The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-23
HARKED BACK TO
THE EQUITABLE
Committee Looked Into Syndicate
Operations of ]. H. Hyde.
LETTER FROM CLEVELAND
"NYLlc" SOCIETY OF THE NEW
YORK LIFE.

III EW YORK, Sept. 22.-Syndicate op-
IN erations of the Equitable Life AS
surance society were taken up by
the insurance investigating committee
7 today, and consumed the entire after
/ noon session. Henry &. Winthrop, as
/ sistant secretary and financial manager
/ Of that society, was called to the stand
Immediately after recess and presented
and swOre TO a record of syndicate par
ticipations of his company, also 10
record of sales and purchases OF Sc
curities for the past five years. lie de-
tailed as far as he was able the trans
actions of the syndicate of j. II. Hyde
and associates" and took memoranda
of all Information he was able to sup
ply, which is to be presented at a later
date.
Union Pacific Deals.
One of the operations was in Atlantic
Coast Line bonds in which j. II. Hyde
( and associates, the Equitable partici-
/ pating as a member. paid 81, 1906 on
/ call and received $l14500 profits. Mr..
/ Winthrop said there was nothing on
| the Equita BILE books TO show who the
/ associates" were, nor what was Mr.
Hyde's personal profit. The Equitable
/ participated also in a Union Pacific
syndicate in the name of j. H. Hyde,
and when asked by what authority the
/ society assumed the responsibility of
/ Mr.. Hyde's personal operations Mr..
/ Winthrop produced the minutes of the
/ finance committee in July, 1905, show
| ing a written assignment to the COM
pany by Mr.. Hyde of his interest
/ in this syndicate.
The society had paid into that syn
! dictate S16E. 900. Much of the infOrma-
| ton in regard to these syndicate opera
| lions Mr.. Winthrop said he would have
TO look up and supply later.
Letter From Cleveland.
Just before Mr. Winthrop was exam
! iped Mr.. Hughes read a long letter
! from Grover Cleveland, who is a trus-
/ tee for the policy holders in the Equit-
| able under the Thomas f. Ryan trust
! agreement. The letter was offered in
! evidence. Mr.. Cleveland detailed the
! progress of the trustees in mutualiZ-
| ing the company and said:
The obstacles that lie in the path Of
! the proposed naturalization are so in
/ herent that even with the greatest
/ study and care they cannot be easily
| overcome
: In conclusion Mr.. Cleveland said:
In common with all others who de-
I sire the best conditions in this import
/ ant field Of business. where people have
/ so much at stake. the trustees for the
1 policy holders of the Equitable society
+ viii gladly welcome any aid in their
work which may result from the labOrs
{ OF your COMMITTEES"
"NyIie" System.
/ At the morning session Thomas A.
a. of
York Life Insurance company, de-
scribed the agency system of the COM
pany and the method of paying DO
muses.,
\ "nEIc' system inaugurated by this
company, separating the agents who
create business in grades according 10
/ terms of service, was explained, and
these bonuses Mr.. BuCkner testified,
we're charged TO renewal premiums.
Moneys received by agents from my
I lie" Mr.. Buckner said, were in addition
| 10 the regular agents commission. Wit
ness said when asked how expensive
such a system might be. that the total
/ payments to 'nyliC" members aggTe-
I gated less than one per cent of the
/ total premiums.
Mr.. Buckner was unable to supply a
considerable amount of information de-
sired, but viii do so at later period.
European Fields.
! Mr.. Hughes asked for full statements
of the insurance written in the United
/ States and Canada, also separate state
ments relating to foreign countries,
/ showing premiums and commissions
paid, that 1t might be ascertained how
much, if any, of the business of the
/ New York Life Insurance company
( was being extended in the foreign field
/ at the expense of the American policy
I holder.
/ The committee adjourned until next
/ Wednesday, Senator Armstrong, chair
+ man of the committee. announcing that
! three days sessions this week seemed
/ 70 be so successful thai il would be
/ tried next week, and if the matter for
I the council came in as readily as il has
I been doing the sessions hereafter will
/ be held but three days a week