Ogden Sun | 1905-09-26 | Page 5 | Equitable's Syndicate Operations

EQUI TABLES SYNDICATE operations new york sept 22 syndicate op of the equitable lite assurance society were taken up by too insurance committee today and consumed the entire afternoon session henry B winthrop Wini hrop assistant secretary and financial manager of that society was called to the stand immediately after recess and presented a worn record of syndicate of hh company alao a record oc sales and purchases of securities for the past five years he detailed as far as ho vass aate actions of the syndicate ot J H hyde and associates ajner took memoranda of ail he was to supply which is to be presented at a later date one of the operations was in atlantic coast line bonds in which J H hyde and associates the equitable participating as a member paid 1 on call and received profits mr wynthrop said there was nothing on the equitable books to show who the associates were nor what was mr hydes personal profits the equitable participated also in union pacific syndicate in the name of J H hyde and when asked by what authority the society assumed the responsibility of mr hydes personal operations mr wynthrop produced the minutes of the finance committee in july 1905 a written assignment sign ment to the company by mr hyde of his interest in this syndicate tho society tad paid into that syndicate much of the information in relation re latSon to these operations mr oatave would look up and reply later just before mr winthrop Wini hrop was examined mr huches tead a long letter from grover cleveland who Is a trustee of the policyholders policy holders la the eaul table under th thomas F ryan trust agreement the letter was offered in evidence mr cleveland detailed the progress of the trustees in ing the company and said the obstacles aclis that lie to the path of the proposed are so inherent that even with the greatest study and care they cannot bo easily overcome in conclusion mr cleveland said in common with all othera taho le sire the best conditions in this important field ot business where the people have so much at stake tho trustees for he policyholders policy holders of the equitable society win gladly welcome any aid in their work walca may result from the labors of our committee