INSURANCE GR?FT.
HHYDE IS EXAMINED ON EQUIT
ABLE DEALINGS.
Superintendent Hendricks Questions
Him Five Honrs-Unterfneyer
Excluded-Alexander Ex?
amined.
m.
New Tork, May 12-Vice President
James B, Hyde of; the Equitable Life
Assurance Society spent more than 5
hours yesterday before State Superin?
tendent of Insurance Francis Hen?
dricks and his counsel, Congressman
1ST. E. Driscoll of Syracuse, answering
the charges that have been made
against him as an officer "and director
.of the Equitable. Mr. Hyde was ex?
amined under oath and without the
presence of counsel, Mr. Hendricks
having objected to the attendance of
any of Mr. Hyde's lawyers at the
-Thearing.
President James W. Alexander
was examined by Mr. Hendricks and
his inquisitor late Tuesday afternoon,
and he also was unattended by his at
terneys and was examined under oath.
The examination of President Alex?
ander had to do chiefly with the
charges that have been made against
im that he partcipated equally with
Slr. Hyde in tranactions of the
""James H. Hyde and Associates" un?
derwriting syndicates, in which secur?
ities were disposed of at a profi? to
the Equitable Society.
What passed between Superinten?
dent Hendricks and Mr. Hyde in the
/board if directors' room in the Equi?
table building where the inquisitons
were held yesterday is not, of course,
known in detail; bat the subject mat?
ter on which Mr. Hendricks will con?
duct his entire examin?t on of Mr.
Hyde, is a matter of definite know
?j? ledget o persons outside the state de?
partment of insurance. Mr. Hendricks
would not say yesterday that his ex?
amination of Mr. Hyde had been com?
pleted, and it is expected that he will
be put on the stand again this morn
jfeing.
The examination of Mr. Hyde yes?
terday also had to do largely with the
charges made against him as head of ?
the underwriting syndicates, which
sold securities to the Equitable; and
also with hs relation to the varous
safety deposit companies, which have
4^/ offices in the Equitable buildings in
this and other cties, and in which he
is supposed to be a large stockholder.
As regards the "James H. Hyde and
Associates" syndicates Mr. Hendricks
has been supplied with the names of
the men who, it is alleged, most fre?
quently participatd in thsse syndi?
cates: They are, besides Mr. Hyde,
Jacob H. Schiff, 33. H Harriman, Al?
vin W. Kretch, H. C. Deming and
* William H McIntyre. Mr. Hendricks
has irt his possession, also, the infor
^^sation that the Hyde syndicates in
<&L three years sold $100,000,000 worth
of securities to the Equitable society
through Kuhn, Loeb & Co., and oth?
er bankers.
That Mr. .Hendricks went into the
transactions with Mr. Hyde yesterday
in the greatest detail was the asser?
tion made by several fcien close to the
Equitable situation. . They said that
the superintendent not only took Mr.
Hyde's verbal explanation of the deal,
but sent out for all "the papers and
documents available, relating to the
transactions. Everything that Mr.
Hyde said was taken down verbatim
by a stenographer, who, together
with the superintendent and his coun?
sel and a clerk of the insurance de?
partment, were the only other per?
sons in the room. In the matter of
the safety deposit companies in which
Mr. Hyde has ?arge holdings, it has
been charged that they paid only
a nominal rent for space for rent in
the Equitable building and that em
Weak
Hearts
Are due to indigestion. Ninety-nine of every
one hundred people who have heart trouble
can remember when it was simple indiges?
tion. It is a scientific fact that all cases of
heart disease, not organic, are not only
traceable to, but are the direct result of indi?
gestion. All food taken into the stomach
which fails of perfect digestion ferments and
swells the stomach, puffing it up against the
heart. This interferes with the action of
the heart and io the course of time that
delicate but vital organ becomes diseased.
Mr. D. Kauble. o? iterada, O , says: I had stomach
trouble and waa in a bad state as I had heart trouble
with it 1 took Kcdol Dyspepsia Cure for about km
months and it cured rae.
Kodol Digests What You Eat
and relieves the stomach of al! nervous
strain and the heart of ali pressure.
BottiesOcJy. $1.00 Size holding 2% times the Hal
size, which sells for 5 0c.
Prepared by E. C. DeWITT & 00., OH10AQO.
For Sale by all Druggists.
??MTJ ^"'?"-^i tn? tK?USH
?MJ?? or CHICHESTER^ ENGLISH
*rN*3Tt?S?i ia K.ZD tat (?old m<t?!llc boxei
.?V ^?!???lbtiMri!,!,M- Take ?o other. Reftue
' ?7 *?i Bavtferooa ?uWltutionc and Imlta
/ O tMD^t Boy of your Dro?i<t. or ??<1 4?. in
2? ?f ?*u:p* Rr Particular*. Tentlaoalalx
,r? P ?od -KoIIeT for Ladle*," *n Utt*r *7 r?
_ y fora Mall. 10.OOO Te?timoo?st?. So<4t>j
i?s?T2 ^ ^u?iiu. Chlche-terOkraleal On.,
Uantion th* viyx Uadtaon ?"II'.A.. }>A!
Land Surveying
I will give prompt attention to all calls
?G? aurvevmg, platting, terracing hill side?
draining bottoms, drawing Mortgages
Titles, Probating, <fec.
BANKS H. BOYKIN, D.
Oct 19-o Catohail, 8. C.
ployes in some of the companies are
being carried on the Equitable pay?
rolls.
Whether Mr. Hendricks took up
with Mr. Hyde yesterday, the ques?
tion of the salaries which he is draw?
ing from the Equitable Life and its
subsidiary companies could not be
learned definitely; but on this subject
too, it is known that he had been
supplied with definite information.
He has been told that Mr. Hyde was
elected second vice-president of the
society on May 10, 1899, eight days
after the death of his father; that in
July of the same year he had a sal?
ary of $25,000 a year paid him; that
in February, 1900, he had this in?
creased to $75,000 a year and at the
end of 1902 to $100,000. Besides
this, it is alleged that he caused to be
paid to himself as vice-president of
the Mercantile Trust Co., $10,000 a
year, and as vice-president of the
Commercial Trust Co.,- of Philadel?
phia, $2,500 a year. ,
The Equitable Life Assurance So?
ciety owns a controlling interest in
the first two companies; in the Mer?
cantile, 12,840 of the 20,000 shares,
and in the Equitable 13,161 of the
30,000 shares. Mr. Hyde and his sup?
porters also have large personal
holdings in these companies. Super?
intendent Hendricks has been told
th.it Mr. Hyde performs absolutely no
services to the trust companies for
these salaries. ' Besides these con
concerns, Mr. Hyde, *it is, said, is
drawing salaries from the Mercantile
Safety Deposit Co., of this city, the
Securities Safety Deposit Co., of Bos?
ton, the Coney Island & Brooklyn
Railroad, and the Conreid Metropoli?
tan Opera Co.
Mr. Hyde also, in the course of the
examination before Superintendent
Hendricks, will be asked to explain,
if the questions have not alreaidy
been put to him, by what right he
charged up the cost of the Camborn
dinner to the Equitable policy-hold-^
ers, what there is in the charges that
he has paid out of the funds of the
society $50,000 in traveling expenses
and' $15,000 for personal servants,
and. what directors of the society
were elected to and qualified for office
through having the necessary number
of shares transferred by Mr. Hyde to
their names.
The morning examination of Mr.
Hyde began at ll o'clock. Mr. Hyde
was accompanied by his counsel,
Samuel TJntermeyer, when he en?
tered the board's room, but Mr. TJn
termyer left in a few minutes, after
Superintendent Hendricks had said
that he preferred to examine the vice
president alone. Mr. Alexander, on
Tuesday was accompanied by his
counsel, Baibridge Colby, but noth?
ing was done by the superintendent
until the lawyer withdrew.
A Scientific Discovery.
Kodol Dyspepsia Cure does for the stom?
ach ihat which it i-J unable to do for itself.
Eodol Dyspepsia Cure supplies the natural
juices of digestion and does the work of
the stomach, relaxing the nervous tension,
while the infiamed^nuscles of that or?an are
allowed to rest* and heal. Kodol Dyspepsia
Cure digests what you eat and enables the
stomach and digestive organs to transform
all food into rich, red blood. Sold by all
druggists.
Spending Money.
While everybody, nearly, was en?
gaged in approving Mr. Carnegie's
gift of $10,000,000 to pension ?retired
professors, along came the brilliant
historian, John Bach McMaster, with
observations such as these: "In the
first place, I do not believe in pen?
sion systems in general, and I am es?
pecially opposed to them in the teach?
ing profession. * * * I believe that
in this and in all professions, as in
business, each man should stand on
his own basis, and on that alone. We
have Carnegie libraries and Carnegie
heroes; now we are to have Carnegie
profssors. I do not like it." There
you have straight out American indi?
vidualism, in its extreme form. Old
age pensions as a general system are
in full force in Germany, the move?
ment for them is serious in England,
and many persons, including all those
of soclialistic tendency, approve of
them in America. Without -commit?
ting ourselves on the whole subject,
but, like the Supreme Court, confin?
ing our opinion to the case at issue,
we take sides in Mr. Carnegie's fa?
vor. Teachers are not paid in accord?
ance with their knowledge and ability,
, the public is deeply affected by the
j quality of their* work, and it is well
I to have a painless method of reliev?
ing those whose use is ended. More- ?
over, when concentration is such a
danger, Mr. Carnegie's theory about
the dissipation of great fortunes is to
be encouraged.-Collier's Weekly.
FOR TORPID LIVER.
A torpid liver deranges the whole
system, and produces
SICK HEADACHE,
Dyspepsia, Costiveness, Rheu?
matism, Sallow Skin and Piles.
There is no better remedy for these
common diseases th&n DR. TUTPS
LIVER PILLS, as a trial win prove.
Take No Substitute.
THE ICE SITCATIOX.
It ls Up to the New Company to Be?
gin Making Ice as Soon as
' Possible.
Mi. Editor:
The appearance of Mr. J. J. Harby
on Monday afternoon before the
meeting of citizens who had assem
jbled to discuss the ice question has
surely cleared up the way for us, and
nothing now remains tp be done but
to set up a factory for producing
cheap ice.
We have been given to understand
that the Sumter, Ice Light and Pow?
er Company cannot make and sell ice
at figures below those now existing.
Our retail dealers must buy at $6.00
per ton, while the same ice is shipped
to Camden at five dollars per ton, and
the (freight prepaid from this place.
We are told that this is done because
it is sold to the Camden dealer in
ten ton lots, while our local dealers
buy only one or two tons at a time.
The ice shipped to Camden nets the
manufacturer about $3.50, while the
ice sold to a Sumter dealer is required
to net $6.00 per ton. This was ex?
plained by the statement that the ice
is kept on hand by the factory, and
preserved from mel?tng; so we are
called upon to believe that it is as
cheap to ship a ton of ice to Camden
at a cost of $1.50 and sell it there for
$5.00, as it would be to keep the same
ice here in the hands of the manufac?
turer for two days or thereabouts and
then sell it for six dollars. The stor?
age of ice, therefore, is shown to be
the most costly feature in connection
with the whole business. .
We were shown further that the
factory managers could not reduce
the price because even now but lit?
tle money is tx?ing made, the stock?
holders have not much of a bonus,
and the money paid out last year in
"running expenses," however,, are a.
variable sort of thing, and include
something more than fuel and oil and
labor. This statement is based upon
the assertion made by Mr. Boyle in
the presence of Mr. Harby and the
gathered citizens, that of the so
called "running expenses," eight
thousand dollars went for boilers and
seven thousand dollars for other ma?
chinery bought to perfect the equip?
ment. And then from the same gen?
tleman, who was formerly a stockr
holder in the Ice, Light and Power
Company, we have the added asser?
tion that year before last, when no
machinery hadt o be bought, he re?
ceived 10 por cent, on his investment
in the company twice during the same
year, aggregating a total bf 20 per
cent, per anum. This being the case,
there could have been no running e
penses during that year, and tl
whole income 'was converted into
clear dividend.
So the case stands open before r
If we wish cheaper ice, we must mal
it That we can do so is not to be quei
tioned. The makers of ice plants S?
with emphasis that it costs about
dollar a ton to make ice. Our fa<
tory here tells us this cannot be tru
as they are compelled to sell it at 3
per ton. Doubtless when a factory
started, we shall soon see at whi
low figures the Sumter Ice, Light ar
Power Company can make and sell i
It frequently happens that one po:
sesses latent virtues, which need p<
culiar conditions to develop then
The ability to make cheap ice is on
of these virtues* the setting up of
new plant will bring it into full pla:
There is now no further place fe
discussion. Necessity is laid upon u:
As soon as a charter has been ob
tained, let us elect a board of direc
tors, to whom all matters of deta:
shall be committed. If every ma
who puts ten dollars into the enter
prise feels called upon to make tw
or three speeches on the subject a
each meeting, the summer will pas
and only be made the warmer by th
vast quantities of "hot "air" liberate?
by the orators. After we have tb
charter, let us elect the directors, an<
to them let us commit the whole mat
ter in all its details. Let them say
for instance.
1. Shall*we invite capital from oth
er towns?
2. At what price shall ice be sole
here and elsewhere?
3. Shall we erect a seven, ten oi
fifteen ton plant?
4 Who shall be put at the head ol
the enterprise as manager?
5. Where shall the factory be built \
6. What make of machine shall be
bought?
Meanwhile, to be just to all par?
ties, let these facts be known. The
retail dealers buy a ton-2,000 pound8
of ice-for six dollars-that is, they
get ice at 30 cents per hundred. This
ice is sold to me in blocks supposed
to weigh a hundred pounds, at . 50
cents, leaving a balance to the deal?
er of twenty cents, " out of which he
must get his profit and pay for the
cost of delivering it at my home. But
if he sends me ice in .quantities less
than a hundred pounds, he charges
me at the rate of sixty cents per
one hundred, and so leaves for him?
self 30 cents out of which to pay for
delivering and to get his profit. It is
an open question, therefore, which
should be settled by some one. If .a
?i, dealer can sell three tons of ice per
day and must keep a team inorder to
do this, what should be. a just charj
on his. part? Three tons make up s
thousand pounds. At ten cents p<
hundred for delivering, his man ar
team would bring in six dollars p<
day, about three of which would I
clear gain. The other ten cents abo's
the cost of the ice would make si
additional dollars, so that we ha\
nine dollars per day as the net prof
of a dealer who buys and sells thre
tons of ice. Is this enough? or is th:
too much? And how can a man te
when he is making too much money
These are the crude figures of
novice, who, while he knows but lil
tie, does know that ice in Sumter 3
too expensive for the people to use
Let us go to work, and make ice fo
ourselves with our own money, an
if we then feel incfined to fuss ove
the matter, we can stand before th
glass and fuss at ourselves.
As far as the consumer is con
cerned, it makes no difference wheth
er the ice is sold at too hgh a price b;
the manufacturer or by the retailer
All we know s that ice can be sold a
a profit for twenty-five cents per hun
dred, and ice at sixty cents puts it ou
of the reach of many who will sorel:
and sadly need it. Therefore, let u:
erect our own factory and not b<
compelled to submit to the dictatior
of the manufacturer or dealer. On oui
own ice we can put our own figures
and out of it get our own comfort
All citizens who are approached anc
many who are not should be willing
to contribute to the stock of this com?
pany. A share of the stock is worth
only five dollars, and every one whc
can raise that amount of money is in?
vited to join in an enterprise which
will surely add much to our comfort
in the torrid summer time. Mr.
Walsh, at the Bank of Sumter, will be
glad to enroll you as a subscriber.
eLt us have cheap ice, and not sit as
beggars at the feet of any set of men.
C. C. BROWN.
P. S.-Our Sumter ice makers lay em
phasis upon the fact that ice cannot
be made and sold at prices below
those published in the papers. When
the plant on Main street was being
contracted for, Col. Wallace showed
tc^ me a paper containg the agree?
ment with the company about to fur?
nish the machinery, and told me the
bargain was that the outfit would
produce ice at seventy-five cents per
ton, but that the corporators would
not require such low rates of man?
ufacture, and would be satisfied at a
cost of one dollar and a quarter per
.ton. Things may have changed since
that day for reasons unknown to us.
This is the matter I am now seeking
to investigate. What does ice cost
in other places? Is ice higher- in.
Sumter than elsewhere because ot
bad management on the part of the
makers? Are we being called upon,
to pay for the ignorance of some one?
else? What does ice cost in other
places? In order to answer this ques?
tion, I have sent out letters to
friends in about twenty-six towns
and cities in the South, and when
their answers reach me, I will pub?
lish them in The Item. We shall
then be able* to tell whether our de?
mand is reasonable or not. - If it be?
true that ice is sold almost every?
where cheaper than here, it must of
necessity follow that one of twa
things is true-either our Sumter
manufacturers do not know how to
make it, and are asking us to pay for
their ignorance, or else they are de?
manding that we pay excessive prices
for our ice. As soon as I get replies
to my letters, I will give the facts to
the public . C. C. Brown.
A Creeping Death.
Blood poison creep?? up towards the
heart, causing death. J. ?. Steam-, Belle
Plaine, Minu..' writes that a friend dread?
fully injured hi? hand, which shelled up
like blood poisoning. Buckler's Arnica.
Salve drew out the * poisin, hen'ed the*
wound, and *?aved his life. B<?* in the*
world for burns and sores. 25c a; J. F. W.
DeLorroe'e drug store.
A Good Suggestion.
Mr. C. B. Wainjr?ght of Lemon City?
Fla-, has writen tfiVmanofaoturers that
much better results are obtained from the*
use of Chamberlain's Colic, Cholera and
Diarrhoea Remedy in cases of pains in th?
stomach, colic and cholera morbus by ta&s
ing it in water as hot as can be drank.
That when tafeen in this way the effect is
double in rapidity. "It seems to get at tba
rieht spot instantly," he says. For sale bj
all druggists. -
NOTICE OF ELECTION.
In compliance. with the terms ot .
a petiton signed by one-third of ?the.
resident freeholders of the newly
created district No. 9 and a like pro?
portion of .the resident qualified .elec?
tors of the same district,1 an electron
is hereby: drdered to be held on Wed?
nesday, the 31st day of May. 1905, to
determine whether a special tax of-3,
mills shall be levied in the said dis?
trict for educational purposes. At
this election . all qualified electors
(not necessarily freehloders) will be,
allowed to vote. The voting place
shall be Dalzell. The managers of the
said election shall be Messrs. S. F.
Moore. C. L. Williamson and J. M.
Woodley. The polls will be open
from S a. m. to 4 p. m.
By order of
The County Board of Education.