The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-07-12

Pacino preferred holding ecrtinscsts 200 40:
{. the 1e cssS Of h ps'f "s s' paid
He or Gnon PaeiS hodns
evs has arnshea G yo hss record noT
any other ' STOCK q to o the EauItsbe ife has
furnished, you vii h a false record.
u9 Evdenty from VOW ho 1t4tnm oe Soc Mr
preferred holding certificate. and whsn ne
was called on to ina Ike a payment on account
2. hst syn9eate he transferred 70 ,b Se
Tee II appears TO have been approved on on
q 1905 for The aV second con 5000 and the record
shows that at both those times YOU were
present and voted for the purchase. A. l
Y call your attention to the record whlch
shows that this purchase was approved on
feb %. 1908. by the finance COMMITTEES.
Il the record wrone' 4. ! can only explain
,nis that this is an incorrect statement ,H:
~ i]' h RSd ''i You ss @a
., We asked Mr.. Hyde for a copy Of the
that stock lie said it was not in bis possession.
From Information we have. that syndicate
agreement. was dated Dec, H., 1902, and Mr..
we're parties to it We asked Mr. Hyde to
furnish " with copy, of that SYNDICATE agree
Heht lie saiu that ne was uhapie 70 20 81,
Kuhn, Loeb 4 Co for IT,. A. You have the
right to ask me for anything. but have we
concerned. the Equitable Is not a party to
furnish you ANYTHING?
g / agree Win you, + the Equitable i.
IL, But the Equitable seems to have been
made party to It A. Not by any notihca.
Go +" kuhn say s"s % that ss he f Rs s
any transfer to the Equitable company. Up
TO- this day we know, only Mr.. Hyde That
syndicat" agreement Is no secret ~ Simply
states that certain parties have concluded to
buy %o,ono.n0 Union Pacific preferred stock.
and that is the whole essence OF the syndicate
HYDR EXPLAINS U. p. SYNDICATE.
When James II. Hyde was asked to pro-
duce the syndicate agreement concerning
the purchase Of Union Pacific preferred
on Jan. !, 1905, he said
"Mr, Hartman asked me II l would go
In on behalf Of the Equitable to this syudi-
cate, and couldn't without consultation
with Mr.. Alexander. We went down and
consulted with Mr. Alexander, and he APP
proved II. He asked me If l thought 1t was
a good thing, and l thought 1t was very
strong syndicate and it was a good stock.
and 1t was going to be a better stock, and 1t
was In every way good Investment Hal-
riman thought he was doing me favor in
letting me in, and | went In on behalf OF
the Equitable. 1 myself have never had
any personal interest In the matter and
have never made any money out OF 1t.
Mr.. Hyde exhibited letter from MIR.
Alexander promising that he should be
fully Unidentified and protected against
any personal loss which he might incur,
Q. ls II true that all the Union Pacific pre-
ferred stock stands in. the name OF parties
is a matter OF record
z. il the syndicate agreement providing
that the stock should not be sold Is purely
speculative in It's purpose, is the Euuitable
entirely admissible transaction for an In
surance company? A. That OF course Is
question of taste or n matter OF opinion.
Mr.. Alexander and 1 didn't think so;
q. You say you have no copy OF the Union
Pacific nsrnelnent2 A. have no copy in
my possession. Mr.. Hartman refuses to give
II to me.
Later In the inquiry Mr., Hyde was re-
called and questioned as to Equitable hold
ings in the American DEPOSIT and Loan
Company and the Mercantile Trust Com
pany. I appeared that the society fire.
Quently sold II ock to selected persons for
less than it had paid for it. George Gould
got 100 shares OF Mercantile at $500, when
the Equitable was paying sSl5 for the s ock
This was Mr. Hyde's eAp.nation:
Mr.. Gould contributed more business
than almost any other director OF the Mer-
camille to that concern and we wanted him
" be personally Interested 10 the concern
Later when Mercantile stock was being
bought by the Equitable at 81 900 and 81 ,oO2,
f. Il. Hartman purchased 100 shares at
$500 from the society. Mr.. Hyde explained
that the reason was the same as in Mr..
(Oulds Cuse,