The Birmingham age-herald., 1905-09-30
BIG COMPANIES FORMED
 POLL TO MAINTAIN LOBBY
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Equitable society was audited only by two of its executive officers-Mr Mcln- tyre and MT. Jordan and that MT. Hyde appointed them.
 Said MT. Schiff: "1 think he made mistake because he actually kept a board of directors absolutely at the mercy of one man"
 MT. Schiff said he would like to see an insurance company looked after as strict ly as his own banking firm and It's execu- tive offices held strictly to accountability as his own cashiers.
 During his connection with the society, MT. Schiff said he never heavd of the numerous trustees accounts anu 1t was never brought to his attention that moneys of the society were carried under an account in which they did not belong.
 About Campaign Contributions.
 MT. Hughes asked him about campaign contributions by the Eauitable society MT. Schiff said in reply shat Cornelius Bliss had told him that Mir. Hyde had contributed to the last campaign. but he did not know whether it was the so- cietys money. Witness knew absolutely nothing as to how the money of the so- ciety was used by the executive officers unless they choose to inform the finance committee.
 Taking up the transactions of Kuhn, Loeb & Co. with the Equitable, witness 
 contemplated purchases under advise ment were never mentioned in the com mittee room. When Kuhn. Loeb & Co. had any proposition to make the Equitable MT. Schiff usually presented it to George H. Squire who in turn presented it to the executive committee and then It was passed up by Gen. Louis Fitzgerald.
 Witness said 1t was sometimes three weeks before he could obtain replies to the offers of his firm. These transactions continued until General Fitzgerald re- tired and then George H. Squires passed upon the offers of bonds. MT. Hughes went into a line of questioning that brought from the witness description of how the syndlcates are formed. man aged and closed.
 You do not have to beg life insurance companies to go into these syndicates, do you?'' asked MT. Hughes.
 No, indeed" witness replied.
 Its a pretty good thing to be let in ain't it?"
 Witness smiled and nodded, and MT. Hughes continued: q mean, they al good things to be let in," whereat MT. Schiff smilingly nodded.
 List of Syndicate Transactions.
 The list of the syndicate transactions of the Equitable was taken up and the manner of allotment of bonds was probed. The allotments to Gen. Louis Fitzgerald were made to him rather than to the Equitable, MT. Schiff said. because he was financial factor in a circle of men, whom he desired to take into the syndi- cates As a director of the Equitable 1t did not occur to MT. Schiff that profits from this would not go to the Equit- able. He trusted to General Fitzgerald s fairness.
 All the syndicate transactions giving the participations, allotments and profits to the participants were read by MT. Hughes. This took almost an hour. The allotment of number to George H. Squire "Out of the account of Kuhn, Loeb X Co.," wit ness said were made to MT. Squire out of the firms own share as special favor. Of the allotments to J. H. Hyde and as- sociates MT, Schiff said that at the time he did not think MT. Hyde participated individually. At the written request of the society their interests were allotted to James H. Hyde and associates This request was written by and signed by James H. Hyde, as vice president of the Equitable Life Assurance society. Prior to this letter Mir. Hyde had never been allotted any syndicate participation. MT. Schlff said he did not think 1t was right for MT. Hyde to participate personally under these arrangements and answering MT. Hughes he said he didn't know MT. Hyde had participated until these dis closures"