New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-08

ror,nanv" ara Though the success of the trust
COMPANY the Mutual profited Sometimes spe-
cial deposits wouli be made by the Mutual
with the trust companies. Mr.. Cromwell SAID.
For those special rates of interest were paid
These trust companies. he went on, in a Foluh-
tsry explanation 10 the committee. We're most
excellent things for the insurance companies,
Offering ready outlets fer their surplus funds
enabling them To purchase securities quietly in
large blocks so gaining the advantage OF lowest
rricas and u put out on the market what part
of these purchases they did not care TO Keep
CROMWELL on SYNDICATES.
r,., Mr. Hughes took up the syndicate
transactions. He had Mr.. Cromwell explain 10
IN. committee exhaustively just how a syndi-
cate was underwritten. telling how the Mutuai
and its officials would become surety to the
syndjcate managers that their issue OF pohos
would be sold completely the Mutual appearing
in the transaction 2 second time as purchaser
of Part of the bond issue. Mr. Cromwell salo
that the Mutual had been in the japanese ooho
syndicate of which Kuhn. Loeb & Co We're the
managers. He had taken bonds himseh' he
said, and he believed that other members of the
finance committee had purchased bonds, MAKING
profit individually. The profit to the Mutual
was s250,000.
Other syndicates were made on the Atlantic
Coast Lines bond issue. and the Oregon Short
Line As Mr.. Cromwell said. He could not re-
call definitely about these syndicates ana their
members, promised Mr. Hughes 10 nave
drawn ND a statement of the syndicate opera
tons of the Mutual, with a statement OF mis-
own participations. and. II possible the partlci--
pations OF the other officials He said that Tor
each syndicate transaction there was printed
agreement, which the members signed he
promised 10 get copy of this agreement
he ted
pany still another subsidiary company OF the
Mutual was paying 20 per cent on Its stochs
par value Mr.. Cromwell said. The Mutual
had acquired it's interest in the Bank of Cal
ifornia by purchasing the rights of stochhold-
ers to a new issue of stock. Before that pur-
chase the Mutual had kept deposits there. Now
there is a balance regularly. he said although
there was not deposit there at the time of the
Mutuars last annual statement This purchase
wes of much value 10 the United States Mort
gage and Trust Company and the National
Guaranty Company
HYDE TRANSFER EXPLAINED
William Alexander. secretary OF the Equitab bic.
the first witness at the morning session. shed
light on the Ryan purchase OF James Razen
Hyde's stock control of that institution. He told
OF the company's charter. how its board OF d.
rectors was constituted, and the rights each
polcyholder was supposed to have in the sur
plus-the share Of the surplus TO be divided be-
ing decided by the board Before June 10, OF
this year, he said, majority of the stock was
held by trustees under the will Of Henry B.
Hyde. Mr. Hughes read the deed of trust under
which this stock was held for young Hyde and
in the reading it was brought out that some time
this year James w. Alexander had resigned as
trustee his place being taken by W. B. Brem-
ner. assistant treasurer of the Equitable, who
was James Hazen Hyde's secretary.
The bill of sale as read by Mr. Hughes, was
follows:
sx and by =, , H Hyde to
In consideration of 81 to me in hand paid by
Thomas F ryan Of 9brdse Va Il. he a,S Tn sell
F. Ryan all right. title and interest in re-
n the IN to 2f th
United States assured to me on and after the SIN
the nth day of September. 1885. by and between
Henri Hyde party Of the rs part ana e,s
Chsuncey NJ. Depew. Annie F. Hyde and Thomas
ali nv right title and interest in and the said
SOC shares Of stock assigned TO me by my m4fhea
and my sister. Mary D. Ripley. widow of the late
Ripley. about the 9Th day of June, 1905.
To safeguard Mir. Ryan further young Hyde
made the following codcil to his will. which was
offered in evidence:
For the better assurance to the said Thomas F
RYAN rights. titles and interests aforesaid
about to subscribe and publish simultaneous r
isst viii and testament whereby execute power
se ef bs said indentnre Of september H. 1856 in
favor Of the said Thomas F. Ryan; and FOR divers
covenant that viii not revoke said appointment
tx ssd soef or any thereon and here
bv covenant and agree 10 and with the said Thorn
th. covenant LAS last aforesaid mentioned said Ryan
have the right TO recover from me my aelrs;
by him. TO return said stock and recover from
full sum of So 5c00S; and further covenant and
agree with the said Thomas f. Ryan TO execute
nere f nsy be required by the said Thomas F
RYAN his executors, administratoT or assigns Ior
the further assurance TO the SAID IhoInas r, ryan
his heirs executors administrators or assigns the
In witness whereof hereunto hand and
seal this 10th day of Jnne; , lss- II 1NnE fsean
W & CULVER.
~. +rust agreement executed between Mr..
Bvau and Messrs. Cleveland Westinghouse and
fpF3rien was also put In evidence after being
read by Mr.. Hughes
EQUITABLE WAR REVIEWED.
Naturalization of the rcquita bic. Mr.. Alexander
said under the trust agreepeut or by any other
process had been tied up by the Lord suit he
told about the recent changes in the directorate
and the reduction of salaries instituted by Paul
Morton as chairman of the board.
The finance committee, Mr.. Alexander said. al
wavs considered carefully the Investments in
.ecnr;ties and purchases or sales never
accommodated until after deliberation by the
committee This COMMITTEES the
.be executive committee he said. except that
Jacob H. Schif not member Of the finance
committee.
Mr. Alexander then told about the reorgau-
ization Of the Equitable under Paul Morton.
lating brief history Of the recent trouble be-
ginning with the Alexander controversy