The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1905-09-30
JACOB II. scHiFF DECLARES TOO
MUCH HYDE" Is THE TRoU.
Bile WITH EQUITABLE.
SAYS socleTY's RECORDS ARE FALSE
EXPRESSES OPINION THAT Off.
GERS SHOULD NOT PARTIci.
PATE IN sYNDIcATEs.

New York, Sept. 30.-Jacob H.
Echiff. head Of the banking Arm OF
Kuhn, Loeb & Co., testified during the
day before the life insurance investi-
eating committee that the minutes OF
a meeting Of the finance committee Of
the Equitable Life Assurance society
in February. 1908. were false In re-
cording the purchase of 100000 OF
Union Pacific preferred stock for
holding account" Mr.. Schif said he
was present at the meeting and no
such transaction was made. Asked II
apart from what he heard at that
meeting he desired to be understood
that the Equitable records we're false
Mr.. Schiff said IL such transaction
was made he did not hear It. He
would like to take counsel before he
made q direct answer.
Mr.. Schif expressed the opinion
that it was wrong for James H. Hyde
to participate personally In syndicate
transactions. He did not know. he
said, that Mr.. Hyde had done SO until
these disclosures. The Equitable"
said Mr.. Schiff. was at the mercy Of
one man-either Alexander or Hyde.
1t seems to me 1t was all Hyde.
Everything was Hyde. The vice OF
the entire insurance situation has
been irresponsible power"
At the close Of the direct testimony
Mr.. Schiff asked and was granted per-
mission to make statement. He de-
Tended himself from various attacks
which he said had been made against
his firm and himself by the state su-
perintendent of insurance and others.
He became very animated and his re-
marks were accompanied with
Dramatic and Emphatic Gestures.
He declared that 1t was untrue, as
charged by the state superintendent
Of insurance. that the Equitable Life
Assurance society bought japanese
bonds from Kuhn. Loeb 4 Co. at
loss to the society OF az per cent.
He said there was no such loss and
that the superintendent Of insurance
had fallen into error In computing
the rate of sterling exchange which
fixed the value Of the bonds. The
bonds were sterling bonds issued at
the rate OF $4.S8 per pound sterling.
He said further that 1t was not true,
rs stated. that Kuhn. Loeb & Co. had
monopolized the best financial busi-
ness OF the Equitable Life Assurance
society. In the last i've years, he
said, the Equitable had bought $197,-
OOO,O 900 OF securities and OF these
Sa3. 900 900, or. about 0ne-sixth. were
purchased from Kuhn, Loeb & Co.
Furthermore he said that the present
value Of securities sold by his Arm
to the Equitable while he was q d.
rector Is $1.6OO.OOO greater than the
price paid for them. Mr.. Schin then
said:
Il have never asked favor Of the
Equitable. have not asked any
favor as Z director OF the Equitable
Life Assurance society. have grant
cd many favors. have not done as
. director of the Equitable q wrong
of commission. may have done some
thing by omission. II IL case OF
hindsight and not foresight. My con-
science frees me from any censure OF
wrong. have been as good direc-
tor as l knew how to be and did
my duty"
Tornado Destroys Town.
Capetown, Cape Colony. Sept. 30.-
A tornado struck Malmesbury. town
OF 1900 inhabitants situated thirty
i've miles from here. and, reduced II