Democratic messenger. [volume] (Snow Hill, Md.) 1869-1973, 1905-09-30
SYNDICATE DEALS
BEING PROBED
Investigating Committee Looking
Into Equitable Finance.
DEPEW HAS BEEN CALLED

New York. Sept. 2S.-The session OF
the legislative committee to invest'
gate insurance methods was given
over To the matter of syndicate trans
actions of the Equitable Life Assur-
ance Society. Henry X. Winthrop. as
sistant secretary and financial man
ager of the society. was again on the
witness stand, and many OF his state
ments were accompanied by type
written documents giving the various
transactions in detail. II was brought
ont that in one of these syndicate
transactions Senator Depew was par
ticipant to the extent of 100000. ana
the senator was requested to appear
before the committee.
MIR. Winthrop was unable To ma
where a record OF the profits from a
number of the syndicate transactions
was made. and expert accountants now
Mt work on the books of the society
are expected to unearth these later.
Later Henry Greaves. who was a
clerk for George IL. Squire. formerly
a member OF the finance committee.
regarding the George II. Squire. trus.
tee" account. and from him II was
learned that there were number oil
these accounts. There was. besides the
George II. Squire trustee. account
the "Marcellus Hartley trustee ac.
count. and another. the -. w. Alex
ander trustee account. Mr. Greaves
a. L.
produced the bank book OF the squire
account. and by means OF II MT
Hughes tried to trace amounts tha'
would correspond To profits TO TINS ac
count but the witness could not re
member the item of the amounts de
posted.
Mr.. Greaves. however. gave way
temporarily to Mr.. Winthrop. while
Mr.. Hughes queried further regardint
syndicates. Mr.. winthrop was asked
to furnish list of the individual par
ticipants in syndicates. and said that
President Morton was preparing sucn
n statement. Mr.. Winthrop said he
had no positive information Of the
James II. Hyde and associates" syn
dicates. but he expects To have. MI
winthrop said that In the Philadel
phia, Baltimore a. Washington and
Long Island Is syndicate. managed by
Kuhn. Loeb IL Co.. there were two
participations. one of $50000O the
other OF $1,000 The society derived
profits OF $23S6 on the 100000. while
]. w. Alexander. J. II. Hyde. q. ii
Squire and w. II. Mcintyre divided th'
profits on the $500. 600. The Equitabl,
put up $alS.l00. II has received no IN
terest neither has the money been re.
turned. and when asked II the mat.
ter had been called to the attention oi
these gentlemen, Mr.. Winthrop said:
at will be-"
The examination proceeded in great
detail. The first entry. referring &c
Rome and Twine. was accounted for by
n check from Williamson and Squire
for $5liO.25. Williamson and Squire
were stock brokers, and the witness
paid their check TO r. d. Jordan and
made the entry on the account book
Can you tell MS anything about
this n. and r. transaction?
81 believe the r. and T. stock was
collateral which had been put up for
a loan the Equitable made 10 John Il
Searles, and had been written on as
worthless and was sold out"
Mr.. Hughes read a part OF the state
ment made TO the board or directors
by Paul Morton on September Is with
reference to the Searles loan II show
ed that the loan had been originally
s34s. 600. but had been reduced to $iS
900. the collateral for which was
worthless.
Jacob II. Schin. of Kuhn, Loeb 4
Co. was subpoenaed Mr. Schiff will be
asked about the transactions of his
firm with the New York Life lnsur'
ance Company as well as with th
Equitable Life Assurance Society