Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-11-15

S.IFU +Wnen ne DtcdlIIc VIZ pa '-'S'N-
the E,quitlble Trust Co., and In l9o' th's
was advanced to S12.To vi the ih,eiiif'
tional Mercantile Marine syndicate. sd
600 was allotted to George H. Squire Y TIT
tee. by j. r. Hyde and associates "hen
Mr.. Hyd.. made calls on the squire az
count, the amount was borrowed rom
the f. ,uita bic Trust Co, put MI. ilS'"
said he did not know about TINS. 1hS 81
rioSity as to the Squire account WAS H"'
aroused when he was asked To make iie
attainment. but he has since learned thttt
II was the purpose 10 apply the proht5
of This account 10 the Payment OF tn
ses5 600 account of which j. II. Alexander
and Thomas d. Jordan were trustees. III
stead OF profits there was a loss
Mr. Hyde WIS asked where W n Nj
Intyre. former fourth vice president OF the
EQUITABLE was, and he replied that he hSid
Boston until MI Hyde wrote him a letter
there to the Hotel lorraine about a
Mr. H3Ie said he lad never hoard of,
nor ever knew of the Marcellus Hartley
account, nor the Louis NJ Eailey &C.
count Neither did he ever hear Of any
building operation in the name OF LOUIS
NJ. Bailey untii 4. few days ago when in
formed by Ills counsel.
In the fall OF 80! he first heard oil the
] ". Alexander No. :: account tthT
$;95, CSC loan. 1t WAS brought TO his atten,
ton by President Alexander, VINO SAID
that he (AleXandesJ and Jordan had in
CURED large expenses on behalf OF th2
society to settle suits that would inter
fere with The business. to purchase Stock
that had been bid up to fictitious values
and that was being used as an argument
against the company ana lastly poiIticih
contributions. OF the latter Alr, HYde
knew of hut one. ana that was the one to
the last national Republican committee
The contribution was asked OF Mr.: Hyde
by Mr.. Prick, who suggested II for the
benefit OF the society. The money in this
No. : account was secured from The Mer-
camille Trust Co. or Il letter MI. Alex
ander had Mr.. Hyde write to the vice
president Of the institution; Mr- llyde
said the letter practically placed him iii
the position OF 4 GuarantOr.
Asked in connection with the Squire a.
count if he did not inquire where the
moneys of the Equitable Life Went, Mr..
Hyde said that was an illustration to
show that he was unfortunate in relying
on others he thought they would do
right.
Mercantile Trust Co. in 1903 and received
Il salary of 200, which was raised IL
1904 to $4,000. Mr.. Hyde said hc did not
look up the j. ". Alexander No B ac-
of the society he did not try To disturb
eVisting conditions. He assumed control
OF the new business as it came in
y credit OF $4,000 on the No. } 2ccount'
participation in Lacklwanna steel. Mr.;
Hyde said the participation was offered
to him and he referred the offer To j.
II. Hyde and associates" for whom MI
Mcintyre acted. Mir. Hyde, however, as
sumed the liabilities of the syndicate par
ticipation and ii there hau Deen "a loss
the Equitable Life would have lost moth
ing as it was Mr. Hydes personal Ii
nancas that would have become involved.
Other credits Nh Hyde knew nothing
about. He Then said that last summer,
tnEN-
the repayment OF the loan which the
Equitable Life had rcpudiated, the indi-
vidualS were looked tc for it. Mr.. Alex
ander an! Mr.. Jordan raised as much
money as they could and then Mr.. Hyde
paid The balance. $2l2.oG0 He incidentally
thought he WIS generous IN tins As he
had never received any benefit from the
loan.
Mr. Hyde said the Equitable stock
which was bought with part Of the loan
secured by Alexander and Jordan was
sold to Thomas f. Ryan for $2l2,ano ana
the proceeds were turned toward the liqui
dation of the lean. In reply to Mr.
Hughes, the witness said he had never
consulted with Mr. Jordan in executive
matters. Up tc il short time ago, he
owned II place in Suffolk county which
he since lad sold, but he could not ac
count for Mr.. Jordan's instructions to
Mr.. Field, the Legislative Generalissimo,
as Mr. Hughes referred tO-him, With ref
crcnce To q bill affecting Suffolk cour-
t.. He said that while he was interested
in water rights for fishing purposes, he
was not a fisherman, ana none of the
bills mentioned i'll Mr.. Fields instruc-
TONS We're OF personal interest to him in
any way.
Mr. HYDE knew nothing Of a large part
of the $60j000 loan goin& 10 the Equitable
Life to pay for cash items drawn by
Mr.. Jordan. He knew nothing of the
W hcreubouts Of Mr.. Jordan
he syndicate participatiOns of Mr..
Hyde were taken up and were under con-
CT It.sp ny NT
Nh. Hyde resumed his testimony after
the recess continuing his explanation Of
syndicate transaction. one participation
Of the Equitable Life in Chicago. Eur
lingion e Quincy for 81, -00.10 in 1901. he
said, was divided with George II. Squir :
ana associates. He did not know until
recently that the Equitable Life was
rayin3 calls made by this syndicate. The
reason he did not know was because he
was either abroad or absent from the
city. Mr.. Hyde said the calls of J. z.
Morgan 4 Go on this syndicate Were
made G. II. Squire ana associates and
J. II. HYDE and associates lie was
shown copies of tie first and second call
directed to the EuuitabIe Life and then
said his memory must have been at fault.
fIc had no fact that enabled him 10 say
that ]. p, Morgan & Go. knew of the
division Of the Equitable Lies allotment
other than the usageS and customs OF
Wall street
Mr. Hyde was asked if when he took
the allotment Of the Equitable In the
| Chicago. Burlington * Quincy syndicate
he believed it would be profitable His
reply that he hoped it would he was not
satisfactory TO Mr.. Hughes and the queS
ton was repeated several times, with the
same reply: and finally MIR. Hughes re-
quested Senator Armstrong, the chairman
| Of the Investigating committee. TO direct
the witness to give a more definite an
sWer
When Senator Armstrong Instructed the
witness a5 requested. Mr.. HYDE said thar
| he was answering to the best of MS abil-
| ity. Finally. however, he changed his
answer to hoped ana believed it would
| be profitable"
/ This satisfied Mr.. Hughes and he pro-
| ceedcd. When the protests came in, the
| witness S:ud in reply 70 further cues
tons, they were divided with George II.
| Squire and associates. Personally IN.
| knew a m other instances wherein an
allotment Of syndicate participation 20 the
| Equitable was divided among it's execu-
| tive officers, who received part of tn.
| profits that might Just as well have gone
| to the Equitable.