Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-29

tributed to the last campaign. but he did
not know whether it was the society's
money. Witness knew absolutely nothing
as to how the money of the society was
used by the executive officers unless they
chose to inform the finance committee. Mr..
Schff said ii had been suggested that the
society's accounts be audited by outside
accountants, but ii was opposed because it
was like carrying Goals to Newcastle to
nave mere pigmieS" of accountants, as
outsiders were looked upon. audit the ac-
counts kept by such experts as the Equit-
able employed
Taking up the transactions of Kuhn.
Loeb * CO. with the Equitable, witness
testified that the names of the firms from
whom contemplated purchases were under
adviSement were never mentioned IN the
committee room. When Kuhn Loeb &c
Co. had any proposition to make to the
Equitable Mr. Sch.f usually presented 1t
to George III. Squire, who in turn pre-
sented 1t to the executive committee. and
then 1t was passed upon by Gen Louis
Fitzgerald.
Witness said it was sometimes three
weeks before he could obtain reply to the
offers of his firm These transactions con-
tinued until General Fitzgerald retired and
then George II. Squire passed upon the Of
fers of bonds.
OF the transactions of the Equitable SYM
dicates, of which Kuhn, Loeb & Co. were
the managers, witness said the arrange
ments were made in writing, the terms and
scribed Mr. Hughes went into a line of
questioning that brought from the witness
a description of how the syndicates are
formed managed and closed
You don't have to beg life insurance
companies to go into these syndicates. do
your asked Mr.. Hughes
No. indeed" witness replied.
It's a pretty good thing to be in, is 1t
not?"
Witness smiled and nodded. and Mr..
Hughes continued:
II mean they are good things ito be let
in. whereat Mr.. Schiff smilingly nodded.
The list of the syndicate transactions OF
the Equitable was taken up and the man
ner of allotment of bonds was probed The
allotments to Gen. Louis Fitzgerald were
made to him rather than to the Equitapie,
Mr.. Schiff said, because he was a financial
factor in circle of men whom he desired
to take into the syndicates. AS director
of the Equitable it did not occur to Mr..
Schiff that the profits from this would not
go to the Equitable. he trusted 10 Gen
Fitzgerald s. fairness.
All the syndicate transactions, giving the
participations allotments and profts to the
PARTICIPANTS were read by Mr.. Hughes.
This took almost an hour. The allotments
of number to George II. Squire, out of
the account of Kuhn, Loeb Geo, witness
said were made to Mr.. Squire out of the
firms own share as a special favor. Of
the allotments to J. Fl. Hyde and associates
Mr.. Schiff said that at the time he did not
think Mr.. Hyde participated individually.
Al 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 Mr.. Hyde had
never been allotted any syndicate partici-
patton Mr.. Schiff said he did not think
it was right for Mr.. Hyde to participate
personally under these arrangements and,
answering Mr.. Hughes, he said he did not
know Mr. Hyde had participated until
these disclosures"