New-York tribune., 1905-11-16

derstood from Mr. Frick that that what he
Q--Then you at time. made any effort to ac-
quire Mr. Hyde's stock? A.,No' sir .o-t ~ tho
Frfck committee you encouraged .Nr. Hyde in the
retention Of hi his stock? A{es = e sir ., the Fek
committee, II anything In reference to that? A.
the day before the Frick report presented.
when Mr. Hyde came to my office and NJ nnan Tae the
about his course as to the Frick report and told
h then o s hs might s %
and 1t might jeopardize the value of his stock put
ought to own that stock other than himself, and
that II he had fears that subject & tt, that od
It. and If thought it desirable to turn it over
absolutely to the ownership Of the ober
could be induced to do the same thing
in hold holding 9Th the Stocks Wet it to take
interest with him and hold it for the benefit of the
0-With the idea that he sheuld continue owner sr
and in that way be able to realize upon his
oWhat did lid, he ay say ito to that? Al don't Femsm
oYou es W were one of the signers of the Frick
poGDid the Frick committee consider the matter
Of the Union Pacific preferred stock syndicatef
QEWas it before them that Mr., Hyde had told
you that he did not care to ma make al the paEnsin pEscI
ton but that the Equitable Life Assurance society
you'd h Who Should had pag NO for h
thar the original conversation that we had IN lyt"
wss' wss in TGsn 9anuaTy aT c1a 1soa '0'-'' ~
Q.-The one you have detailed 1e" moments
o.-In whoa he referred the Equitable Life7
o.IDid you present to the Frick committee 20, or
ss there RTef9hnteq fhat reneber re 5ns er'A
THE UNION PACIFIC SYNDICATE.
o-Did the Frick committee apart from yourself
LIFE to the Union Pacific preferred stock syndicate
is of the fact that n hb9 b pSen PS and
that Mr.. Hyde's name was USED with tae saceOt san px
specidc information or evidence other than the
that was done at that At me Nm .e9ander dae 6e
oEYou the general statement IN nd which iften ne
m had o m made to the board Al
reme6sr e ,Sa ThIn members Of the Frck committee
ouire Of you as to the facts? Al don't remember
tnat apd they inquire of Mr. Hyde to the facts?
A&I don't remember that they did
g. ond a tbt enf frIcs s'eg eomttee wen it was
Guided in the charges that were maze py MI,
I did not catch your idea. Mr. Hartman In
other words you mean rhat en9 bat Mr Tde had
Committed the society to transactions without the
Knowledge of the executive committee A-hVir
owas by the Fjek committee tG e1rsr ofoc
sVndicate without special mention? A-Yes.
Iete $50 yeu eter either to the President to the
Secretary Of State advocating the appointment OF
medateiy after the settlement Of the suit against
the Mercantile Trust c9mpany nsbG Wben yS speah a
f llSt - = heIieve there was some conversation.
W fbe II settlement of this suit that let
ter should be written by Governor Odell or rec
oNYes of course. A.-No, sir
O.-You never heard anything Oh that hlho' A
No. sir.
DID WITHDRAW S2,7OO.OOO LOAN.
Mr. Hartman confirmed Mr. Hydes testi-
rnonv that he had withdrawn his S2,7ooOoO
loan from the Equitable when the rate of in
terest was raised but insisted that he had paid
the market rate at all times and that the reg
,,,ar margin of collateral was maintained His
testimony regarding the blind poor' was ma
terially different from that of Mr.. Hyde The
latter testified that he had been forced to alb
solute secrecy this subject by Mr.. Hartman
Mr.. Harriman's reference to the Frick report
mention of the Union Pacific pool has already
been shown.
In addition Mr.. Harrinaa declared that While
secrecy was obviously requisite because OF the
nature of the undertaking, he had never at any
time or in any way directed Mr. HYDE not 10
refer the matter to the Equitable Executive
COMMITTEES He corroborated Mr.. Hyde's con-
tention denied by jacob H. Schiff, that Mr.
Hyde's participation with Equitable funds,
but did not say suggest that Mr.. Schif knew
this Mr.. Hartman insisted he placed no re-
striction on Mr. Hyde in the matter OF secrecy
about this incident. and testified 10 has oeilef
in the propriety of the Equitable participation
in the Union Pacific syndicate and In syndi-
Gates in general
Regarding his entrance into the Equitable
directorate MIR. Hartman testified that ne nad
been asked to by Mr.. Hyde and had de-
mlIrred suggesting James J. Hill. He finally
Welded on Mr.. Hydes representation that he
desired TO surround himself with Independent
men" and change the methods then obtaining
of which Mr.. Hartman declared he did not
approve OF his duties director Mr.. Harm
man gave an instructive talk. which SuHhlar-
lied the impotence and ignorance of directors
in general except those important commit
low dog" accounts and campaign contributions
His illumination apparently at the time
of the Frick committee.
Regarding his view of Mr.. Hyde Mr.. Harri-
man testified he surrounded-he was a
young man with great deal of power, and
power which was apt to increaSe-and that he |
was apparently surrounded by people who were
cat ering to his particular DESIRES without rel
renee TO what-Without any special reference 10 |
what influence ii might have the Equftaple's
experience. he would do better by having around |
him who We're independent and had had |
experience in business affairs, who would sus-
tain him and help him.
AS Mr.. Hartman leaving the stand Mr.. |
Untermyer made the appeal to be allowed TO |
cross-examine. When this overruled ne |
asked several questions through Mr Hughes. |
One OF these developed the fact that When ne |
had recommended Mr.. Hyde to move the adop- |
tion OF the Frick report he had not tod MN |
Hartman insisted. however, that his advice was |
sound and kindly meant. Mr. Hartman ac-
knowledged that Mr.. Hyde did not hhoW us |
contents. Mr. Hartman further said thdt ne |
had viewed the appointment of the tTlck GoHl-
mittee as necessary. but had been asked oy /
Senator Depew 10 hold back his resolution Tor /
I his committee.