Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1905-11-18
JAMES H. HYDE
MAKES CHARGES
Former Vice President Of Equitable
Creates Sensation.
WHY ODELL SUIT WAS SETTLED

New York. Nov. 15.-James 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
witness before this committee has
been looked forward to in the eXpee-
tation that il would produce the great
est sensation OF the investigation, ap-
peared before the committee.
Mr.. Hyde cleared up the matter Of
the 1856, 600 loan of the Mercantile
Trust company, which appeared on
the books of the Equitable Life under
the caption OF the y. ". Alexander
No. account" This account has been
under Investigation on several previous
sessions. but none OF the witnesses
heretofore examined has been able to
explain It.
Mr. Hyde first heard OF this account
in the fall Of 1902. when it was called
to his attention by President Alexan-
had incurred the loan to take up stock
that was being bid up to fictitious
values. 70 the detriment Of the com
pany. to settle suits that were ham,
perinE the business OF the company.
and for campaign contributions Thi
contribution was the one TO the last
campaign. and was asked by Mr.. Frick.
who suggested 10 for the benefit OF the
society. To procure this money. MT.
Alexander had Mr Hyde write a letter
10 the president OF the Mercantile
Trust company. and this letter practi-
cally placed him IN the position Of 4
guarantor.
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 was sold to Thomas f.
Ryan for $4,000. and the balance,
1912. 500. Mr.. Hyde paid personally He
did this because he understood that
Mr.. Alexander was financially embar-
raised. and In "A bitter tone said: Not
withstanding the strained relations
with these two gentlemen alexander
and Jordan. felt bound 10 see that
the debt was liquidated by reason OF
the letter Mr.. Alexander extracted
from me"
The syndicate operations OF J. II.
Hyde and associates was gone into
very thoroughly. and Il was shown
that in % syndicates Mr.. HYDE sus-
tanned personal Losses OF S2S615. Mr..
Hyde ascrihed the apportionment OF
the EQuitable's allotment OF bonds In
syndicates to officers OF the Equitable
Life % the customs and usages OF
Wall street
Eclipsing all this sensational testi-
mOny. however, were the statements
OF Mr. Hyde concerning former Gov
ernor Odell and Mr.. Hartman reIa-
tive 90 the settlement OF the shin
building company suit by the Nercan.
tile Trust company. MT Hyde said
that Mr.. Hartman came 20 him and
advised the settlement OF Odell's suit.
a. he feared that powerful influence at
Albany would be invoked in retalia-
tory measures. Mr. Hartman suggest
ed rs one OF these measures the revo-
cation of the charter OF the Mercantile
Trust company. Mr.. Hyde knew OF no
actual steps that were taken. nor OF
any bin that was introduced. but he
was beset with rumors that such stems
were about 20 be taken by legislation.
The Equitable Life. he said. was not
interested beyond the connection IL
had with the Mercantile Trust com
pany.
Mt. 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 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 II. and he
recommended II.
Charges OF conspiracy 20 get him out
OF the country were made by Mr..
Hyde against Henry c. Frick and E.
Fl. 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 II as a joke at first, but
when Mr.. Prick brought IL up later
Mr.. Hyde was fattered, and both Mr..
Hartman and Mr.. Frick promised to
use their influence TO secure the np-
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
10 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 10 dissuade witness from sell
ing his stock. at the same time" as
Mr.. Hyde said. doing everything on
that committee he could to knife ms
and destroy the value OF that stock"
Mr.. Hyde's attention was called to
the seriousness of these charges on
several occasions by Charles E.