Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-14
CAR WILL KEEP AWAY jill. HYDE0N THESTANO
Decided Not to Return to st. Former Vice President of
Petersburg This Winter Equitable Testified Today
HIS DECISION UNWISB IN INSURANCE INQUIRY
MOT oN1y FOR MORAL EFFECT INTERESTING EVIDENCE
BROUGHT OUT IN EXAMINATION
Details Certain Accounts Entered
WboF Feared Danger OmciasCampagn
FromP trbutons and Other Items
Former Vice President of
Equitable Testified Today
IN INSURANCE INQUIRY
INTERESTING EVIDENCE
BROUGHT OUT IN EXAMINATION
Details of Certain Accounts Entered
Into by oficials-Campaign Con-
tributions and Other Items.

James II. Hyde, testifying today
in New York before the insurance
, investigating committee, said that
the objects OF the mysterious $685.
600 loan by the Mercantile Trust
Company to the Equitable Life AS
surance Society were to buy off in
convenient suits, to buy up stock OF
the Equitable as it came into the
market and to make political contri-
buttons.
Mr.. Hyde said the only political
contribution of which he knew was
that of SIS, 900 to Cornelius n. Bliss,
treasurer of the republican national
committee in the last presidential
campaign This contribution was
solicited by H. c. Frick, said Mr.
Hyde
Last summer when the banking
| department called for the repay
ment of the sos, 900 and the Equita-
bic Life repudiated it, Mr.. Hyde
said Mr. Alexander and Mr. Jordan
raised as much as they could, and
then he (Hyde) made up the balance,
$2I2,oOo. He said he thought he
was generous i'll this, as he had net
received anv benefit from the loan.
NEW YORK, November Thames H.
| Hyde, former vice president of the Equit-
able Life Assurance Society, was the most
| conspicuous figure at the opening of to-
| days session of the Armstrong committee
| on insurance investigation. Just before the
| session was called to order Mr.. Hyde en-
| tered the room, accompanied by his coun-
sci. Samuel Untermeyer and took seat
well up toward the front of the room and
Immediately back of the press table. Ex-
ira police had been stationed in the corrl-
dor outside the committee room, and were
on hand to control any great crowd that
might appear
The first witness called was John Nc
| Guinness, employed by the Equitable Life,
| who on the stand at adjournment last
| night. and the reading of orders of T. ID.
| Jordan TO A. c. Fields relative to bills in
| troduced in the legislature at Albany, was
| continued.
| Mr.. Hyde was the next witness. He tes-
titled that he was twenty-nine years old
| and became second vice president of the
| Equitable one month after graduating from
| Harvard. He had always been brought up
| TO believe his life work was to be the legitf-
| mate successor of his father. the founder
| of the Equitable. He had travelled and
| studied with that object in view. His
| father had instilled in him his views on
| life insurance He was director of the
| company two years before he graduated.
| From his earliest youth he had lived in a
| life insurance atmosphere and had expect
| ed to make it his life work.
Early Connection With Company.
During his fathers illness James W.
Alexander turned over to him. little by lit
| tie matters of detail He did not receive
| salary upon his first connection with the
| company He was offered a salary, but de-
| cllned The president and various mem
| bers of the executive committee then sug-
| gested that as he had qualified himself by
| two years work he should have a salary,
| and President Alexander in 1900 fixed 1t at
| $50 900.
! Mr.. Alexander asked if this was agree
! able to him tHyde). In 1902 Gen. Louis
! Fitzgerald resigned as chairman of the
| finance committee, and Mr.. Hyde was ap-
! pointed to the Craftsmanship. For the added
responsibilities falling on Mr.. Hyde his
! salary was advanced to $4,000. His duties
| constantly increased In the various depart
ments and in 1903 his salary was made
| 100000. at which it remained until his
| resignation last spring.
| The witness never spoke to any of the
| officers or members of the executive COM
| mittee or in any way suggested an increase
| in his salary.
Willing to Accept $75, 900 Salary.
| Mr. Hyde was asked if he was willing to
serve the company at $4,000 salary, and he
replied that he was. and he caused a laugh
by remarking that he did not think he
| could get it anywhere else"
| 4 list of Mr.. Hydes directorships, also
| his personal stockholdings in companies In
! which the Equitable was interested was
| presented and introduced in evidence. Mr..
| Hughes said it was not his purpose 10 go
over the matter covered by Supt. Henricks
| report. Mr.. Hyde was asked If money
| could be obtained on his voucher without II
coming under the notice of any other Of
fcer. Witness said 1t could be done, and
| that this method was put into effect by an
| order of the president.
Mr.. Hyde knew only by hearsay OF the
George II. Squire trustee account. The
| syndicate to float the $50 100000 interna-
tional mercantile marine company was the
| syndicate in which Mr.. Alexander asked
| Mr Hyde to give G. II. Squire trustee q
participation, from the share of u. II. Hyde
| and associates.
| His attention as vice president of the
Equitable Trust Company was never called
| TO the Squire account. He did not know
of what Mr.. Squire was trustee and never
inquired why Mr.. Alexander wanted him tt
! give George H. Squire, trustee, participa
| tion Mr.. Hyde said he received a salar.
OF $4,000 when he became vice president o
the Equitable Trust Company and in 100,
this was advanced to S120oo.
Calls on the Squire Accounts.
OF the international mercantile marine
syndicate $4,000 was allowed to George
H. Squire trustee, by ]. II. Hyde and as
sociates When Mr. Hyde made calls oI
the Squire account the amount was Dor
rowed from the Equitable Trust Company
but Mr. Hyde said he did not know abou
this His curiosity as to the Squire ac
count was not aroused when he was aske,
to make the allotment, but he has sine,
learned that ii was for the purpose to apply
the profits of this account to the paymen
of the 1855 GOO loan account. OF which ]. w
Alexander and Thos. d. Jordan were trns
| tees.
Instead of profits there was a loss. Mr.
| Hughes said that matter would be taken III
later. Mr.. Hyde was asked where w. II
Mcintyre. former fourth vice president O
the Equitable. was, and he replied that ht
| had seen by the newspapers that he was II