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Show EPITABLE IIFE CLERK T TESTIFIES : BEFORE1 M j : : v COIIITTEE OF INQUIRY , Gives Further Details of Payment Pay-ment of Checks to the G. ! H. Squire Trustee Account; j Professes Ignorance. NEW YORK, Sept. 28. Investigation of the life insurance , companies was resumed today, with Henry Greaves, a clerk em- ; ployed by the Equitable company, on the stand. NEW YORK. Sept. 28. Henry Greaves, a clerk employed by the Equitable Life Assurance society, continued con-tinued his testimony before the Legislative Legis-lative insurance investigation commlt-i tee today. He gave further details of the payment of checks to the George H.' Squire trustee account. Concerning one entry of $40,000 deposited de-posited to the account on July 12, 1901. and the immediate withdrawal of the sum, by draft, Mr. Greaves said that he knew nothing. He did not know where the money came from, nor by whom it ! was withdrawn. He could supply no information as to the profits of 'a one-half one-half -Interest - In a Chicago and Alton syndicate: 'created to the George H. Squire trustee account. Other'fYndicate Profit. Other syndicate profits In 19Q2 and 190J deposited with the American Deposit De-posit and Loan company to the credit of this account, witness was unable to explain. On May I. 1801. a new book for these entries was opened and a balance bal-ance of 862.770 was credited. The bank deposit book was kept by Thomaa D. Jordan, at that time comptroller of the Equitable. Checks for deposit to this account, Mr. Greaves said, he delivered to Mr. Jordan. Another entry in the George H. Squire trustee account under date of May 2. 1902. was the first payment of $82,700 on a navigation syndicate call by order of James H. Hyde. Borrowed by Hyde. This money was borrowed from the Equitable Trust company by James H. Hyde on-May 5,- on the-participation fertiflcate. Witness knew nothing of this, merely making the entries at the direction of Mr. Squire. Another entry showed a loan fronr the Equitable Trust company f $88,000. oelng.the second all on- the navigation syndicate; and this was paid on the order or-der of Mr. Hyde. "y. Another Bis; Loan. On October 8. 1902. another loan of $75,000 was made from the Equitable Trust to cover another call on the navigation nav-igation syndicate, and January 18, 1903. a 10 per cent call required another loan of $25,000. Joiy 20, 1903. a fifth call demanded de-manded $25,000. which was also loaned by the Equitable Trust company. These calls were paid on the order of James H. Hyde. Perkins I Recalled. ' George W. Perkins, vice-president of the New York Life Insurance company.' and a member of the banking firm of J. P. Morgan St Co.. was called and created a stir when he objected to a request re-quest hat he produce certain books of J. P. Morgan & Co. to explain some of that firm's dealings with the New York I Life Insurance company in connection I with the sale of navigation syndicate I bonds to the life Insurance company. f He said he would furnish copies of the entries referring to the transactions In I question, but preferred not to bring the . books. Mr. Hughes, counsel for the ? Legislative committee, for the first time 1 during the investigation showed signs of anger and said loudly: f ,"I shall have to require that these booke be produced." i "All right." replied Mr. Perkins. Represented Both Companies. i Testifying to the purchase of $4,000,- . 000 of Cleveland. Cincinnati, Chicago A St. Louis bonds from J. P. - Morgan 4 i Co. by the New York Life Insurance f company. Mr. Perkins said he obtained I the bonds at $40,000 less than the price I stipulated by the life innuranee com- i pany's finance committee. Questioned j by Mr. Hughes. Mr. Perkins said that in this purchase and sale, he himself i represented both the New York Life In- j 1 suranoe company as purchaser and the 1 firm of j: P. Morgan & Co. as seller. ? Financial Manager Testifies. f Testimony was given by Henry "Rog- I era Wlnthrop. financial manager of the I . Equitable Life Assurance society, to the t ' effect that when the navigation syndi- cate, which turned out to be unprofltr able, made calls for money on the George H. Squire trustee account for ; j payments on account of the syn- ' ' dlcate participation. money for ; the payments was obtained by borrow- ing $250,000 from the Equitable Trust company. Of this amount $27,500 had S been repaid. Mr. Wlnthrop said that in his opinion the money advanced to the George H. Squire trustee account on i this transaction was really the money of the Equitable Assurance society. |
