The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-09-30
/ Formed One TO Control
Legislla''.t|,u'Irlet'Es:',ofithe ''.|,' re the
Various States.
THREE COMPANIES
IN COMBlNA,T'1l''ll'O'. y ! N
>rhey Had Paid ( Out M I'm Immense l'e.11s't
Sums to Their Legal Staff.
Jacob H. schiff Makes lake s q
An Attack on In
"a. surance Commis-
sioners.
fnu A sae,nia I'D Preas.

it$ 3H5 fBy Associated Prcss) .a#
\ NEW 70 oRK II September 2e.-Nhen N'h,
the legislative committee on the insur:-i :
( ance ceIinvcstigation adjourned to day until
next Wednesday II concluded week n
which greater progress had been made
b than In any week since the inyestiga-
Y ton was begun. The testimony Of Wit WI
resscs that have been called during the
e week has been replete with tons,
and that of to-day was no exception %
the rule. 1t was during tho afternoon
session to-day when Alfred W. Maine,
an associate nudto OF tho Equitable e
Life Assurance Society, was called TO
the stand that It was disclosed that the
Equitable Life, the Mutual Life and the
i New York Life Companies had formed
a pool to look after Legislation before
$S the various State Legislatures. .
Andrew Hamilton5!t whom PRESIDENT
Mccall, OF the New York Life. paid sew
NJ eral checks, the purpose OF which thc ic
gcounsel for the committee, Mr.. Hughes.
has not yet brought toAllght, was one OF
the chief members OF the legal staff Tor
f these companies and was employed ana IN
received money for services from the the
q Equitable. si
Hamilton's Big Fees.
Mr. Maine told OF the division OF the
country 10 be looked after by Mr.. Ham
ilton. n In conjunction with E.S ~. t snort
and W. r. Thummel. Witness presented
:. vouchers for moneys paid by his COM
N pany TO Mr.. Hamilt on and these showed
that In eight years, from 1895 to ! 9oS,
the sum OF ss5.5s6 was paid to MI Ham, il' ? !,
ilton for legal services. Mr.. Maine could
Il not give any details Of the duties per-
formed by Mr.. Hamilton. nor OF u me
committees he appeared before beyond ono
the fact that Mr.. Hamilton looked after
Legislative matters for all three 'n'pi co1npai- I
y Meg IN states west OF the Ohio River, nv
Ee was followed In the afternoon ses- 'fsi
Il sfo;l by Edward /. Devlin. the8rcal 5csta te
tt5s manager OF the New York Life 4 for the
United States and Canada. Mrs$l)evl'n 2
4 was called TO testify 8as to the cost q
is the building In Paris. 1t was brougnt
i out that the Paris building was carried Z.
on the books OF the company Il val
liza ton of sl,102,604, whereas win sAthe
original cost and lmproytemne,h.s q NJ
u building, actual money to the amount
t{nf 81 SAG 104 was paid over one y n1llllo
being charged off the valuation on the
N books of the company, Mr.. Devlln sald f!
4. the net INCOME on the building to Ethe
" New York Life was one and one mai, /,
nor cent, on the actual amount lnYesteo
I'm tho building or between three ana
three and a half per cent. on the amount ~
lat which the building was carr@leo @ @ On
the books OF the company.
5s. Schiff Grew Excited.
The most important dcyelopmrte'n't me Q,
y the day was the appea rance on the stanu
OF Jacob II. schiff. head Of the the banking
i nrm1 or Kuhn. Loeb and Company. Most
s% nfsthc time Mr.. Schiff rcclined letsurely
Z W n the chuir OF the witness stand, as
s, 5fne .nolnt after another was brought OUT,
he grew excited and vigorously DEFENDED
~ lis attitude while a director e OF tne
# Fnutable Society and claimed his firm
had acted in a. conscientious ma nner ~ y
all it's dealings with the society.
S5At the conclusion of his testimony
nd before the committee could adjourn
MIR. Schiff asked to be allowed to ma ke
d statement. He was permitted, and ne
a stepped briskly forward on the platform
u toward H. small table, and made an I'M
mn ssioned attack OH the state Supert'n-5
tendent OF insurance for statements, 20
j had made concerning huhh LoIp ,IL.,@ $a.1
VII Company during the invest lgatlon Z, g
as.I Ihe Eoultablc. Mr.. schin emphasize M ms
n ranarks with rapping on the table ana
B, frequently he raised hls voice unt' ~ !.
Ell 1vo q almost n shout. During his test'-
: too Mr.. schiff made the charge
,faG tha the minutes OF the #flIldHce NJ S'p1t'f
mittee regarding a certain Meeting were
M false. He later qualified this, however.
nv saving IL the transaction under con-
Hideration, one in Union Pacific preferrI-
ed VAS actually made he did not hear u
though he was present at the nieet'lis'
AAt One Mans Mercy.
3s Again during his testimony regarding !;
the mower OF tho Finance Committee Of
3 he Equitable Society, Mr., Schln was
{ warm in his explanation and SAID that
the entire committee was at the mercy
of5one man. ut was all Hyde, said Mr'
schiff, 5''All Hyde and Alexander, Mt
z "a Hyde wrote the messages regarding the
offers made by my Arm for participation
X ~ syndcates, Mr. Hyde signed az the
A receipts, Mr.. Hyde wrote al the letters
4 Tha' voice OF the entire insurance situa-
ion 2,,l said Mr.. schlff, has been irre,l
snnna,hle power.'' In the matter OF
tE the lanes II. Hyde and associates syndi-
8 oate Mn schifr hotly accused Mr. Hyde
of irving to shield himself. He said
: the positIon of a director In the Eqult-
hhle was that OF a negligible quantity
and that the directors We're mere figure
heads. He said furthc that he had
never asked any fayors Of the Equitable
X Society III have granted many fayors,' y
he said, ~ have not done, as q director
"A Of the Equitable, any wrong Of commis-
sion, may have done some . CONF
Y X mission. 1t is a case Of hndsight and
not one OF foresight. But my conscience
frees me OF my bond, have been ns
good, a director as knew how 70 pe
ana i did my duty"
& III