The Montgomery advertiser., 1905-11-15

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 .. not connected with the Equitable. Mir | Alexander decided the makeup of tho | associates in these syndicate partici' pations. MT. Hyde said he was con suited but Mir. AIexander's decision was l final.
 | Union Pacific syndicate. l Questioned regarding the $5o,0o0.ooo | Union Pacific preferred syndicate. MT. | Hyde said that E.. H. Hartman asked him to go into 1t on behalf of the Equit- l able, and Mir Hyde took it up with MT | Alexander, who later talked with MT l Hartman about the matter. MT. liar riman explained, the witness said, that l this was to be holding syndicate. The | period for which it was to be held was | five years. It was understood that this syndicate was for the purpose of con- I trolling the Union Pacific.
 Mir Hyde said he sign ,d the syndicate agreement on behalf of the Society at Mir. Hariman's sugg ,stion. He pre- sumed MT. Hartman had reason for de-
  not inquire what it was. He talked only with Mir. Hartman with reference to this matter. He never spoke about it to Jacob H. Schiff. MT. Schif, he said, had considered him as an indi- vidual in this matter. but if Mir. Schin had looked further into this question he would have found that he was not acting as an individual Witness said he would like to have this matter in- vestigated further because he felt that he had been greatly misrepresented.
 Answering MT. Hughes. the witness said he did not know that any member of the Equitable Life or of it's commit tee beside himself, Mir. Hartman and Mir Alexander, knew that this was to be a holding syndicate. He added that Mortimer Schiff of Kuhn, Loeb & Co. requested that this transaction be car ried on the books of the Equitable as an investment and the change was made to acomodate the firm. Wanted it Kept Secret. Kuhn, Loeb & Go. made their calls on Mir. Hyde, who turned them over to the Equitable Life for payment. Wit ness said that MT. Alexander did not think 1t necessary to acquaint the Ex- ecutive Committee of this operation and Mr. Hartman requested that the com mittee be not informed as he wanted this pool kept secret" He said MT.
  perintendent of Insurance a statement of the purposes of the pool.
 When Mir. Hughes had concluded with the Interrogation of MT. Hyde relating to the syndicate participation, MT. Un- termeyer, counsel for Mir Hyde, pre- sented a statement of all the syndicate transactions of J. H. Hyde and asoci- ates, with Mir. Hyde's losses and profits regardless of any connection of the Equitable Life. There was a net loss of $47,302. \ Deducting from this the profits from the Fitzgerald and associ- ates and the Squire and associates sym dicates, there was a net loss to MT. Hyde of $2S,615. This was the result of participation in twenty-three sym dicates.
 Mir. Hyde himself submitted a sup plementary statement showing that his connection with the Equitable Life and his connection with the trust companies had netted him $3S.197 a year. His revenue was first figured out as seven years salary, $465, 900. The net losses on syndicates were $2S,615, with which the $212,500 paid on account of the $6S5,000 loan amounted to $241,115. This sum deducted from $435, ,000 left a balance of $1s3.8S4.06, or an average annual income to him from the Equit- able of $27,6s7. The income in connec- tion with the trust companies added $10.500 more.
 Mir. Hyde said that he submitted this statement to show that he had been misrepresented as to his revenues from his seven years connection with the Equitable.
 Hyde's Payment of s212,50O.
 MT. Hughes said 1t was not quite clear to him why the witness felt bound to pay $212,500 on a loan from which he received no benefit.
 Mir. Hyde replied:
 Notwithstanding the strained rela- tions with the two gentlemen (Alexan- der and Jordon). I felt bound to see that this loan was liquidated by reason of the letter Mir. Alexander extracted from me-"
 MT. Hyde further said that he paid the $212,500 because he understood Mir. Alexander was financially embarrassed Witness did not know personally of loan of $2,700.000 to E. H. Hartman on May 3, 1901. but he presented statement from the Finance Committee which showed such a loan was made at 4 per cent. interest. This loan was re- newed from time to time and the rate of interest was advanced to 41-2 and then to per cent. The loan was paid | off January 15, 1904, by check of Kuhn, | Loeb & Co. MT. Hartman had refused | to pay the advanced rate of interest. | Mir. Hyde had suggested the advance in l
 
 The suit of former Governor Odell | against the Mercantile Trust Company | to recover on shipbuilding bonds was | then taken up. MT. Hyde said he had | had talk with MT. Hartman about a | settlement of this suit but not in Mir. | capacity as a director of the Equitable, that the Equitable had noth- ing to do with this matter.
 Mir. Hyde said his talk with Mir. liar riman was in his capacity as director of the Mercantile Trust Company. Wit ness did not know the amount of Mir. | Odelrs claim, but thought it was about s75.000, as that amount was paid Odcll gut of the funds of the Mercantile Trust Company by advice of counsel.
 Advisable to Settle.
 Mir. Hyde said MT. Hartman suggest ed that there was a great deal of rumor n the newspapers that an effort would be made to repeal the charter of the Mercantile Trust Company and the fact hat the Equitable Life had a great in- crest in that company had a great deal o do with the advisabilty of settling he suit. MT. Hyde said MT. Hartman eemed to fear retaliatory measures up- 'n the trust company unless the suit vas settled.
 Mir. Hyde did not know of any actual 'teps then taken to revoke the char CT, all he knew was simply the ru- nors. MT. Hyde understood that $75.- 100 was only a part of the odell claim.