Omaha daily bee., 1905-09-30
Equitable sscisty Paid Him S65,5s6 in
Eight Years
AcoB H. scHIFF CAUSES SENSATION
tayI in Effect that Record Of Board Pre-
seedlings is False.
TOO MUCH HYDE ANO ALEXANDER
president and vice President Had
Entire Charge of AnRirs and
Directors Were Only
Figureheads.

NEW YORK, Sept. 29.-When the legis-
lative committee on the insurance invest-
cation adjourned today until next Wednes-
day, It concluded week in which greater
progress had been made than in any week
since the investigation was begun. The
testimony of witnesses that have been
called during the week was replete with
sensations, and today exception.
During the afternoon session today when
Alfred w. Maine. associate auditor OF the
Equitable Assurance society was called, it
was disclosed that the Equitable. the
Mutual and the New York Life Insurance
companies had formed a pool to look after
the legislation In various states. Andrew
Hamilton, to whom President Mccall of the
New York Life paid several checks, the
purpose for which the counsel for the COM
mittee, 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 conjunc-
ton with f. L. Short and w. p. Thummel.
Witness presented vouchers for moneys
paid by his company to Mr.. Hamilton. and
these showed that in eight years, from
1895 to 1903, the sum of SCI, 596 was paid to
Mr. Hamilton for legal services. Mr.. Maine
could not give any details OF the duties
performed by Mr.. Hamilton, nor the COM
mittees he appeared before, beyond the fact
that Mr. Hamilton looked after legislative
matters for all three companies in the
states west of Ohio. Witness told of an
agreement whereby special counsel was en-
ployed by one company in its territory and
the expense was shared by all. He was
under his observation. and he replied they
did not He never heard OF money being
paid to influence legislators. He was ex-
cused, but will be called again to submit
transcripts of accounts giving information
he was unable to supply.
some Real Estate transactions.
Mr.. Maine followed in the afternoon
session by Edward l. Devln, the real es-
tate manager of the New York Life for the
United States and Canada. Mr. Devlin
was called TO testify as to the cost OF the
building In Paris. He had only the tran
scripts of the reports of the department
made to the home office. but 1t transpired
that the Paris building was carried on the
books at sl.102,e04. whereas with the original
cost and improvements on the building
actual money to the amount of $2553l04
paid. over 100000 being charged off
pany. Mr.. Devlln said the net income OF
the building to the company was ~ per
cent of the actual amount invested on
the building OF between 3 and 3Ik per
cent on the amount at which the building
was carried on the books.
Mr.. Devlin was the stand when ad-
journment was taken, but he will be called
again to submit transcript of the records
20 supply further information
schin Causes Sensation.
Not the least development of the day
l was the appearance or the stand of Jacob
Al. schift head OF the banking firm Of
Kuhn, Loeb g. Co Mr.. Schiff was the
first witness or the day and he remained
on the stand until o'clock. Mr. schin
had been waiting in the committees session
chamber for day and a half being un-
der subpoena and when the usual time for
recess arrived. Mr.. schifr desired to pro-
ceed as he had an engagement for the af-
ternoon.
Mr.. Hughes explained the situation TO the
committee and It was agreed to continue
until Mr. Schih had concluded his testi-
mony. Most OF the time Mr.. Schiff recIined
leisurely in the chair on the witness stand,
but as one point after another came out he
grew excited and vigorously defended his
attitude while a director OF the Equitable
society and claimed his firm had acted in a
conscientious manner in all dealings with
the society. At the conclusion of his testi-
mony and before the committee adjourned
Mr. Schlft asked TO be allowed TO make a
statement. He was permitted and he stepped
brislSly forward on the platform toward a
small table and made an impassioned at
tack on the state superintendent OF insur-
ance and statements he had made concern
ing Kuhn, Loeb & Co. during the investiga-
tion Of the Equitable. Mr.. schiff empha-
sized his remarks by rappings on the table
and frequently he raised his voice until II
was almost a shout.
says Records Are False.
During his testimony Mr. Schin made the
charge that the minutes Of the finance com.
mittee regarding certain meeting were
false. He later qualified this. however
saying that II the transaction under con.
sideration on Union Pacific were actually
made he did not hear il, although he was
present at the meeting Against his testi
mony regarding the power Of the hnanc,
committee OF the Equitable Mr. SchIn
waxed warm In his explanation and SAID
that the entire committee was at the mere,
of one man. 1T was all Hyde" Mr. schin
said; ''all Hyde and Alexander" Mr.. Hyd,
wrote the messages regarding the ofrer OF
my arm In the participation. Mr.. Hyd,
signed the receipts Mr., Hyde wrote IN,
letters"
In the matter OF the James II. Hyde anC
associates syndicate Mr.. Schin warmly
charged Mr.. Hyde of trying 10 shield him
self. He said the position OF a director il
the Equitable was that OF a negligabl,
quantity and that the directors were mer,
fgureheads He said he had never askeS
any favors of the Equitable society.
Il have granted many favors," he said. e
have not done as a director OF the Equi
table any wrong OF commission. may hay,
done some OF omission. Il is case OF hind
sight and not one OF foresight. But m,
conscience frees me OF my bond l hav,
been as good director as / knew how {,
be. and did my duty"
Sehin Testimony IN Detail.
Mr.. schin said he had become directo
Of the Equitable society the latter part o