Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-28
'GR[AVES ON THE STAND
Equitable Clerk Before In
quisitors
AT THE HEARING TODAY
UNABLE TO EXPLAIN SYNDICATE
PROFITS.
The George II. Squire Trustee Account
Subject for Many Cues
tons.

Greaves. clerk employed by the Equitable
Lire Assurance Society. continued his tes-
tmony before the legislative insurance in
vestigation committee today He gave fur
Their details of the payment of checks to the
George II. Squire trustee account Con-
corning one entry of $4,000 deposited to
the account on July l., 1901. and the imme-
date withdrawal of the sum- by draft, Mr.
Greaves said he knew nothing He did not
know where the money came from nor by
whom 1t was withdrawn. He could supply
no information as to the profit of a one
half interest in a Chicago and Alton syn
date credited to the George II. Squire trus-
tee account.
Other syndicate profits In 1902 and 1903
deposited with the American Deposit and
Loan Company to the credit of this account
witness was unable to explain On MAY /
1901. a new book for these entries was
opened and balance of &c. 10 was cred
tied. The bank deposit book was kept by
Thomas d. Jordan, at that time controller
of the Equitable. Checks for deposit to
this account Mr.. Greaves said he delivered
to Mr. Jordan
Another entry in the Squire trustee ac-
count under date of May =. 1902. was the
first payment of ST. 500 on a navigation
syndicate call by order of James II. Hyde
This money WAS borrowed from the Eaui-
table Trust Company by James II. Hyde on
May ., on the participation certificate. Wit
ness knew nothing OF this merely making
the entries at the direction of Mr.. Squire
Another entry showed loan from the
Equitable Trust Company of S65. 200, being
the second call on the navigation syndicate
and this was paid upon the order of Mr.
Hyde. On October s. 1902, another loan of
10000 was made from the Equitable Trust
to cover another call on the navigation syn
dictate. and January 1G, 1903, a 10 per cent
call required another loan of S2a 600 July
10. l!ht3. a fifth ran cd
was also loaned by the Equitable Trust
Company. These calls We're paid on the or
der of James II. Hyde.
Mr.. Squire drew a check for $4,000 and
on April Is, 1904. another for 81 500. TO re-
duce the loan from the Equitable Trust
company on account of the navigation syn
dictate but when the dividends came in they
were not credited to the George H Squire
trustee account. This syndicate account is
stiil running and is carried on the books
of the Equitable Life Assurance Society
Winthrop Recalled.
Harry Rogers Winthrop. financial man.
ager of the Equitable Life Assurance So
ciety, was recalled to the stand
He said the George II. Squire trustee ac-
count loan is carried as a loan for the
Equitable Trust Company in the name of
L. NJ Bailey trustee. Mr.. Winthrop said
the Equitable Trust Company holds the
Equitable Life Assurance Society RESPONSE
Die for the loan. and that the account will
De taken I'D in the name of the Equitable
Life Assurance Society. The total sum
borrowed on account of the navigation syn
dtcate was 5000. and on this S2T.5O0 has
oeen PAID; MT. winthrop, in answer to
question by Mr.. Hughes, counsel to the
committee. said that in his opinion all the
money involved in the transaction was
money that really belonged to the Equita-
Bile Life Assurance Society.
A letter to the president of the Equitable
Trust Company, dated March 6, 1903, signed
by George II. Squire. stated that he was
acting in the above ma tiers relating to tina
George ID. Squire trustee account. for the
Equitable Life Assurance Society that he
was not personally responsible, that all
checks Were subject to the signatures of
William II. Mcintyre, Thomas L. Jordan
and George H. Squires. and that all moneys
In both the deposit and loan accounts be-
longed to the. Equitable Life Assurance So
ciety.
Asked About a Check.
Mr. Winthrop was asked about check
gust 20. 1885, for s23,919, which were the
profits in the participation in the St Louis
and San Francisco syndicate He said a
careful search failed to disclose that II
has been recorded in any of the books of
the society. Expert accountants are stfu
searching This was also true of a check
from the Mercantile Trust Company for
S21,906 on April 80. 1897 and another for
$f2,195 on August &C. 1897.
Taking up the Union Pacific reorganiza-
tion, MIR. Winthrop said there were a
number of syndicates all relating to the
From the first one Mr.
said the Equitable Society re-
ceived S253.476 in profits.
The next Union Pacific syndicate netted
the society $5S.96S on a participation of
SS75.000. In another Union Paciftc syndi-
cate the Equitable participated to the
amount OF $4,000. 900. from which 1T
cured profits of $912.S25. From a fourth
Union Pacific syndicate. on a participa-
ton of $ooO.000. though the society put
up no money. it derived profit of S43,-
40. Another one. participation 100000
netted profit of S25,O 900. No money was
put up in this transaction.
Mr.. Winthrop had not yet found any
authorization for the division of the par
ticipation in the Chicago. Burlington and
Equitable Society which was under in
luiry yesterday
Transcript of Transfer
A transcript of the transfer of the stock
Of the Equitable Life Assurance Society
from June / to September T. 1905. was
Introduced An explanatory statement ac-
this transcript which detailed
he transfers at the time of the change in
he directorate and the assumption of the
rasteeship by Grover Cleveland. Morgan
]. O'Brien and George Westinghouse
j. w. Alexander, then Vice president, ac-
cording TO these minutes. was to receive
such salary as he was then receiving, or
such the president might hereafter
name. and in addition annuity of $1,000
was to be paid Mrs. Alexander commenc-
ing upon the death of Mr. Alexander. This
resolution was retroactive. and the salaries
were to take effect January l. 1856.
George w. Perkins Called.
George w. Perkins vice president of the
New York Life Insurance Company was
then called. He stated that the New York
Life Insurance Company had no interest in
he navigation syndicate, in which the
Equitable society was interested. but the
after was different syndicate formed to
AXE over 100000 of the bonds of a sub
hillary company. The Equitable Life
Assurance Society paid 921a for their nav
CATION bonds Mr.. Perkins was asked
10 clear up some of the questions that he
was unable TO answer when on the stand
several days ago. He said there was no
bet of authorization or approval by the
nance committee of his sale TO J. p Nor
gan & Co. and repurchase two days later
# the SSo0a00 navigation syndicate bonds
IN December 81, 1903. The certificate OF
hese bonds. which was surrendered to J.
p Morgan & Co In this transaction, Mr..
Perkins said he would TrOdtlce later