The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-09-29

session of the legislative committee to
Investigate insurance methods was
given over to the matter of syndicate
transactions of the Equitable Life
Insurance Society. Henry r. Win
throp. assistant secretary. and finan-
cial manager of the society. was again
on the witness stand and many OF mis-
statements were accompanied by type
written documents giving the various
transactions in detail. It was brought
out that in one Of these syndicates.
Senator Depew was a participant to
the extent of.s1O0.0O0. and the Senator
was requested to appear before the
committee.
Mr.. Winthrop was unable to find
where record Of the profits from a
number of the syndicate transactions
was made. and expert accountants now
at work on the books of the society
are expected to unearth these later
The witness detailed number Of
loans to the Equitable Trust and Mer-
camille Trust companies as we'll as
the sharing Of these companies in
syndicate transactions with the soci-
ETY..
was a clerk for George H. Squire, for
merly member of the finance COM
mittee. was called to supply some tn
formation regarding the George H.
Squire trustee" account. and from him
it was learned that there were a num-
ber of those accounts. There was be-
side the George H. Squire trustee"
account. the ''Marcellus Hartley trus-
tee" account. and another the 81. w.
Alexander trustee account Mr.
Greaves produced bank book of the
Squire account. and by means Of it
Mr.. Hughes tried to trace amounts
that would correspond to profits to this
account: but the witness could not re-
member the items Or the amounts de-
posted. Mr.. Greaves was still on the
stand when the session adjourned for
the day.
Mr.. Greaves. however. gave way
temporarily to Mr.. Winthrop while
Mr.. Hughes aueried further regard
ing syndicates. Mr.. Winthrop was
asked to furnish a list of the individ-
ual participants in syndicates. and
said that President Morton was pre-
pairing such a statement. Mr.. Win
throp said he had no positive informa-
ton of the James H. Hyde and asSo-
ciates'' syndicates. but he expected to
have. Mr.. Winthrop said that in the
Philadelphia. Baltimore and Washing
ton and Long Islard fours syndicate.
managed by Kuhn. Loeb & Co. there
were two participations. one of $780,
900. the other of 100000. The So
ciety derived profits Of s2.3S6 on the
100000. while J. w. Alexander. J. H.
HYDE. ]. H. Squire and w. II. Squire
divided the profits on the 100000.
The Equitable put up $21S.100. It has
received no interest. neither has the
money been returned. and when asked
if the matter has been called to the at
tention of these gentlemen. Mr.. Win
thrOp said ''It will be-
Mr.. Winthrop knew nothing about
an Atlantic Coast Line syndicate ope-
ration of u. H. Hyde and associates" :"
During the Questioning of Mr.. Win
throp on the syndicate it was brought
out that the Equitable Trust Com
pany loaned the Equitable Life Assur-
ance Society ss26096 in the name of
a clerk. E. Darlington. Witness said
Darlington was employed as an ad-
vertisino manager. and was under the
direction of the president. His salary
is about $4,000 or s2.500 a year.
Mr.. Winthrop was questioned fur
ther concerning the Atlantic Coast
Line syndicate which was managed by
]. P. Modgan & Co.. of S750,00o: the
society received a part of what was
allotted to James H. Hyde and asso-
ciates.
What papers have YOU with regard
to this syndicate?" asked Mr.. Hughes
1.-TWO vouchers. one for payment to
P P Morgan & Co. of s750.o00 the
| other of s626.096 to the Equitable
Trust COMPANY
why was there a payment to the
| EQUITABLE Trust Company"
.It was put there as a loan. The
note of Eugene harrington. clerk in
| the Equitable was given for a loan
and the payment was in repayment of
| the loan"
In the Southern Railway syndicate
there was a participation of $3.50. .00e
| in the name of James II. Hyde and
associates. and in the International
Merchant Marine syndicate there was
/. a participation on the part OF James
II. Hyde and associates of 100000