Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-11-14
Tells Committee Objects Of the
Mysterious Mercantile Trust
Company Loan.
POLITICAL CONTRIBUTIONS.
When Equitable Regulated the
Loan He, Alexander and Jor-
dan Paid il of.
Asked If Willing to Serve for $4,000,
Said He Was-Didnt Know Any
where Else He Could Get II.

New York, Nov. ii--James ". Hyde,
testifying today before the Insurance
investigating committee. said that the
objects II the mysterious s6S5,0OO loan
by the Mercantile Trust company to
the Equitable Life assurance society
was IN buy of inconVenent suits, n
buy up stock Of the Equitable as il
came into the market and to make POI
litical contributions Mr.. HYDE said the
only political contribution OF which ma
knew WAS that OF So, 900 to Cornelius
\. Bliss, treasurer OF the Republican
national committee, In the last presi-
dental campaign. This contribution
was solicited by II. g. Frlck. said Mr..
Hyde
Last summer when the banking de-
/ partment called for the repayment Of
the SGSJ,0OO and the Equitable Life re-
pudiAted H. AR Hyde said, Mr.. Alex
ander and Mr.. Jordan raised as much
as they could and then he (Hyde) mads
up the balance, S2l200O He said he
thought he was generous in this, az
ne mad not received any benefit from
that loan.
New York. Nov 14-James r. HYDE.
former vice president OF the Equitable
Life Assurance society. was the most
conspicuous figure at the opening OF
todays session OF the Armstrong com.
mlttee on insurance investigation. lust
before the session was called to or
der, Mr.. Hyde entered the room, accom-
panied by his counsel Samuel Inter
myar
Extra police had been stationed IN tho
corridor outside the committee room 70
control any great crowd that might ap-
pear The first witness called was John
McGuinncss employed by the Eouitabie
Life, aud the reading Of orders OF 2. u.
Jordan TO a. G, Fields relative 10 bills
introduced IN the legislature at Albany,
was continued.
HYDE CALLED.
Mr. Hyde was the next witness Hs
testified that he was 90 years old and
became second vice president of the
Equitable one month after graduating
rom Harvard. He had always been
brought up TO believe his life work was
to be the legitimate successor OF his
rather, the founder OF the Equitable.
lie had travelled and studied with
that object In view. His father had in
sllled In him his Views on life insur-
ance. lie was "a director Of the com
pary two years before he graduated.
From his earliest youth he had lived
Ia life insurance atmosphere eXpect-
Ing to make II his life work, During
his fathers Illness James W. Alexander
turned over to him little by little, mat
teIs of detail He did not receive
salary upon his first connection with
the company. lie was offered a salary
Gus members OF the executive commit
tee suggested that as he had qualified
himself by two years work he should
have "a salary and President Alexander.
In 1900, fixed il at $4,000. Mr., Alexan-
der asked II this was agreeable 10 him
tHyde). In 1902 Gen. Louis Fitzgerald
resigned as chairman Of the finance
committee and Mr.. Hyde was appointed
10 the chairmanship. For the added
responsibilities falling on Mr.. Hyde, HIS
salary was advanced To $4,000 His
duties constantly Increased In the vari-
Gus departments, and IN 1903 his salary
was made 100000 at which Il remained
cntll his resignation last spring The
witness never spoke to any OF the off,
GERS or members OF the executive COM
mittee I'm any way that suggested an In
crease I'm his salary.
BARKls Is WILLING.
MIR. hyde was asked # he was will
ing TO serve the company az $4,000
salary. and he replied that ne was, and
he caused laugh by remarking that
ne did rot think he could set IL any
where else"
a rs. OF Mr. Hydes dirsctorshlps. al
81 his personal stockhoidngs in COM
pauies IN which the Equitable was in.
-erestel, was presented and introduced
~ evidence. Mr. Hughes said IL was
not his purpose TO go over the matter
covered by Supt Hendricks report.
MI Hyde wss asked II money could
be obtained on his voucher without ir
coming under the notice OF any other
officer. The witness said IL could bs
done, and this method was put into
effect by an order OF the president,
MIR Hyde knew only by hea rsay OF the
-ieorge N Squire trustee account. Tbs
syndicate 20 1oat the S59.0O0,00o Inter-
national Mercantile Marine company
was the syndicate In which Mr.. Alex
snder asked Mr. Hyde 10 give c. IT,
Squire, trustee. participation from
he share OF 81 II. HYDE and assoc
'iates" His attention as vice president
'f the Equitable Trust company was
ltver called 20 the Squire account. He
Ili not know OF what Mn squire was
rustee ana never imputed why Mr. Al
xandcr wanted him 20 give George ".
;quIre trustee q participation. Mr..
Fvie said he received p salary Of 5000
yhcn he became vice president OF the
Equitable Trust company. and IN 1901