The Montgomery advertiser., 1905-09-08

rectors personally, but not by proxy. and that each policyholder is to have a share of the surplus of the society, the director to decide what the share shall be.
 MT. Hughes next read the bill of sale of the Hyde stocks in the Equit- able to Thomas F. Ryan for $2,500,0OO. It was shown that legal safeguards were taken to ensure the delivery of the stock on June 6, 1905, at the eX- piration of the trust created by Henry B. Hyde, one thing noted being that James Fl. Hyde made will directing that the transfer of the stock be made by his executors If he should die be- fore the expiration of the trust. The agreement between MT. Ryan and the trustees appointed by him, Grover Cleveland, Morgan J. OBrien and George Westinghouse, also was read
 After the reading of these documents the questioning of Mir. Alexander was resumed He said the naturalization of the Equitable has been prevented by the suit brought by Francis E. Lord, stockholder. MT. Alexander also tes- tified to the salaries paid by the Equi- table and to the fact that the first ce-presidency, formerly held by James H. Hyde. Is now vacant.
 It was brought out that MT. Hyde had bound himself with Mir. Ryan to return the SE,OUO,OO pdlQ AOt StNt table stock provided full delivery was not made at the expiration of the trust. MT Alexander was question as to the whereabouts of Thomas D. Jordan, formerly comptroller of the Equitable. He said that he did not know where Mir Jordan was. The Committee de- sires to know where Mir. Jordan is be- cause he Is one of the men who knows about the unexplained $6S5,OOO loan or Trust CO. to the EQulta- ble.
 On the subject of former prices of Equitable stock Mir. Alexander said IL had sold at S1,OoO a share fifteen years ago.
 Recently Marcellus Hartley Dodge had told him he had purchased iour shares at more than $3.O00 each. The Hyde stock was sold to MT. Ryan at approximately $5,000 share.
 Hold Stock in Both.
 Questions regarding the relation or the Mutual Life Insurance Company to the Guarantee Trust Company were asked of Frederick Cromwell, Treas urer of the Mutual. He said that eN- cry member of the Finance Committee of the Mutual. with the possible ex- ception of MT. Grannis, was a stock holder in this trust company. MT. Cromwell quoted a transaction In which the Mutual had purchased sew eral millions of Cuban bonds while the Guarantee Trust Co. had bought one million dollars worth. Asked why the Mutual did not purchase all the bonds itself, MT. Cromwell replied that the insurance company did not wish to as- sume all the responsibility of possible loss. MT. Cromwell said In reply to questions that the Mutual. which own ed nearly half of the trust companys 8 stock, would have lost through any losses to the Guarantee Trust Co Mir. Hughes remarked; do not understand what advantages trust com panies are to the insurance cohPd- nies ~ Asked to describe the Mutual Ali ance Trust Co.,. $1OO.O00 worth of whose stock was owned by the Mutual, Mir. | Cromwell said 1t was small company organized for business in the east side of New York and serving to aid the Mutual in buying large blocks of bonds. but that it never paid divl- dend.
 Herman H. Westcott. Secretary of tha Connecticut Mutual Life Co.,, gave ths salaries of the Connecticut Mutual officers as follows; President, $l2,5oO: acting Vice President. S12.0O0; secre- tary. $7,500. and Treasurer. 5000 He said that his company only made advances to agents when new agency was started.
 William H. Kingsley. Secretary Treasurer of the Penn Mutual Life h. surance Go. of Pennsylvania said that the society's charter does not permit voting by proxy. The management takes no steps. he testified further, to secure itself from being put out of of-