The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1905-11-22
SPRINGS A SENSATION.
Mr. Hyde Shows Light On Many Shady
Transactions

New York (Special) James llazcn
Hyde, former vice-president OF the Equi-
table Life Assurance Society, whose res
ignation followed the sensational disclos-
urcs in that company last spring which
led to the investigation of insurance
company methods by the Armstrong com
mittee OF the Legislature, tho man whose
presence as witness before this COM
mittee has been looked forward to in the
expectation that it would produce the
greatest sensation OF the investigation,
appeared as witness Tuesday
Mr. Hyde in the last half hour of the
committee session, practically accused
former Gov. b. B. Odell, Jr., OF threat
ening through i. II. Hartman to have
the charter OF the Mercantile Trust Com
pany repealed unless Odell's suit TO re-
cover on bonds OF tho United States
Shpbullding Company was settled. Mr.
Hyde created further sensation by accus-
ing the Frick committee OF unfairncss
IN its report. charging Mr. Frck and Mr.
Hartman with conspiracy TO get him out
.oi me country by inspiring him with the
ambition to become Ambassador 10
France, and with endeavoring to over
throw his position in the Equitable Life
Assurance Society
Mr. Hyde's attention was called to the
seriousness of these charges on several
occasions by Charles Il. Hughes. counsel
to the committee, but he said he made
the statements after many sleepless nights
and long, sad days OF reflection.
Mr.. Hyde's manner on the stand was
one of composure and dcliberation and
his replies TO questions from counsel were
calm and ofttimes studied. He was for
tihcd with statements and data and was
very frank in his explanations, Ere
quently he would become bitter in his
reference to some OF his associates and
while his entire testimony was OF deep
interest and cleared tip many points that
have heretofore remained in the dark
it was not until late in the day that the
sensational features of his testimony were
developed.
Mr.. Hyde was called TO the stand
shortly after the session opened and he
was under examination all day until
few minutes before adjournment In an
ticipation OF his presence, there was
greater crowd than has attended the ses-
sions of the committee heretofore, and
extra police were stationed in the corr-
dor without the committee room to keep
order.
Mr.. Hyde cleared up the matter OF the
sos, 900 loan of the Mercantile Trust
Company, which appeared on the books
of the Equitable Life under the caption
of the 81. w. Alexander No. 3 account
This account has been under inves;iga-
ton on several previous occasions, but
none OF the witnesses heretofore exam
ined has been able to explain it.
Mr. Hyde first heard of the account
in the fall of 1902. when it was called
10 his attention by President Alexander,
who said that he and Mr.. Jordan had
incurred the loan TO take up stock that
was being bid up to fictitious values, to
the detriment of the company, to settle
suits that we're hampering the business of
the society and for campaign contribu
tions This contribution was made to
the last campaign and was asked by Mr..
Frick, who suggested it for the benefit
of the society To procure the money,
Mr.. Alexander had Mr.. Hyde write 4
letter TO. the president of the Mercantile
Trust Company, this letter practically
placed him in the position OF guaran-
tor.
Later, when the settlement OF the loan
was forced, Mr.. Alexander and Mr. Jor-
dan raised all they could toward it. The
stock purchased with part OF the loan
was sold to Thomas F. Ryan for $4,000.
and the balance, $2I2, 500, MIR. Hyde paid,
personally He did this because he I'M
derstood that Mr.. Alexander was fnan-
cially embarrassed, and in bitter tone
said Notwithstanding the strained re-
lations with these two gentlemen (Alex-
ander and Jordan), ! felt bound to see
that the debt was liquidated by reason Of
the letter Mr. Alexander extracted from