Democratic messenger., 1905-11-18
JAMES H. HYDE
MAKES CHARGES
Former Vice President Of Equitable
Creates Sensation.
WHY ODELL SUIT WAS SETTLED

whose resignation followed the sensa-
tiOnal disclosures in that company last
spring which led 10 the investigation
of insurance company methods by the
Armstrong committee OF the legisla-
turc. the man whose presence ms
witness before this committee has
been looked forward to in the eNpec-
tation that II would produce the great
est sensation OF the investigation. ap-
peared before the committee.
Mr. Hyde cleared up the matter of
the s6S5.00o loan OF the Mercantile
Trust company. which appeared on
the books OF the Equitable Life under
the caption OF the ~ w. Alexander
No. 3 account" This account has been
under investigation on several previous
sessions. but none oG the witnesses
heretofore examined has been able to
explain il.
The most sensational testimony
offered were the statements OF
Mr. Hyde concerning former Gov
ernor Odell and Mr.. Hartman rela-
tive TO the settlement OF the ship
building company suit by the Mercan-
tile Trust company. Mr. Hyde said
that Mr.. Hartman came to him and
advised the settlement of Odell's suit
as he feared that powerful influence at
ALBANY would be invoked in retalia
tory measures. Mr. Hartman suggest.
ed as one of these measures the reyo-
cation OF the charter of the Mercantile
Mr. HYDE t-nntp af M
actual steps that were taken, nor Of
any bill that was introduced but he
was heset with rumors that such steps
were about to be taken by legislation.
The Equitable Life. he said. was not
Interested beyond the connection II
had with the Mercantile Trust com
pany.
Mr. Hyde was under the impression
that 'he Mercantile in settlement re.
tanned the bonds and paid Mr.. Odell
about $4,000. The original claim of
Odell was about $lS0.O0O The bonds
subsequently netted about 80 cents on
the dollar Mr.. Hyde said Mr.. Harri
man suggested the settlement OF the
suit and that the counsel and mem
bers of the executive committee OF the
Mercantile Trust advised IL. and he
recommended II.
Charges OF conspiracy TO get him out
OF the country were made by Mr.
HYDE against Henry c. Frick and T.
H. Hartman. in connection with the
reported aspirations OF Mr.. Hyde to
become ambassador To France. He said
Mr. Frick inspired the idea and wit.
ness took il as a joke at first. but
when Mr.. Frick brought il up later
Mr.. Hyde was ilattered. and both Mr.
Hartman and Mr. Frick promised 10
use their influence 10 secure the ap
pointment Again Mr. Hyde waxed
bitter in his explanation OF the extra
ordinary interest these gentlemen had
in his absence from the country He
said he thought their idea was that
they would acquit themselves of their
friendly stewardship with great profit
to themselves" and added that the
nature OF their interest had since be
come very obvious.
Mr.. Hyde charged Mr.. Frick with
breach Of faith in leading him TO be
iieve that the Frick committee was
"friendly" TO him and with doing all
he could TO dissuade witness from sell
ing his stock, lat the same time" as
Mr.. Hyde said, doing everything on
that committee he could to knife me
and destroy the value of that stock.
Mr.. Hartman Denies All.
r. Fl. Hartman. chairman OF the
board OF directors of the Union Pa
cific railroad. former member OF the
board OF directors of the Equitable
life Assurance Society and connect
ed with many railroads and financial
institutions. was then called.
Mr.. Harrman's testimony was
series OF denials OF the charges made
by Mr.. Hyde Contrary to Mr.. Hyde's
statement. Mr. Hartman said that Mr..
Hyde came to him about a year ago
and asked him TO use his influence to
have MIN appointed ambassador TO
France. Mr. Hartman said he would
speak TO President Roosevelt when he
saw him but added that he did not
recommend Mr. Hyde for the post.
Upon Mr. Hyde's testimony relative
10 the settlement of the Odell suit be-
Ing read 10 him. Mr. Hartman denied
that he had suggested to Mr.. Hyde
any danger of a repeal of the charter
OF the Mercantile Trust company di-
rectly or indirectly. and stated that
Mr.. Hyde came to him and asked him
10 use his influence with Mr.. Odell
toward settlement Of the suit
Mr.. Hartman explained that he
wanted Mr. Hyde's individual sigma
ture TO the syndicate agreement OF the
$50. 0.O00. 900 Union Pacific pool because
no syndicate wants a corporation as a
member He justified this because IL
was difficult 10 guard condolences when
more than one individual represented
the same interest.
He denied that he ever advised Mr.
Hyde to sell his stock until after the
report Of the FriclS committee. and said
he had offered 10 subscribe $500, 600
10 assist Mr.. Hyde in retaining his
stock.
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