The Montgomery advertiser., 1905-09-28

subscribed for sf5o.ooo of the Union Pa- cific bonds and whoever held the bonds over the allotment of the s750,000 to the Equitable also received for profits 3,75o shares of Union Pacific preferred stock.
 Tn a Northern Pacific syndicate the Equitable participated to the extent oi S50o.00o, and the profits ultimately amounted to s1.as2. This was not paid In cash, but in Northern Pacific shares which appeared on the societys $ books
 m the Central Pacific srefunding sym dicafe, the society's participation was s26o.000. Speyer & Co. the syndicate managers, sent check for $i4,0o0 on December 15. 1sys. representing the nrosts. MT. Winthrop said he was up- able to find in what account thfs was entered on the society's books, but the search was still being made.
 A syndicate to handle Southern Pa cifIc gold bonds was formed. and No- venaber is, speyer 6 CO. allotted the Equftabls s250,oee of these bonds. In this syndicate also was the Western George IT. squires. the latter three each receiving s5o0.00o of the bonds, In 1901. the Society received check for s1l,ssi. as It's share of the profits.
 Winthrop nuntfng for ft.
 The next syndicate taken up was the St Louis and San Francisco Railroad Company underwriting, in which the Equitable participated to the extent of sioo,ooe and paid out on its account on April 90. Ises, sfs,oeo to the, Mercantile Trust CO., Were there any profits?" asked Mr. Hughes.
 "A cheek was drawn to the order of the Society August go, 1896, of s23,el9. am now trying to find that" said Mir. Winthrop.
 Have you any record of Its payment to the Socfety?'
 In Chicago. Burlington and Quincy purchasing syndicate the Equitable Society, Mir. Winthrop said, participat- ed to the extent of .si.5oo,o0o, which share is apportioned among the Mer- cantiIe Trust Co.,. American Deposit and Loan Co, James, W. Alexander, Louis Fits9erald. James H. Hyde, chauncey M.. Depew, Marcellus Hart ley. William A. Wheelock, George H :, Squire and the Fidelity and Trust Company. The Equitable Society re- served S509.o00 for Itself. Mir. Win throp said he would have to look up an authority for this allotment. He said the Equitabis Society paid J. P. Morgan A Co. for the entire, call. Whether the individuals in. turn paid the Society. Mir. winthrop said he would also have to look up. The prof it's on this deal were ss7,oOo. Mir. Hughes called to Mr. winthrop's at- tention that only s7.72s appeared on the books and asked, Who got the t2s, ,o00?" This Mr. winthrop also had to look up.. Mfr. Winthrop had no par ticipation in these syndicate matters.
 In the Pennsylvania Coat Purchasing Company syndicate, MT. winthrop tes- tifed to the effect that there was total participaticn of t2.ooo.eo0, of which the Society took &T5e,o00 as a Society, while officials of the Society participated to the extent Of q ,1t0, DOC. Among the eociety'a ofiicials who par tieipated in th~ stndfcats to the extent of &10o,00o each appeared the names of Chauncey NJ. Depew, James W. Alex ander, General Fitzgerald and Marcel Jus Hartley. Other participants were the Mercantile Arust Co, the commer- cial Trust Co.. the Western National Bank, the Franklin National Bank and the Girard Trust Company.
 The Equitable Society withdrew $500,00O worth of the bonds and re- ceived 750 shares of stock. Mir Win throp found that si6.4O2 was credited to the George H. Squire trustee ac- count, probably as profits.
 Paid Big Price.
 III AOI tuN1 nOiu ll1I- nols Central Railroad bonds which was managed by Kuhn. Loeb & Co, the Equitable Society participated to the extent of &500, ,000 and actually paid in $4T25e0 The Equitable bought Sl,- OOO, 900 worth of the bonds in the open market at 94. though the syndicate price was SS and interest. Mir. Win throp did not know whether any Equitable officers were in that transac- ton.
 Mir winthrop said that the money advanced by the Equitable for other participants in the Chicago. Burling- ton and Quincy purchasing syndicate subsequently, was returned to. the socie- ty with four per cent interest by George H. Squire, acting for the other parti- cipants.
 The Eauitable's profits on this deal, exclusive of interest" the witness said, was $7.72s. while the profits of the other participants were s15,46S
 He knew nothing about an Atlantic Coast Line syndicate operation of J. H. Hyde and associates. During the questioning of MT. Winthrop on the syndicate 1t was brought out that the Equitable Trust Company loaned the Equitable Life Assurance Society &s06.- 906 In the name of clerk, F. Barring ton.
 Witness said this loan did not appear on the books of the Equitable Life.
 Responding to questions by several members of the committee witness said Harrington was employed as an adver- using manager and was under the direction of the president. His salary is about S2,0OO or s2,5o0 year.
 In the syndicate to underwrite St. Louis and Iron Mountain second mort gage 5 per cent bonds, said the wit ness, the Equitable took over the Mer- cantile's entire participation of $1.500.- 900. The society withdrew its bonds. Its syndicate profits amounted to $54,- sol. Witness could not tell whether these checks went to the credit of the Equitable Society or not. There was no record of the socity's having re- ceived the money. The checks were drawn to the order of the society.
 Equitable Directors Meet.
 New York. Sept. 27.-The regular monthly meeting of the Equitable So- cIety directors was held today. Presi- dent Morton presented a detailed state ment of the business for the first eight months of the year and a number of subjects dealing with the new regime were discussed. Nicholas Murray But Ter. President of Columbia University. who was selected as a. director by the Society during his absence in Europe, wrote a letter to President Morton ex~ pressing his regrets at his inability to accept the position because of the press of duties at the University. President Morton announced that today's meet ing which was largely attended, espe- cially by directors who came from out of town. was tn all respects satisfac-