Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-09-28
EQUITABLE LIFE
ASSURANCE Acc rs
Much Information About Them
Given by Il. GreayeS, Making
Everything Clear as Mud,
UNION PACIFIC REORGANIZATION
Ia One Syndicate Society Participated
To Amount Of $4,000 Securing
Profits OF SOls,Sa5

New York. Sept .s--Geo W, Per,
kIns, Vice president OF the Now York
Life Insurance company and a member
Of the Banking firm Of j. D. Morgan &
co.. created a stir before the legislative
investigating committee today when no
objected to request that ho produce
certain books Of j, p. Morgan ~ 60. TO
explain some Of that firms dealings
with the New York Life company in
connect ion with the sale Of navigation
syndicate bonds TO the Life Insurance
company, He said he would furnish
copies Of the entries referring TO the
transactions In question, but preferred
not IN bring the books Mr. Hughes
counsel Tor the legislative COMMITTEES,
for the first time during the investiga-
tion, showed signs of anger, and said
loudly.
Il shall have 10 require that these
books be produced
"All right replied Mr. Perkins
Tesufying 10 the purchase OF $1,000
900 Of cleveland Cincinnati, Chicago
and ST. Louis bonds from j p. Morgan
& Co, by the New York life Insurance
company MIR. Perkins said he obtained
tho bonds al 900 less than the price
stipulated by the HE insurance conf
pany'g finance committee Questioned
by Mr.. Hughes, Mr. Perkins said that
I'm this purchase and sale, he himself
represented both the New York Life
Insurance company as purchaser. and
the firm Of j. 2. Morgan Co, as seller.
Testimony was given hy Henry Rog-
ers Winthrop, financial manager % the
Equitable Life Assurance society, to the
effect that when the navigation syndi-
cate. which turned out 10 be unprohta-
bic, made calls for money on the George
II. Squire Trustee account for payment
on account Of the syndicate participa-
ton, the money for the payments was
obtained by borrowing $250O)O from the
Equitable Trust company OF this
amunot S21 500 had been repaid. Mr.
Winthrop said that In his opinion the
money advanced 10 the George H.
Squire trustee account on this trans
action was really the money Of the
Equitable Assurance society.
New York, Sept. 2S-Henry Greayes,
a clerk employed by the Equitable Life
Assurance society, continued his test-
mony before the legislative Insurance
investigation committee today. he gave
further details Of the payment Of checks
TO the George II. Squire trustee account.
Concerning one entry of $40. 900 deposit.
ed 20 the sccount on July ~, 1901, and
the immediate withdrawal Of the sum.
by draft, Mr.. Greayes said he knew
nothing. He did not know where the
money came from, nor by whom II was
withdrawn. He could supply no infor-
nation as TO the profits OF a one-half
interest in a Chicago and Alton syndl-
cate created to the George II, Squire
trustee account.
other syndicate profits Ia 1909 and 1903
deposited with the American Deposit
& Loan company TO the credit OF this
account witness was unable % explain.
on May !, 1901, a new book for these
entries was opened and balance OF
$62l WAS credited. The bank deposit
book was kept by Thomas H. Jordan,
at that time comptroller Of the Equi-
table. Checks for deposit to this ace
count Mr.. Greayes said, ne delivered to
Mr.. Jordan,
Another entry I'm the George II Squire
trustee account under date Of May 2,
1909, was the first payment OF $62 ZOO on
a navigation syndicate call by order Of
James H. Hyde This money was Dor.
roWed from the Equitable Trust COM
pany by James H. Hyde on May 3, on
the participation certificate. Witness
knew nothing OF this merely making
the entries az the direction Of Mr.
Squire Another entry showed u loan
from the Equitable Trust company of
$4,000, being the second call on the nav
igation syndicate ana this was paid on
the order of Mr. Hyde ON oct S, 1902.
another loan Of $4,000 was made from
the Equitable Trust TO cover another
call ON the navigation syndicate and
Ian. lO IN0N no 4l n
another loan OF $4,000 July 20 1903
flfth call demanded $4,000. which was
also loaned by the Equitable Trust com
pany These calls were paid on the
order of James H. Hyde.
Mr., squire drew d check for 500 900
and on April rs, 1904 another for 81 500
10 reduce the loan from the Equitable
Trust company on account OF the nayj-
cation syndicate but when the dlvi-
bends came IN they were not credited
TO the Gonrga II. Squire Trustee ac-
count This syndicate account Is stlll
running and S carried on the books
Of the Equitable Lift Assurance 500
ciety.
Barry Rogers Winthrop, financial
manager Of the Equitable Life AS
hurance society was recalled 10 the
stand lie said the George H. Squire |
trustee account loan Is carried as u !
loan for the Equitable Trust company
m the name ~ l., NJ. Bailey trustee. |
Mr. winthrop said the Equitable Trust |
company holds the Equitable Life AS |
surance society responsible for the I
loan, and that the account Will be |
taken up I'm the name OF the Equitable |
Life Assurance society. The total sum |
borrowed on account ~ the navigation /
syndicate was $3.50 600 and on this S2I.- |
800 has been paid Mr. Winthrop, ln |
answer to question hy Mr. Hughes, !
counsel to the committee, said that ln |
his opinion an the money involved iu |
the transaction was money that really |
belonged 10 the Equitable Life Assur- |
ance society
4 letter to the president % the !
Equitable Trust company dated March |
g. 1903 signed by George H. SQUIRE /
stated that ne was acting in tho above |
matters relating TO the George III. !
squire trustee account for me EQuit- |
able society that he was not PERSONAL /
~ responsible that an checks were I
subjected TO the signatures of William /
II. Mcintyre Thomas d. Jordan and /
George II. Squire, aud that au moneys /
I'm both the deposit and loan accounts |
belonged 10 the Equitable society
Mr. winthrop was asked about "a \
check drawn 10 the order OF the so-
ciety ON Aug %. 1896, for S23al9 which |
were the profits I'm the participation !
IN the 50, Louis aud San Francisco |
syndicate. He said q careful search
failed to disclose that Il has been re-
corded in any books Of the society EN-
pert accountants are still searching.
This VgQe alec frun az "a ,harL From, !