Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1905-11-16
VERY FRANK WITNESS
FORMER VICE PRESIDENT HYDE
TELLS OF poINes OF Eoul-
TABLE OFFICIALS.

he reHoW Dog Loan OF @ooo,Voo
Under Investigation on Several Pre-
vious OBSERVATION-DISCLOSURES Very Bit
ter in Discussing Actions Of e. n.
|. Hartman and Henry c. Frick.
New York, Nov. Thames Hazen
Hyde, former 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 the
Armstrong committee of the legisla-
ture; the man whose presence as a wit
ness before this committee has been
looked forward to In the expectation
that 1t would produce the greatest SEN
sation of the investigation, appeared
before the committee during the day.
Mr.. Hyde cleared up the matter Of
the $685. 900 loan of the Mercantile
Trust company, which appeared on the
books of the Equitable Life under the
caption of the u. w. Alexander mum
Der three account" This account has
been under investigation on several
previous occasions, but none of the wit.
nesses heretofore examined has been
able to explain 1t.
Mr.. Hyde first heard of the account
In the fall of 1902, when 1t was called
to his attention by President Alexan-
der, who said that he and Mr.. Jordan
had incurred the loan to take up stock
that was being bid up to fictitious val
les, to the detriment Of the company,
to settle suits that were hampering
the business of the society and for
compaign contributions. This contri-
button was the one TO the last cam
paign and was asked by Mr.. Frick,
who suggested it for the
Benefit of the Society.
To procure this money Mr.. Alexander
had Mr.. Hyde write a letter to the
president of the Mercantile Trust com
pany and this letter practically placed
him in the position Of a g%uarantor.
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 wal sold to Thomas
F. Ryan, for 1912, 900 and the balance,
s2l2.500, Nh. Hyde paid personally.
He did this because he understood that
Mr.. Alexander was financially embar-
raised.
Mr.. Hyde said that he first received
. salary Of $4,000, seven years ago.
In 1902, Sael he became chairman of
the finance committee, this was ad-
vanced to 5000 and In 1903 1t was
advanced to 100000, at which it re-
NAMED until he resigned as vice pres
ident of the society.
The syndicate operations of ]. H.
Hyde and associates was gone into
very thoroughly and it was shown that
In twenty-three syndicates Mr.. Hyde
sustained personal losses of s2S,615.
OF the $50, 000, 900 Union Pacific pool
Mr.. Hyde said Mr.. Hartman instigated
1t and explained it was to be a hold
Ing syndicate for five years. 1t was
understood this was for the purpose of
Controlling the Union Pacific.
Mr.. Hyde signed the syndicate agree
ment at Mr.. Harriman's suggestion
and talked only with Mr.. Hartman
on the subject. The executive commit
tee was not informed Of this operation,
rs Mr.. Hyde said that Mr.. Alexander
did not think it necessary, and that
Mr.. Hartman requested that the COM
mittee be not informed of 1t.
Eclipshg all this sensational testi-
mony, however, were the statements
Of Mr.. Hyde concerning former Gov
ernor Odell and Mr.. Hartman relative
to the settlement of the shipbuilding
company suit by the Mercantile Trust
company. Mr.. Hyde said that Mr.. Har-
riman came to him and advised the
settlement of Odelps suit as he feared
that powerful influence at Albany
would be invoked In retaliatory eas
ures. Mr.. Hartman suggested as one
of these measures the revocation of
the charter Of the Mercantile Trust
company. Mr.. Hyde knew of no actual
steps that were taken, nor of any bill
that was introduced, but he was beset
with rumors that such steps were
about to be taken by legislation. The
Equitable Life, he said, was not inter
ested beyond the connection it had
with the Mercantile Trust company.
Hartman Suggested Settlement.
Mr.. Hyde was under the impression
that the Mercantile In settlement re-
tanned the bonds and paid Mr.. Odell
about $4,000. The original claim of
Odell was about $4,000. The bonds
subsequently Melted about 80 cents on
the dollar. Mr.. Hyde said Mr.. Harri-
man suggested the settlement Of suit
and that the counsel and members
Of the executive committee of the Mer-
camille Trust advised 1t and he recon-
hendsd 1t.
Charges Of conspiracy to get him out
Of the country were made by Mr.. Hyde
against Henry C. Frick and e. III. Har-