Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1905-10-05
MEN EMPLOYED BY THREE COM.
PANlES TO KEEP TAB ON
LEGISLATURES.
REPLETE WITH SENSATIONS
JACOB SCHlFF ACCUSES HYDE
OF TRYING TO SHIELD
HIMSELF.

New York, Oct. l. - When the leg
islative committee on the insurance
investigation adjourned yesterday I'M
til next Wednesday it concluded a
! week in which greater progress had
been made than in any week since the
investigation was begun. The testi-
mony of witnesses that have been
called during the week has been re-
plete with sensations and that taken
yesterday was no exception to the
rule.
1t was during the afternoon session
yesterday when Alfred w. Maine, an
associate auditor Of the Equitable Life
Assurance society, was called to the
stand that it was disclosed that the
Equitable Life, the Mutual Life and
the New York Life companies had
formed pool to
Look After Legislation
before the various state legislatures.
Andrew Hamilton, to whom President
Mccall of the New York Life paid sew
eral 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. Witness
presented vouchers for moneys paid
by his company to MIR. Hamilton, and
these showed that in eight years, from
1895 to 1908, the sum of $e5,596 was
paid to Mr.. Hamilton for legal serv-
ices. Mr.. Maine could not give any
details of the duties performed by Mr..
Hamilton nor of the committees he
appeared before beyond the fact that
Mr.. Hamilton looked after legislative
matters for all three companies in the
states west of Ohio.
Valuation Cut in Half.
He was followed in the afternoon
session by Edward Devlin, the real
estate 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 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 valuation of $1,1O2,-
GOA, whereas, with the original cost
and improvements on the building,
actual money to the amount of $685.
104 was paid, over one million being
charged off the valuation on the books
of the company.
Mr.. Devlin was on the stand when
adjournment was taken, but he will be
called again to submit transcripts of
the records to supply further informal
ton.
schiff on the Stand.
Not the least important develop
ment of the day was the appearance
on the stand of Jacob Schiff, head of
the banking firm of Kuhn, Loeb & Co..
Mr.. Schiff was the first witness of the
day, and he remained on the stand I'M
til 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 excited and
vigorously defended his attitude while
director of the Equitable society,
and claimed his firm had acted in a
conscientious manner in all it's deal
ings with the society. At the con-
clusion of his testimony, and before
the committee could adjourn, Mr..
Schiff asked to be allowed to make
statement. He was permitted, and
made
An imprisoned Attack
on the state superintendent of insur-
ance and statements he had made
concerning Kuhn, Loeb & Co. during
the investigation of the Equitable.
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. ut was all Hyde" said
Mr.. Schiff, "all Hyde and Alexander
Mr.. Schiff holly accused Mr.. Hyde of
trying to shield himself.
n -