The Montgomery advertiser., 1905-09-29


 that he (Mr. Hughes) was trying to get away from something and the coun- sel hotly retorted that he was not, and that if Mir. Perkins would answer his question much better progress would be made with the investigation.
 Earlier In the day Henry R. Win throp of the Equitable. while on the stand, presented a statement of the transfers of the Equitable at the time of its change of management and the directorate. Most of the tansfers Mir. winthrop was able to explain but some he was not. At the time of these trans fers Mir. Winthrop was the holder of twenty-five shares. He thought the ao- tual owner was James H. Hyde. as he turned the checks for dividends over to Mir. Hyde.
 MT. winthrop was again called to the stand just before adjournment, Mir. Buckner having given way to explain a trustee account brought up earlier in the day. MT. Winthrop presented a typewritten statement of the account and said the loans would be paid off in a few days and the collateral entered on the books of the company. Before Mir Buckner retired, however, he was asked to produce statement of the Paris office. with a record of the real estate held there and the business that comes under that Jurisdiction. Mir. Buckner had been questioned most of the afternoon on the foreign business and it's cost to the home once. The committee will resume it's sessions to- morrow.
 Testimsny of Greaves.
 Henry Greaves, clerk employed by the Equitable Life Assurance Society, continued his testimony before the leg islative insurance investigation com mittee today. He gave further details of the payment of checks to the George Fl. Squire trust account. Concerning one entry of $40,000 deposited to the account on July 12, 1901, and the ina mediate withdrawal of the sum by draft, Mir. Greaves said he knew noth- ing. He did not know where the money came from nor by whom 1t was with drawn. He could supply no information as to the profits of a one-half interest in a Chicago and Alton syndicate cred tied to the George H. Squire Trust Ac- count.
 Other syndicate profits in 1902 and 1903 deposited with the American De- posit and Loan Company to the credit of this account witness was unable to explain On May i, 1901, a new book for these entries was opened and bal- ance of $e2.T70 was credited. The bank deposit book was kept by Thomas D. Jordan at that time comptroller of the Equitable. Checks for deposit to this account Mir. Greaves said he delivered to Mir. Jordan.
 Another entry in the George H. Squire trustee account under date of May 2. 1909. was the first payment of $62.50o on a navigation syndicate call by order of James IT. Hyde. This money was borrowed from the Equitable Trust Company by James II. Hyde on May 6th on the participation certificate. Wit ness knew nothing of this, merely mak- er.~~ kNea at AfTaNffnSe aE Mfr Squire. Another entry showed a loan from the Equitable Trust Company of s65,O00 being paid the second call on the navigation syndicate and this was paid upon the order of Mir. Hyde. On October 8. 1909. another loan of s15,000 was made from the Equitable Trust Company to cover another call on the navigation syndicate and January Is. 1908, q t0 per cent. call required ali- other loan of s25.000. July 20, 1903, q fifth call demanded S26,006 which was also loaned by the Equitable Trust Company. These calls were paid on the order of James H. Hyde.
 The subject of salaries of the officers was then taken up. Tn the minutes of the Finance Committee for February 2. 1888, mention is made of Special min ute' relating to compensation of of1- cers, but 1t does not appear on the books of the Society. MT. Winthrop had seen it when he was given copy to show President Morton.
 Caring for the Hydes.
 The Finance Committee fixed the sal ary of Henry B. Hyde at s50,0o0 annu- ally and. in lieu of commissions. an ad- ditional sum of S25,00o, and. also fixed an annuity to Mrs. Hyde of s25,O00, pay able commencing upon the death of MT. Hyde. J. w. Alexander, then Vice. President, according to those minutes, &a ou hN Nva then receiving or such as the President might hereafter name. and in addition an annuity of $1S,000 was to be paid to Mrs. Alexander commencing upon the death of Mir. Alexander. This resolu- tion was restrictive and the salaries were to take effect January 1, 1886.
 George W. Perkins, Vice-President of the New York Life Assurance Society. was then called. He stated the New York Life Insurance Company had no interest in the navigation syndicate in which the Equitable Society was Inter- ested, but the latter was a different syndicate formed to take over SS,00O,- 900 of the bonds of the sbsidiary com pany.
 The Equitable Life Assurance Society paid s2 1-2 for their navigation bonds. MT, Perkins was asked to clear up some of the questions that he was un- able to answer when questioned several days ago. He said there was no act of authorization or approval by the Fi- nance Committee of his sale to J. P. Morgan 6 Company, and repurchase two days later of the $s0o.000 naviga- ton syndicate bonds on December 31, 1903 The certificate of these bonds which was surrendered to J. P. Nor gan and Company in this transaction. Mir. Perkins said. he would produce later.
 MT. Perkins testified that, authorized by the Finance Committee. he had agreed to take from Morgan & Co. $4,- 0O0, 900 of Cleveland, Cincinnati, Chi- caeo and St. Louis bonds. He secured them at $40.000 less than the price stip- ulated by the Finance Committee and MT. Hughes brought out the fact that the agreement was made by Mir. Per- kins acting for the pollcyhoIders, with Mir Perkins acting for the firm of J. P. Morgan & Co. MT. Perkins added that he had carried out a number of such transactions.
 Nc Record PrOdueed.
 Mir Perkins said that in 1901 he was authorized by the Finance Committee of the New York Life to buy &5.000.0 .0O0 in per cent bonds and that he bought from J. P. Morgan & Co. $l.000.00O worth of St. Louis Terminal bonds at 100. The honda were to have been de- Iivered before the end of the year 1902, but legal delay arose and so the New York Life took Chicago, Burlington and Quincy, Northern Pacific and Cleve- land, Cincinnati, Chicago and St. Louis bonds instead. The St. Louis Terminal bonds were exchanged for them in May. Mir. Perkins conducted the transaction. He could not remem- ber whether he also acted for J. P. a NE- aN-a,