| Show HYDE CLEARS UP EQUITABLE INSURANCE MYSTERIES tells of Settling Ship building suit and of hie inspired ambition to become ambassador to france new york nov 14 camei hazen hyde former vice president of the equitable life assurance society whose resignation followed the sensational sat ional disclosures in that company last springe which led to the investigation of insurance company methods by the armstrong committee of uio legislature the man whose presence as a witness before this committee had been looked forward to in the expectation pec tation that it would produce the greatest sensations of the investigation appeared before the committee today air hydes manner on the stand was one of composure and deliberation and his replies to questions from counsel were calm and deliberate and oft umas studied he was fortified with statements and data and was very frank in his explanations frequently he would become bitter in his reference to some of his associates while his entire was of deep interest and cleared up many points that have heretofore remained in abo dark it was not until late in the day that the sensational features of bis testimony were developed mr hyde was called to the stand shortly after the session opened this morning and he was under examination all day until a lew minutes before adjourn met waa taken in anticipation of bis presence as a witness there was a greater crowd than has attended the sessions of tho committee heretofore and extra police were stationed in the corridor without the committee room to keep ardoy mr hyde cleared up the matter of the loan of the mercantile trust company which operated on the books of the equitable life under tho caption of the J W alexander no 3 accounts this account has been under investigation on several previous occasions but none of the witnesses heretofore examined had bean able to explain it mr hyde first heard of this account in tho tall of 1902 when it was called to his attention by president alexander who said that ho and mr jordan had increased the loan to take up stock that was being up to fictitious values to the detriment of the company to settle suits that were hampering the of the and for campaign contributions athla contribution was the one to the last campaign and was by mr frick who suggested it for the benefit of the so city to procure thle money mr alexander rote a letter to the president of the mercantile trust company und in this letter placed him in the position of a guarantor lateia when the settlement ot the loan was forced sir alexander and mr jordan malsed all they could toward it tho stock purchased with part of the loan was bold thomas F ryan for and the balance 2120 mr hydo paid personally he dla this boc aflEe he understood that sir alexander vi as financially em harassed bar assed and in a bitter tone said notwithstanding abo strained relations with these two gentlemen CA lexander and jordan I 1 te bound to that abt wag by reason of ohp letter ME alexander extracted franr me sir hyde said that he first received a salary of seven years afo in 1902 when he became chadman chad man 0 the finance committee this was advanced to and in 1903 it was advanced to at which it until be resigned as of the society mr hyle presented a statement showing that until the of his connection with the equitable uto and the allied corporations his aver ago income had been only a littlon more than a year this wag figured as seven years salary from the equitable amounting to from which he deducted his losses in syndicate transactions amounting to 28 and the paid on the loan which left a li alance of annual income of or an average to which was added the average income from his offices in the trust companies of witness said he presented this statement to show that he had been misrepresented the instructions from sir jordan to A C fields the legislative generalissimo as mr referred to him today mr hyde knew nothing about i ho said he never consulted alth art jordan about legislative matters and that none of the legislative measures affected him or his interests in any way the syndicate operations of J II 11 hyde and associates were gone into very thoroughly and it was shown that in twenty three syndicates mr hyde sustained personal losses of mr hyde ascribed the apportionment of the allotment of bonds in syndicates to officers of the equitable uto to uie customs and usages of wall street of the formation of the J H 11 de and associates syndicate hr hyda said mr alexander suggested it for the convenience of bankers of tho union pacific pool mr Hyde Said mr harriman Hai riman instigated it and explained it was to be a holding syndicate for five years it was understood this was for the purpose of controlling the union pa clec mr hyde signed the syndicate agreement at mr Harrin rans suggestion and talked with mr harraman Harrl man on the subject tho executive committee was not informed ot this operation as mr hydo said that mr alexander did not think it necessary and that mr harriman requested that the committee be not informed of it he said that mr harraman Harrl man even refused to give a statement ot the purposes ot the pool to the superintendent ol 01 insurance when he was clamoring for it last spring eclipsing all this sensational testimony however were the statements of mr hyde concerning former governor odell and mr harriman relative to the settlement of the ship building suit by the tile trust company mr hyde said that mr harri mau camo to him and advised the settlement of odelas suit as be feared that powerful influence at albany would be invoked in retaliatory measures mr harraman Harrl man suggested as one of these measures the revocation ot the charter of the mercantile trust company mr hyde knew of no actual steps ste ps that were taken nor of any bill that was introduced bit t was beset with rumors that were about to be taked py legislature the equitable lao n sad ay not interested te beyond the connection it biad with the mercantile company mr hyde was under the impression that the mercantile trust company in settlement retained the bonds and paid mr odell about the original claim ot odell was about abo bonds subsequently netted about 60 cents on the dollar mr hyde said mr harriman suggested the settlement of the suit and that the counsel and members of th legislative committee ot the mercantile trust com panr advised it and he recommended it charges of conspiracy to get him out of the company were made by mr hyde against henry C frick and B H harriman in connection with the reported of mr hyce to become ambassador to france ho said mr frick inspired the idea and witness took it as a joke at first but when mr frick brought it up later mr hyda was flattered and bath mr harriman and mr prick promised to use their influence to secure ahe appointment again mr hyde waxed bitter in his explanation of the extraordinary interest these gentlemen had in his absence from the country he said ho 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 become very obvious mr hyde charged mr frick with breach of faith in leading him to believe that tho frick committee was friendly to him and with doing all he could to dissuade witness from selling his stock at the same time as mr hyde bald doing everything on that committee he could to knife me and destroy the value of that stock mr hydo explained that he friendly in the just ot the word and that it there was anything for which he could be criticized criticised be was willing to take whatever came mr hydo said he did nofa think the report was at all fair and the committee posed as his friends while be waa being attacked on the other side by mr alexander and his friends under the sham of alou me TIar riman he said asked hint to move the adoption of the frick report at he or the board but mr hyde said he absolutely declined as it was condemnatory of everything that had ever transpired in the society and he was by councel that such a step would throw the equitable life into the handa of a receiver mr hyde was excused until tomorrow when his examination will be resumed |
