Historical Newspapers of South Carolina

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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.