Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-09-23
ASSOCIATES"
Of Mr.. Hyde in His Spec
u|ative Transactions
Subject Of Insurance Commit
tees Investigation, Yesterday.
Even Assistant Secretary Testifies That Ne
Does Not Know Who They Were.

New York, Sept. 22.-Syndicate OPP
| rrations Of the Equitable Life Assur-
ance Society We're taken up by the in
surance investigation committee. to-
day. ana consumed the entire aft. y
! noon session. Henry r. Winthrop. as
sistant secretary and finance manager
| Of that society, was called u tn, stand
Immediately alter the recess and pre-
scented and sWore to a record of svndi.
| cate partIci - lions of his company. al
| so 20 - record OF sales and purchases
| of securities for the past five years.
| He detailed as far as ne was abl, the
transactions of the syndicate of y. H.
Hyde and associates" and took men,
oranda of all the information he was
unable to supply, which is to be pre-
scented at 4 later date
ono OF the operations was in Allan
tic Coast Line bonds in which u. II.
Hyde and associates" the Equitable
participating as a member, paid ST.
37G,096 on call and received STA. 800
profits. Mr. Winthrop said there was
nothing ON the Equitable hooks to
show who the associates" were nor
what was Mr.. Hydes personal profit.
The Equitable participated also i'll 4
Union Pacific syldiaaua i'll the name
OF J. A. Hyde and Uhei ;.shed by what
authority the society assumed the re
SpOn&ibility Of Mr.. Iyde'S personal
operations. Mr.. Winthrop produced the
nrinutcS Of the tlnanc" committee or
July, 1905. showing Il V? itten assign
his interest in this ssndi'ate. The so
ment to the company by Mr. Hyde OF
his interests i'll this syndicate The So
ciety had paid into that syndicate
Sl,67O,0eo. Much Of :he Information de-
sired in regard to these syndicate oper-
atoms, Mr.. Winthrop said he would
have t" look up ANA supply later.
lust before Mr. Winthrop was exam
illed, Mr.. Hughes read a long letter
from Grover Cleveland. who is Il trus-
tee for the pOlicyhOlders in the
Equitable Society under the Thomas f.
Ryan trust agreement. The letter was
offered in evidence. Mr. Cleveland de
tailed the progress of the trustees III
mutua liZing the company and said:
The obstacles that lie in the path Of
the proposed naturalization are sc in
hcrent that even with the greatest
study and care they cannot be easily
overcome" In conclusion, Mr.. Cleve-
land said: "In common with all others
who desire the best conditions in this
important field Of business, SO much is
at stake, the trustees acting for the
policyholders of the Equitable Society
will gladly welcome and aid in theiI
work W hich may result from the labors
of your committee
At me morning session, Thomas A.
Buckner. vice president of the New
York Life Insurance Co., described thc
agency system of the company and tht
method of paying bonuses. a "Nylic'
system inaugurated by this company
separating the agents who create bus
mess into trades according to term o;
s. ~ ice which explained. and thes,
bonuses Mr. BuckneI testified Wer,
charged to renewed premiums. Mon
is received by agents from "nylic,'
Mr. Buclner said. We're in addition &c
the regular agents commissions. Wit
ness said when asked how expensive
such Il system might be. said that the
total payments to "nylic" members ag
SrcEated less than one per cent. Of The
total premiums.
MI. Hughes asked for full statements
of lie business written i'll the United
States and Canada. also separate state
mcnts relating to foreign countries
showing premiums and commissions
paid, that il might be aScrrtaincd how
much, if any, the business Of the New
YORK Lii" Insurance Co, was being cX-
tended in the foreign field at the rX-
rcnse Of the American pOlicyhLlder
TIL" committee adjourned until. next
"Wednesday. senator Armstrong. CHAIR
man of the committcc announcing that
the three sessions. this week seemed
50 successful that it would bc tried.
next week.