The Birmingham age-herald., 1905-09-30
Jacob H. Schif Tells What He Knows About Methods of
 Insurance Companies
SAYS HYDE WAS WHOLE
 THING IN THE EQUITABLE
Finance Committee of Equitable Was Useless Because 1t Had No Power to Enforce It's Rec ,-a-
 mendations.

New York, September 29.-When the legislative committee on the insurance in- vestigation adjourned today until next Wednesday, it concluded a 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 has been replete with sensations and that taken today was no exception to the rule.
 It was during the afternoon session to- day, when Alfred ". Maine, an associate auditor of the Equitable Life Assurance society, was called to the stand and it was disclosed that the Equitable Life the Mutual Life and the New York Lite companies had formed a pool to look after legislation before the various state ' legislatures. Andrew Hamilton, to whom President Mccall of the New York Life , paid several checks, the purpose of which the counsel for the committee, MT. Hughes. has not yet brought to light was one of the chief members of the legal staff for these companies, and was ern- pIoyed and received money for the ser vices from the Equitable.
 Elg sum PdIu T1dTnlll5Il.
 MT. Maine told of the division or the country to be looked after by MT Hamilton in conjunction with E. L. Short and w. P. Thummel. Witness pre- sented vouchers for moneys paid by his company to MT Hamilton and these showed that in eight years from 1895 to 1903 the sum of $65,5se was paid to MT. Hamilton for legal services. MT. Maine could not give any details of the duties performed by MT. Hamilton, nor of the committees he appeared before, beyond 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 employed by one com pany in its territory, and the expense was shared by all. He was asked if cam paign contributions came under his ob- serVation, and he replied 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.
 Talks of Paris Property.
 In the afternoon session Edwin Devlin. the real estate manager of the New York Life of the United States and Canada was called. Mir Devlin was called to testify as to the cost of the building in Paris He had only the transcripts for the reports this department made to the home office, but 1t was brought out that the Paris building was carried on the books of the company at a valuation of s1,102,604. whereas with the original cost and improvements on the building actusr money to the amount of $2 2533,104 was paid. over one million being charged off the valuation on the books of the com pany Mir. Devlin said the net income on the building to the New York Life was 1Ia per cent on the actual amount in- vested on the building or between and 31a per cent on the amount at which the building was carried on the books of the company. MT. Devlin was on the stand when adjournment was taken, and will be called again to submit transcripts of the records to supply further information.
 Not the least important development of the day was the appearance on the stand of Jacob H. Schif, head of the banking firm of Kuhn, Loeb & Co. Mir. Schlff was the first witness of the day and he remained on the stand until 2 o'clock Mir Schiff had been waiting in the committees session chamber for day and a half. being under subpoena, and when the usual time for recess arriv- ed MT. Schiff desired to proceed as he had an engagement for the afternoon.
 Mir. schiff Gets Excited.
 MT Hughes referred the situation to the committee, and it was agreed 10 con tinue with MT Schiff and conclude his testimony Most of the time Mr. Schiff 'reclined leisurely in the chair on the wit ness stand, but as point after an other was brought out he grew excited and vigorously defended his attitude while a director of the Equitable society. and claimed his firm had acted in conscien- tous manner in all Its dealings with the society.
 At the conclusion of the testimony, ard before the committee could adjourn, MT. Schiff asked to be allowed to make statement He was permitted, and he stepped briskly forward on the platform toward small table and made im- passioned attack on the state superinten- dcn. of insurance, and statements he had made concerning Kuhn Lo sb & Co., dur ing the investigation of the Equitable MT. .c'ir emphasized his remarks with rD pins on the table and frequently he rais- ec his voice until it was almost a shout.
 During his speech MT. Schiff made the charge that the minutes of the finance committee regarding a certaIn meeting was 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 of it, though he was present at the meeting Again during his testimony re- garding the power of the finance commit tee of the Equitable society, MT. Scnift ! waxed warm In his excitement and said 1 the entire committee was at the mercy ! of one man.
 All Hyde and Alexander.
 fIt was all Hyde" said MT. Schiff. "all ! Hyde' and Alexander. Mir. Hyde wrote the messages regarding the offers made by my firm for participation, Mir. Hyde signed all the receipts. MT. Hyde wrcte aH the let ters."
 { In the matter of the James H. Hyde IanH associate syndicate. MT. schin hotlv