The free lance. (Fredericksburg, Va.) 1885-1926, 1905-09-30


No Interest Or Return of Money.
New York. Sept. 2S.-The session oil
the legislative committee to lnVesu'
gate insurance methods was gwen
over to the matter of syndicate trans
actions of the Equitable Life Assur'
ance Society. Henry K. Winthrop, as
sistant secretary and financial man,
ager of the society, was again on the
witness stand, and many OF ms STATE
ments were accompanied by type
written documents giving the various
transactions in detail. 1t was brought
out that in one of these syndicate
transactions Senator Depew was par
ticipant 70 the extent of SlOO,oOO' ana
the senator was requested to appear
before the committee.
Mr.. Winthrop was unable to ma
where a record OF the profits from
number of the syndicate transactions
was made. and expert accountants now
at work on the books of the society
are expected to unearth these later.
Later Henry Greaves, who was
clerk for George II. Squire, formerly
n member of the finance committee,
was called to supply some information
regarding the George H. Squire trus-
tee" account, and from him 1t was
learned that there were a number Oh
these accounts. There was. besides the
George II. Squire trustee" account
the "Marcellus Hartley trustee &C
count. and another, the y. w. Alex
ander trustee" account Mr.. GreaVes
nroduced the bank book Of the Squire
account. and by means OF II MT.
Hughes tried TO trace amounts that
would correspond to profits to this &C
count hut the witness could not re-
member the item of the amounts de-
posted.
Mr.. Greaves. however, gave way
temporarily to Mr.. Winthrop While
Mr.. Hughes queried further regarding
syndicates. Mr.. Winthrop was asked
to furnish a list OF the individual par
ticipants in syndicates. and said that
President Morton was preparing such
a statement. Mr.. Winthrop said he
had no positive information OF the
James II. Hyde and associates syn
dlcates. but he expects to have. MI
Winthrop said that in the Philadel-
phia. Baltimore & Washington and
Long Island As syndicate, managed by
Kuhn. Loeb & Co., there were TWO
participations. one of 100000. the
other of 100000. The society derived
profits Of s2Ss6 on the 100000, while
]. w. Alexander. ]. II. Hyde, G. II.
SQUIRE and W. II. Mcintyre divided the
profits on the 100000. The Equitable
put up s2ls,1OO. II has received no in
terest. neither has the money been re-
turned. and when asked If the mat
ter had been called to the attention OF
these gentlemen, Mr.. Winthrop said:
at will be-"
The examination proceeded in great
detail. The first entry. referring to
Rope and Irvine, was accounted for by
a check from Williamson and Squire
for s511O25. Williamson and Squire
were stock brokers, and the witness
paid their check to T. d. Jordan and
made the entry on the account book.
Can you tell us anything about
this r. and r. transaction"
81 believe the R. and T. stock was
collateral which h2d been put UP for
a loan the Equitable made to John Z.
Searles, and had been written on as
worthless and was sold out"
Mr.. Hughes read part Of the state
ment made to the board OF directors
by Paul Morton on September 10 with
reference to the Searles loan. 1t show
ed that the loan had been originally
sS4S, 900. but had been reduced to S4S'
900. the collateral for which was
worthless.
Jacob H. Schiff, of Kuhn, Loeb d
Co.. was subpoenaed. Mr.. Schiff will be
asked about the transactions OF his
firm with the New York Life Insur7
ance Company as well as with the
r7ou{fabla ife Assurance Society