The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-09-23
The Equitable, quittti:I II.:' Wit vi |, / h
Hyde, II. Coast as Line !
and Other#D eals.
OBSTACLES
4 Mr. .HC G CLE e yELAND.
In a Letter Submitted AS Evi-
/ dence, the Ex-P President Points
Out the Difficulties and
Asks Coo operation.
The Bonus Sys-
TEN.
fRy Associated Press, J

a (By Associated Iaress.) I
K NEW Y YORFk, September "a 2---syndicate
operations OF the Equitable Life Assur-
alicc Society were taken up by the insur-- ns.lr-
ance Investigating committee to-day and
consumed the entire afternoon session..
Henry r, winthrop, assistant secretary,
and financial manager Of that society,
was called to the stand Immediately after
the recess, and presented and swore TO
a. record OF syndicate par tici pat tlons OF
his company, also to a record Of sales, les
Eand purchases OF securities for the past
five years N II Ie d etailed. as IA r as he was
able, the transactions OF the syndicate or
j, H. Hyde and associates and took
memoranda ofF'al Information he was
unab Bile to supply, Whlcn is to be present
ed at O la ter date. z,
y Ono OF the operations was IN Atlantic
Coast Line bonds, IL which ~ B H. Hyde
and assoc at es,',, the Equita BILE partc-i
hating. paid 50, ,s76 oss on call and received
s1145O0 profits. Mr. Winthrop said there
was nothing on the / Equitable books to
show who the Z 'associat tes : = Were e, nor
what was y ~ IIyde's personal profit.
The EQUITABLE participate ed also ms
Union \ Pacific syndicate in the name Of
u n HI Hyde, q and when asked X by what hat
authority the society assumed the re-
sponshillty OF Mr. Hyde perEonal OPP
erations, 3 Mr.. Winthrop produce the min n
utes 4 Of the finance committee In July;
1895 showing ia wrl item asst ignment to
the company by Mr.. II yde, Sof his interest
In this syndicate ,,S az,
The society has paid into that syndi-
ca te 81, $40 COO Much of the In formation
desired In regard to these indicate ope-E
traations Mr.. Winthrop said he would have
to look up; and sup la ter. Il
Obstacles Are any &.
a Just before, Mr.. Whit throp w,as exam
ined Mr. H ughes read "a long letter from
Grover Cleveland, }, who Is q trustee for
the pollcyholders Ain the 9 Equitable So
sciety under the Thomas F. Ryan trust
agreement The letter was offered In
evidence. Mr.. Cleveland detailed n the
progress OF the trustees lin mutualiEing1
the company, and said:
1.-THE obstacles that8lie I'M the path OF
the proposed naturalization are so ln-f
Iherent that even with the greatest study
and care they cannot be easily over
come. Y e
In conclusion Mr.. Cleveland said:
"In common with all others who de-
sire the{ best conditions in this important
field OF business, where people have so
much at stake, Hthe trustees acting for
the pollcyholders Of the Equitable so-
ciety will gladly welcome any. aid In their
work which may result from the labors
+ OF your COMMITTEES s i5
Explains Bonus System.
# At the morning session Thomas A..
Buckner, yice-president5 OF the New York
Life Insurance Company, described the
agency system Of the company and the
method OF paying bonuses
Il A Nylic system, inaugurate ed by this
company. separating the agents who
create business into grades according
TO term OF service, was explained and
these bonuses, Mr., Buckner testified, vera
charged to renewal premiums. Moneys
received by agents from NylIo, Mr., Bucx-
ner said. were In addition to the rcgu-
lar agents commissions.
III Witness said, when asked how expen-
aive such q system might be, that the
total payments to "Nylic'' members ag.
gregaAed less than one per cent. of tho
total premiums. Mr., Ruckner was un-E
able to supply a considerable amount Of
Information desired, butttwill do SO at
a later period. " Il 81 W ,4
Mr.. Hughes asked for full statements
OF tho business written In the United
States md Canada, also separate state
ments relating to foreign countries, show
Ing premiums ana commissions, r Sald
that 1t might be ascertained how much.
IL any, business Of the life ins,lran:e
company was being extended in the for
eign field at the expense OF the Amer.,
cnn policy-holders. "a 81
The committee adjourned until next
Wednesday,, Senator Armstrong, tho
chairman, announcing that the three
days session this week seemed so sue.
cessful that it would he tried nexr
week and II matter for the counsel came
In as readily as It has been doing, the
sessions hereafter will be held but three
days week. j
Registered in Paris.