The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-09-30

In which greater progress had been
made than in any week since the in
NestigatiOn was begun. The testimony
of witnesses that has been called dur
ing the week has been replete with sem
satiOn and that of today was no eXcep-
tion 70 the rule.
All Three Clipped In.
1t was during the afternoon session
today, when Alfred W. Maine, an assO-
ciate auditor of the Equitable Life As
surance society, was called 90 the stand
That il was disclosed that the EQuita BILE
Life, the Mutual Life and the New
York Life companies had formed a pool
10 look after legislation i'm the various
state legislatures. Andrew Hamilton,
to whom President Mccall of the New
DIRK Life paid several checks, the pur
pose OF which the counsel of the COM
mittee, Mr.. Hughes. has NOT yet brought
te light, was one of the chief members
o1 the legal staff for these companies,
and received money for services for
the Equitable.
Country Was Divided.
Mr. Maine told of the division Of the
country to be looked after by Mr..
Hamilton. i'm conjunction with Is. l..
Short and L. NJ. Thummen. Witness
presented vouchers for money and paid
by his company TO Mr.. Hamilton. These
showed that in eight years from 1895
TO 1903, the sum of $50, $50 was paid to
Mr.. Hamilton for legal services Mr.
Maine did not give any details of the
duties performed by Mr.. Hamilton nor
of the committees he appeared before
beyond the fact that Mr.. Hamilton
looked after legislative matters for all
the companies in the states west of
Ohio.
Special Counsel Hired,
Witness told of an agreement where
by special counsel was employed by one
company i'm its territory and the eX-
pense was shared by all. He was asked
if campaign contributions came under
his observation. and he replied that
they did not He never heard of money
being paid to influence legislators. He
was excused. but viii be called again
10 submit transcripts OF accounts giving
Information which he was unable To
supply.
Equitable Books Falsified.
He was followed in the afternoon ses-
sion by Edward /. Devlin. the real es-
tate manager of The New York Life for
the United States and Canada. Mr..
Dev!in was called to testify as TO the
cost of the buildings i'm Paris He had
only the Transcripts of the reports this
department made 10 the home office
but it was brought out that the Paris
building was carried ON the books of
the company at a valuation of llU2, 504
which accounts. with the original costs
and improvements ON the building,
actual money 10 the amount of g. 49,
lO4 was paid, over 81 coo 0o0 being
charged of the valuation on the books
of the company. Mr.. Devlin said the
net income on the building to tie New
York Life was Il. per cent on the ac-
tnal amount invested i'm the building.
or between and 81 Uer cent on the
amount at which the building was car
ried on the books of the COMPANY Mr.
Dcvlin was on the stand when adjourn
ment was taken, but he will be called
again TO submit transcripts of the rec
ords 10 supply further information.
Jacob Schitf's Testimony.
Not the least. important development
of the day was the appearance on the
stand of Jacob IT. Schiff head of The
banking firm OF Kuhn, Loeb & Co. Mr..
Schih was the first witness of the day
= and he remained on the stand until
O'Clock, Mr. Schim had been waiting in
the committees session chamber for ii
day and "a half being under subpoena,
and when the usual time for recess
arrived Mr.. SChim desired to proceed,
as he had an engagement for the aft
ernoon. Mr.. Hughes explained the sit
uatiOn TO the committee and ii was
agreed 10 continue until Mr. SChin had
concluded his testimony.
Banker Got Excited.
Most of the time Mr. Schin recIined
lcisurely iu the chair on the witness
stand. but as one point after another
was brought out he grew excited and
vigorously defended his attitude while
a director of the Equitable and claimed
his firm had acted i'm "a conscientious
manner in all its dealings with tue So
ciety. At the conclusion of his testi-
mony, and before the committee could
adjourn, Mr. Schiff asked TO be allowed
To make a statement. He was permit
ted. and he stepped forward ON the
platform and made an impassiOneS at
tack on the state superintendent of in
suTance and statements he had made
concerning Kuhn, Loeb < Co. during
the Investigation of the Equitable. MI
Schih emphasized his remarks with
rappings on the table and frequently
he raised his voice until it was almost
a shout
Minutes Were False.
During his testimony TOO, Mr.. Schin
made the charge that the minutes of
the finance committee regarding a GER
tain meeting were false He later quail
fed this, however by saying if the
transaction under consideration. one in
Union Pacific preferred, was actually
made he did not hear it, although he
was present AT the meeting,
Again during his testimony regard
ing the power of the finance committee
OF the Equitable society Mn Svhim
waXed warm in his explanation and
said that the entire committee was It
the mercy OF one man. 1t was all
HYDE" said Mr.. Schin; "all HYDE and
Alexander. Mr. Hyde wrote the mes
sage regarding the offers made by my
firm for participation in the syndicates;
Mr.. Hyde signed all the receipts; Mr..
HYDE wrote all the letters"
Accusation Against Hyde.
In the matter of the James H. Hyde
and Associates syndicate Mr. Schin
hotly accused Mr.. Hyde of trying 10
shield himself. He said the position of
a director in the Equitable was that of
a negligible quantity and that the di-
reetors were mere figureheads He said
further that he had never asked any
favors OF the Equitable society Il
have granted many favOrs," he said. Il
have not done. as a director of the
Equitable, any wrong OF commission 1
may have done of omission. IL is IA
case of hindsight and not one of fore
sight But my conscience frees me of
my bond 1 have been as good a di-