Waterbury evening Democrat., 1905-09-08
MUTUAL UNDER FIRE
Cromwell's Disclosures Before
 Armstrong Committee.
HENBERSCONTROL TRUSTCOgPlyIES
ln Which Millions of Policy Holders r Money Is Depesited at Per Cent.
 Ryan Forced Hyde to Make
 New Will For Him.

NEW YORK. Sept s. Frederick Cromwell, treasurer of the Mutual Life Insurance company. was the star wit ness before the Armstrong investigat- ing committee in the aldermanie chamber of the city hall yesterday. Under searching examination he ad- mitted that in some respects the busi- ness of the Mutual was conducted in a manner similar to that of the Equitable Llfe Assurance society. ~-
 He said that all the members of the finance committee of the Mutual were stockholders in the Guarantee Trust company. w6ich he finally declared was nothing but a subsidiary company through which the Mutual traded in securities. From s500.000 to s1, 800, 900 of the policy holders money, he testi- fled, was kept an deposit in the trust company at 2 per cent Holders of the trust company stock. he admitted, re- ceived dividends of 20 per cent.
 The Morrlstown Trust company, Mir. Cromwell testified. was another sub sidiary institution in which many of the Mutual's officers held stock and in which money belonging to the policy holders was deposited at 2 per cent. Big dividends were paid to holders of the company's certificates.
 In the case of the Mutual Alliance Trust company. Mir. Cromwell testified. there had been a loss of SS3,0O0 to the Mutual It paid no dividends on it's stock at present, but he thought it would in time.
 William Alexander. secretary of the Equitable and brother of James w. Alexander, the late president was the other witness at the early session. He was questioned at length regarding the deed of trust created by Henry R. Hyde, founder of the society. in favor of James Hszen Hyde. the former vice president; the appointment of William H. Mcintyre and W. R. Brenner as trustees, the sale of the 502 shares of stock to Thomas F. Ryan and the per sonnel and duties of the various com mittess under the old regime.
 The witness testified that the old finance committee was little more than q joke. He said that, with the excep- ton of Jacob H. Schiff. who was a member of the finance committee and not of the executive committee, the two committees were identical The meetings of the finance committee. he declared, were psrfunctory. the ex- scutive committee performing the ae- tuSl work
 MT. Alexander had been told that some shares of Equitable stock had been recently sold and that they brought S2.o0O a share He hsd also heard of other certificates being dis posed of for very high prices.
 An effort was made to learn from the witness the present whereabouts Of Thomas D. Jordan. who wss formerly comptroller of the society and whom the committee is s1ceedingly anxious to serve with a subpoena Mfr. Alexan- der regretted that he himself did not know where Mr. Jordan was
 The inquisitioD brought out msny new facts concerning the Equitable among them evidence showing the care which Thomas r. Ryan took to ellnch e bargain he made with Jsne~ HsEen Hyde last June for control of the Equitshls From one Of the numer ous agreements executed between the men 1t beczue known that Hyde has even cha1Eed his win to protect Ryan h the purrhase and bad agreed to re fund the s2500na0 raid fer his stock and to pay resulrnE damages fl be failed to csrry out h,s sususut