The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-10-03

oAfSt Il q 1ooI ~
Look After Legislation i'm the State
Legislature-Great Progress Made
During the Week in the Investiga-
ton.
New York. September 29.-When
the legislative committee on the in
investigation adjourned to-
day. until next Wednesday. it conclud-
a week in which greater progress
has been made than IN any week since
the investigation was begun. The tes-
of witnesses that have been
called during the week has been re-
DIete with sensations. and that of to-
day was no exception to the rule.
1t was during the afternoon session
today when Alfred w. Maine. an as.
sociate auditor of the Equitable Life
Assurance Society. was called to the
stand that it was disclosed that the
Equitable Life. the Mutual Life and
the New York Life companies had
formed a pool to look after legislation
before the various state legislatures.
Andrew Hamilton. to whom President
Mccall Of the New York Life paid
several checks the purpos OF which
the counsel for the committee. Mr..
Hughes. has not vet brought to light.
was one of the chief members Of the
legal staff for these companies ana
was employed and received money for
services from the Equitable. Mr.. Maine
told of the division of the country to
be looked after by Mr.. Hamilton. IN
conjunction with E. L. Short and w.
P. Thummel. Witness presented
vouchers for moneys paid by his COM
pany to MI. Hamilton. and these SHOW
ed that in eight years. from 1879 10
1903. the sum of $65,59 was paid to
Mr.. Hamilton for legal services. Mr..
Maine could not give any details OF the
duties performed by Mr.. Hamilton.
nor of the committees ne appeareu
before. beyond the fact that Mr.. Ham
ilton looked after legislative matters
for all three companies in states west
Of the Ohio river.
He was followed in the afternoon
session by Edward /. Devlin, the real
estate manager of h New York Lie
for the United States and canada.
Mr.. Devlin was called to testify as TO
the cost of the building in Paris. II
was brought out that the Paris build
ing was carried on the books OF the
company at a valuation of ~$1,1O2,bO4,
whereas with the original cost and i'm
proyements on the building. actual
money to the mount of S2,555,lO4
was paid. owe one million pelns
charged off the valuation on n DOCKS
of the Mr.. Devlin said the
net income on the building to the New
Life was one and one-half per
cent. on the actual amount invested in
the building. or between three and
three and a half per cent. on the
amount at which the building was car
ried on the books of the c0-~"any.
The most important development OF
the day was the appearance on the
stand of Jacob H. Schiff. head of the
banking firm of Kuhn. Loeb q co.
Most of the time Mr.. Schiff reclined
leisurely in the chair or h witness
stand but as one point after another
was brought out he grew excited ana
vigorously defended his attitude While
a director of the Equitable society.
and claimed his firm had acted in a
conscientious manner in all it's deal
ings with the society. At the con-
clusion Of his testimony. and before
the committee could adjourn. Mr..
Schiff asked to be allowed to make d
statement. He was permitted. and ne
stepped briskly forward on the plat
form toward a small table. and maze
an impassioned attack on the state
superintendent of insurance. and state
ments he had made concerning Kuhn,
Loeb & Co. during the investigation
of the Equitable. Mr.. Schiff empha-
sized his remarks with rappings on
the table and frequently he raised ms
voice until it was almost a Shout.
During his testimony. too. Mr.. semi
made the charge that the minutes OF
the finance committee regarding d
certain meeting were false. He later
qualified this. however. by saying II
the transaction under consideration,
one in Union Pacific preferred. was
actually made. he did not near II
though he was present at the meeting.
Again during his testimony regarding
the power of the finance committee OF
the Equitable Society. Mr.. Schiff was
warm in his explanation and said that
the entire committee was at the mercy
of one man. 1T was all Hyde" said
Mr.. Schiff. "all Hyde and Alexander.
Mr.. Hyde wrote the messages regard
ing the offers made by my firm for
participation in syndicates. Mr.. Hyde
signed all the receipts. Mr.. Hyde wrote
all the letters.
1.-THE vice of the entire insurance
situation said Mr.. Schiff. has been
irresponsible power" In the matter
of the James H. Hyde and associates
syndicate. Mr.. Schiff holly accused Mr..
Hyde Of trying to shield himself. He
said the position of a director in the
Equitable was that of a negligible
quantity. and that the directors We're
mere fgure-heads. He said further
that he had never asked any favors of
the Equitable Society. 81 have grant
ed many favors," he said. IT have not
done. as a director of the Equitable,
any wrong of commission. I nay have
done some of omission. 1t is a case
of hindsight and not one of foresight.
But NV conscience frees me of my