his career
before and after entering the service OF
the society," declared that he was offer
ed, but refused, any salary the first
year, 1898, the year he was graduated
| from Harvard; that in 1900 his salary
was fixed at $4,000 without any re
| quest from him and that the subse
! quent increases to $4,000 and 100000
were likewise without solicitation OF
| knowledge on his part He insisted
| however that he had been trained for
| years for expert life insurance work by
his father, the founder of the Equitable
Testimony of Mccall and Hegeman.
John A. Mccall, president of the New
York Life Insurance company, when
recalled to the witness stand, declared
/ that if Andrew G. Hamilton, the legis-
/ lative agent of the company, has not
repaid to the company before Dec. IL
/ the S235, 600 which, it has been shown,
he paid out for the company without
rendering any account he (McCalD will
repay the amount himself to the New
York Life before Dee 81.
John r. Hegeman, president of the
! Metropolitan Life Insurance company
/ testified also at the inquiry. His salary
! which was $4,000 up to 1892, is now
/ 100000. President Hegeman admitted
/ that 81 per cent of all the policies in
! the industrial department lapsed with
/ in the first year. what does a policy
| holder get when the policy lapsesT
Mr.. Hughes asked. Nothing" replied
Mr.. Hegeman Among other interest
ing testimony by President Hegeman
was the statement that his company de-
posted hundreds of thousands of dol
lars in banking institutions without
| drawing interest.
From the line of investigation pur-
sued by Mr.. Hughes it was evident that
/ the committee is determined to leave
no stone unturned to discover all the
various details in connection with the
efforts of the big insurance companies
to influence legislation affecting insur-
ance throughout the United States dur.
/ AZ 81 f.a,.