Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1905-11-16

New York, Nov 15.-James Hazen
" Hyde folmer vice president Of the
Equitable Life Assurance society,
whose resignation followed the sensa-
tional disclosures in that company last
spring, which led to the investigation
of insurance company methods by
a committee of the legislature the
man whose presence as a witness be
fore this committee has been looked
forward to in the expectation that ii
would produce the greatest sensation
of the investigation, appeared before
the committee yesterday.
HYDE was fortified with statements
and data and was very frank in his
explanations Frequently he would
become bitter in his reference to
some of his associates, and while mis-
entire testimony was of deep interest
and cleared up many points that have
heretofore remained in the dark it
was not until late in the day that the
sensational features of his testimony
was developed He was On the stand
Tells of the Big Loan.
HYDE cleared up The matter of the
s $4,000 loan of the Mercantile TluSt
company, which appeared ON the
books of the Equitable Life under the
cantiCn of the j. w. Alexander No, 3
account" This account has been I'M
der investigation on several previous
occasions, but none of the Witnesses
heretofore examined has been able to
explain it.
HYDE first heard of the account in
the fall CT 1902, when it was called to
his attention by President Alexander,
who said he and Jordan had incurred
the loan to take up stock that was
being bid up 10 fictitious values to the
detriment of the company, 10 settle
suits that were hampering the bust.
ness of the society, and for campaign
contributions. This contribution was
The one of the last campaign and was
asked by Frick, who suggested it for
the benefit of the society, TO procure
this money, Alexander had Hyde write
a letter to the president OF the Mer-
camille Trust company and this letter
practically placed him in the position
of guarantor.
Dug Into His Own Pocket.
Later, when settlement Of the loan
was forced, Alexander and Jordan
raised all they could toward it. Stock
purchased with part of the loan was
1 fn,
and the balance, $212,50O, Hyde paid
personally He did this because he
understood that Alexander was finan-
cially embarrassed and in a bitter
tone said:
Notwithstanding the strained reIa,
items with these two gentlemen (Alex
ander and Jordan, | felt bound to see
that the debt was Aquidated, by rea
on Of the letter Alexander extracted
from me-
HYDE said he received a salary of
$4,000 seven years ago. In 1902,
when he became chairman of the
finance committee, this was advanced
10 $4,000, and in 1903 ii was adj
yanced to 100000. at which it le-
NAMED until he resigned as vice pres
ident.
only" $4,000 Year.
Hyde presented a statement show
ing that in the seven years of his con.
nec,ion with the equitable and alleI
corporations his average income had
been only little more than $4,000 a
year. This average was arrived al
after deducling various losses and the
$2l250O paid on the $6Sa,000 loan,
HYDE detailed various syndicate
transactions in which he and his as,
sOcates were interested.
About the Hartman Deal
The $4,000 900 Union Pacific pool,
HYDE said, was Instituted by Harri.
man that ii was al Harrimans sug,
eestion he signed the syndicate agree.
mcnt. and that The executive commit
Tee was not informed Of it because
Hartman requested that the commit
tee lie not advised of 1t and A1eXau.
der did not think it necessary that
they should be informed of the trans.
action.
EcIipsing all the sensational testi,
mony. howeve,. We're the statements
Of Hyde concerning former Governor
Odeli and Hartman relative to the
settlement Of the shipbulding com
pany suit hy the Mercantile Trus'
company Hyde said that Hartman
came to him and advised settlement
Of Odell.s suit. as he feared powerful
information at Albany would be in-
voked il retaliatory measures. Har.
riman suggested as one of these meas
ures the revocation Of the charter 81
the Mercantile Trust company. Hyde
knew Of no actual steps that were
taker nor Of anr bill introduced but
be was beset with rumors that such