Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-09-30
Is What Schiff Calls the
Equitable Directors.
Says Finance Committee Was
at Mercy Of Nj. Hyde.
Insurance Investigation Adjourns 10 Wednes.
day.-.Ahstract Of Testimony.

islative committee or the insurance
investigation adjourned. today, until
next Wednesday. 1t concluded a week
in which greater progress had beer
made than in any week since the in
yestigation was begun. The testi-
| mony of witnesses that have beer
called during the week has been re-
plete with sensations and that taken
| today, was no exception TO the rule.
1t was during the afternoon session
today, when Alfred w. Maine, an as
sociatc auditor of the Equitable Life
Assurance Society. was called to tho
stand that it was disclosed that the
Equitable Life, the Mutual Life and
| the New York Life Cos. had formed
&. pool to look after legislation before
the various state Legislatures. An
drew Hamilton, to whom President
Mccall of the New York Life, paid
several checks the purpose of which
| the counsel for the committee, Mr.
Hughes, has not yet brought to light,
was one of the chief members of the
legal staff for these companies and
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 T. l..
Short and w. p. Thummell. Witness
presented vouchers for payments by
bis company to Mr.. Hamilton and
| these showed that in eight years. from
1895 to 1903. the sum Of s65.596 was
paid to Mr.. Hamilton for legal SER
vices.
told re
| whereby special counsel was employ
ed By one company in it's territory,
| and the expense was shared by all.
| He was asked if campaign contribu-
| tions 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 will
be called again to submit transcripts
of accounts giving information he was
unable to supply, today.
Mr.. Maine was followed, in the after
| noon session, by Edward A. Devlin. the
| real estate manager for the New York
Life for the United States ana Canada.
| Mr.. Devlin was called to testify as to
| the cost of the company's building in
Paris. He had only the transcripts of
| the reports this department made to
| the home Office, but it was brought out
| that the Paris building was carried on
| the books of the company at a valua-
| ton of $1.102, 604 whereas with the
| original cost and improvements on the
| building. actual money to the amount
| of $2..33.104 was paid, over $1,000 900
| being charged off valuation on the
books of the company. Mr.. Devlin said
| the net income on the building to the
| New York Life was IL per. cent. on the
actual amount invested in the building,
| or between 3 and 81. per cent. on the
| amount at which the building was car
ried on the books of the company. Mr..
Devlin was on the stand when adjourn
! ment was taken, but he will be called
again to submit transcripts of the rec
ords to supply further information.
Not the least important development
| of the day was the appearance OH the
stand Of Jacob II. Schiff. head Of the
| banking firm of Kuhu. Loeb G. c. Mr..
Schiff was the first witness Of the day
| and he remained on the stand until 2
| o'clock Most Of the time Mr.. Schiff
reclined leisurely in the chair on the
witness stand but as one point after
another was brought out he grew ex-
l ClItu anu NlSOIOuSIN ocLciiuCu
| tude while director of the Equitable
| Society and claimed his firm had acted
in Conscientious manner in all its
| dealings with the society.
During his testimony, Mr.. Sch,ff
| made the charge that the minutes of
| the finance committee of the Equitable
| regarding certain meeting were
false. He later qualified this, how
| ever. by saying if the transaction under
| consideration. one in Union Pacific pre-
| ferred, was actually made. he did not
| hear it though he was present at the
meeting. Again during his testimony.
regarding the power of the finance
| committee of the Equitable Society. Mr..
Schiff waxed warm in his explanation
| and said that the entire committee was
| at the mercy of one man.
| at was all Hyde" said Mr.. Schln.
'all Hyde and Alexander. Mr.. Hyde
| wrote the messages regarding the offers
made by my firm for participation in
| syndicates. Mr.. Hyde signed all the re-
| CENTS, Mr.. Hyde wrote all the letters. y
| Mr.. Schiff said the position of d.
rector in the Equitable was that OF a
negligible quantity ana that the direc-
| tors we're mere figureheads.