The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-28
DETAILED ACCOUNT.
Equitable society's Books Getting a
Thorough OVerhauling.


New York. Sept 27.-Upon the conven-
ing today of the special legislative com
miItee investigating the life Insurance
companies. Chairman Armstrong an
nounced that owing to the serious ill-
ness :. Fred Nixon. speaker of the as
sem5ly, the committee met under dis
tressing circumstances.
From Information al hand Senator
Armstrong said, 1t is feared he cannot
recover. and in the event of his death
the committee will instantly adjourn"
II was announced prior 10 the pro-
ceeGlngs or the investigating committee
that Jacob II. Schiff. head of the firm
Of Kuhn, Loeb < Co, bankers, has been
subpoenaed and will take the stand for
examination either today or tomorrow.
The first witness today was George c.
Van Tuyl, IT., secretary and treasurer
bf the Albany Trust company. who nro-
nuced a transcript OF the account of An
drew Hamilton. opened Feb 81 1885 He
Etated that neither the bank nor he
had knowledge of the purpose for which
checks were paid In or out on that ac-
count.
Syndicate Transactions.
Mr.. Van Tuyl was excused. and Henry
Rogers Winthrop assistant secretary of
resumed his testimony as 10 the svndf-
cate transactions of his company Mir
Winthrop said that In the syndicate or.
ganized TO take the bonds issued on
Railroad company the Equitable society
was allotted $4,000 Of the bonds and the
profits the society received from this
transaction were $3.50 shares of Union
Pacific preferred stock
The Equitable society Mr. Winthrop
said. paid only for the amount for which
IL subscribed.
squIres in Dual Capacity.
Mr.. Hughes, counsel for the committee
asked why II was that the Equitable so
cety had paid Sl500t 10 the Mercantile
Trust company. Mr.. Winthrop said il was
because the checks We're paid that way
Several vouchers signed by George H.
squires as secretary or a finance com
mittee of the Equitable were shown i'm
evidence, as also was a letter from George
IT. Squires for the Mercantile Trust com
pany to General Fitzgerald of the finance
Sommittee OF the Equitable society, asking
for payment of 5000 600. or eighty per cent
OF the Equitables participation i'm the
Union Pacific syndicate in consequence of
a call by Kuhn. Loeb & Co.
Then" said Mr.. Hughes George II.
squlres, first. as an officer of the Mer-
rantile Trust company, writes TO the
Equitable and asks for $500. 600 and then
as an officer of the Equitable. signs
checks paying the money 10 the Mer-
eantile Trust company" asked Mr.
Eyes" replied Mr.. Winthrop.
Fitzgerald Was in.
Mr. Winthrop said that General Louis
fitzgerald, chairman of the finance COM
mittee of the Equitable society, sub
Eeribed for 81 900 of the Union Pacific
bonds and whoever held the bonds over
fhe allotments of the $3.50. 600 TO the Equit-
able also received for profits s, $50 shares
~ Union Pacific preferred stock.
In a Northern Pacific syndicate the
Fouitable participated 10 the extent of
S50O 600 and the profits ultimately amount
"a TO 81 So. This was not paid in cash,
hut in Northern Pacific shares which
appeared on the society's books.
Search for S14,o74.
In the Central Pacific refunding syndi-
cafe the societys participation was $3.50.
R00 Speyer a Co, the syndicate man
ayers. sent check for Si405f on Dec. 10.
fS9a REPRESENTING the profits. Mr.. Win-
shrop said he was unable 10 find in what
account this was entered on the society