Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1905-09-28
EQUITABLE SYNDICATEDEALS
Kew York Legislative COMMITTEES Probes
Deeper Int Affairs Of Society.
MANY MYSTERIOUS ENTRIES on BOOKS
Numerous Trustee Accounts that Have
No Meaning on surface-subpOezSs
Issued for Chauncey Depew
and Jacob II. schiH.


surance methods was given over to the
matter OF syndicate transactions Of the
Equitable Life Assurance society. Henry
r. winthrop, assistant secretary and hnan-
cial manager OF tile society. was again on
the witness stand and many Of his state
ments were accompanied by typewriter
documents giving the various transactions
in detail. II was brought out that In one
Of these syndicates Senator Depew was
participant to the extent of 10000 and the
senator was required to appear before the
committee.
Mr.. Winthrop was unable to find where
record of the profits from a number OF the
syndicate transactions was made and ex-
pert accountants now at work on the books
OF the society are expected to unearth
these later
The witness detailed number Of loans to
the Equitable Trust and Mercantile Trust
companies. as we'll as the sharing Of these
companies in syndicate transactions with
the society.
Mysterious Trustee Accounts.
Late in the day Henry Greaves, who was
a clerk for George H. Squire. formerly
member Of the finance committee, was
called to supply some information regard
ing the George H. Squire. trustee" ac-
count and from him It was learned that
there were a number of these accounts.
There was. besides the George II. Squire,
trustee" account. the 'Marcellus Hartley.
trustee" account, and another. the u. w.
Alexander. trustee" account. Mr.. Greaves
produced the handbook Of the Squire ac-
count and by means OF 1t Mr. Hughes tried
TO trace amounts that would correspond to
profits to this account; but the witness
could not remember the items of the
amounts deposited Mr.. Greaves was still
on the stand when the session adjourned
for the day.
Mr.. Greaves, however gave way temper
arily to Mr. Winthrop, while Mr.. Hughes
queried further regarding syndicates. Mr..
Winthrop was asked to furnish a list OF
the individual participants In syndicates
and said that President Morton was pre-
pairing such a statement. Mr. Winthrop
said he had no positive information OF the
James H. Hyde syndicates but he expects
to have. Mr. Winthrop said that in the
Philadelphia, Baltimore, Washington and
Long Island fours syndicate, managed by
Kuhn, Loeb g. Co. there were two particja-
tons, one Of $4,000, the other of 100000
The society derived profits Of s.. 1886 on the
100000 while ]. w. Alexander J. H. Hyde,
@. H. Squire and w. H. Mcintyre divided
the profits on the 100000. The Equitable
put up S2lS,100 II has received no interest,
neither has the money been returned and
when asked If the matter had been called
to the attention OF these gentlemen Mr..
Winthrop said: "It will be-"
Jacob II. Schin Subpoenaed.
Jacob H. schiff. of Kuhn, Loeb & Co.. was
subpoenaed today and it Is expected that
he will appear to testify tomorrow or Fri
day Mr.. Schiff will be asked about the
transactions of his firm with the New York
Life Insurance company as well as with
the Equitable. ,..
Mr, Hughes was reticent with regard to
tomorrow's proceedings. He stated that he
intended to continue examination of Mr.
Greaves and the Mysterious George II.
Squire, trustee AS there are a number of
entries Yet to be considered in the new
account and as there is very little light upon
them at present, good deal of time will
probably be consumed in trying to find out
their true meaning.
Andrew Hamilton Account.
The first witness today was George c.
Van Tuyl, jr., secretary and treasurer of
the Albany Trust company, who produced
transcript of the account of Andrew
Hamilton opened February q. 1906.
He stated that neither the bank nor he
had knowledge OF the purpose for which
checks were paid in or out on that account.
Mr.. Van Tuyl was excused and Henry
Rogers Winthrop assistant secretary of
the Equitable Life Assurance society, re-
sumed his testimony as TO the syndicate
transactions of his company. Mr.. Winthrop
said that in the syndicate organized to
take the bonds issued on the reorganization
Of the Union Pacific Railroad company the
Equitable society was allotted $4,000 of
the bonds and the profits the society re-
ceived from this transaction were 375O
shares of Union Pacific preferred stock
The Equitable society Mr.. Winthrop said
paid only for the amount for which It sub
scribed
Agent for Two Companies.
Mr.. Hughes, counsel for the committee.
asked why 1t was that the Equitable so
eiety had paid $4,000 to the Mercantile
Trust company. Mr.. Winthrop said 1t was
because the checks were paid that way.
Several vouchers signed by George H.
squires as secretary Of a finance commit
tee OF the Equitable society were shown in
evidence, as also was letter from George
H. squires for the Mercantile Trust com
psny to General Fitzgerald OF the finance
committee Of the Equitable society ask
ing for payment of 100000. or 80 per cent
OF the Equitables participation in the
Union Pacific syndicate in consequence OF
a call by Kuhn. Loeb & Co.
Then George II. Squires, first as an
officer OF the Mercantile Trust company,
writes TO the Equitable and asks for $780,
900, and then, as an oficer OF the Equitable,
signs checks paying the money to the Mer-
camille Trust company" asked Mr..
Hughes
Yes" replied Mr.. Winthrop.
Mr.. Winthrop said that General Louis
Fitzgerald chairman of the finance COM
mittee OF the Equitable society. subscribed
for s.. 500. 600 of the Union Pacific bonds and
whoever held the bonds over the allotment
OF the $4,000 to the Equitable also re-
ceived for profits $3.50 shares OF Union Pa
ciho preferred stock
In the Northern Pacific syndicate the
Equitable participated to the extent Of
$4,000 and the pronts ultimately amounted
TO S4l.S62. This was not paid in cash, but
in Northern Pacific shares, which appeared
on the society's books. In the Central Pa
cihc refunding syndicate the society's par
ticipation was s250OOO. speyer & Co, the
syndicate managers. sent a check for tl4,-
O4 on December Is, 1888. representing the