The commonwealth. (Scotland Neck, N.C.) 1896-1929, 1905-11-23

AJuo, AOImcI VICE president OIL the
Equitable Life Assurance Society,
whose resignation followed the sensa-
tlonal disclosures in thath company
last spring which led to the investi-
cation OF insurance company methods
by the Armstrong committee of the
Legislature, the man whose presence
as witness before this committee has
been looked forward to in the expec-
tation that it would produce the
greatest sensation of the investiga-
ton, appeared before the committee
Tuesday.
Mr.. Hydc's manner on the stand
was one of composure and delibera-
ton and his replies to questions from
counsel were calm and deliberate and
at times studied. He was fortified
with statements and data and was
very frank in his explanations. FIRE.
quently he would become bitter in
his reference to some Of his asso-
clates, and while his entire testimony
was of deep interest and cleared up
many points that have heretofore re-
NAMED in the dark, it was not until
late in the day that the sensational
features Of his testimony were de-
veloped.
Mr.. Hyde cleared up the matter Of
the $685., 200 loan Of the Mercantile
Trust Company. which appeared on
the books Of the Equitable Life under
the caption Of the 'SW. j Alexander
Number 3 Account
Mr.. Hyde first heard Of this ac-
count in the fall Of 1902, when it
was called to his attention by Presi-
dent Alexander, who said that he and
Mr.. Jordan lad incurred the loan to
take up stock that was being bid up to
fictitious values, to the deteriment of
the company, to settle suits that were
hampering the business Of the So
city, and for campaign contributions.
This contribution was the one OF the
last campaign and was asked for by
Mr.. Frick, who suggested it for the
benefit Of the society. To procure
this money, Mr.. Alexander had Mr..
Hyde write letter to the president
Of the Mercantile Trust Company and
this letter practically placed him in
the position of guarantor.
Later when the settlement of the
loan was forced, Mr.. Alexander and
Mr.. Jordan raised all they could to-
ward it. The stock purchased with
part of the loan was sold to Thomas
F. Ryan for $4,000 and the balance,
$212,5O0, Mr.. Hyde paid personally.
He did this because he understood
that Mr.. Alexander was financially
embarrassed, and in a bitter tone
said:
Notwithstanding the strained re-
lations with these two gentlemen
alexander and Jordan), felt bound
to see that the debt was liquida ed by
reason of the letter Mr.. Alexander ex-
tracted from me-
Mr.. Hyde said that he first receiv-
ed a salary of $4,000, seven years
ago. In 1902, when he became chair
man of the finance committee, this
was advanced to $4,000, and in 1908
it was advanced to 100000: at which
it remained until he resigned as vice
president Of the society.
Eclipsing all this sensational testl-
mony, however, were the statements
Of Mr.. Hyde concerning former Gov
ernor Odell and Mr.. Hartman rela-
tive to the settlement OF the Ship
building Company. Mr.. Hyde said
that Mr.. Hartman came to him and
advised the settlement Of the Odell's
suit, and he feared that powerful IN
fluence at Albany would be invoked
in retaliatory measures.
Charges of conspiracy to get him
out of the country were made by MIR.
Hyde against Henry c. Prick and E.
II. Hartman, in connection with the
reported aspirations of Mr.. Hyde to
become ambassador to France. He
said Mr.. Frick inspired the idea and
witness too it as a joke at first, but
when Mr.. Frick brought it up later
Mr.. Hyde was fattered and both Mr..
Frick and Mr.. Hartman promisel
to use their influence to secure the
appointment.
Again Mr.. Hyde waxed bitter in his
explanation Of the extraordinary IN
terest these gentlemen had In his alb
sence from the country. He said he
thought their idea was "that they
would acuuit themselves Of their
friendly stewardship with great pro-
ct 10 themselves and added that
the nature of their interest hid since
become very obvious.
To Build Nicarauga Canal.