| Show 4 c JACOB J C B Ht HI 9 H HAD D HIS I TSI t Took Counsel on Propriety of or Ills Firm Finn with Equitable of or Which lie Was Wa a n Director ON EXECUTIVE OFFICERS i They Tell Directors What They y Choose And lId Nothing fore Director A Negligible Quantity I h head ud r ot of t tho the flan firm of ot Kuhn Loob 4 Co of ot this city and Ind fonn formerly 1 n a director of ot the 1 I Lit Lift Assur ano anee l alel was Ule he Ui witness railed called b before tore the lion Uon committee today Mr fr w meld ld he hail had b become n a dl ill actor roctor of ot th the society In tho the lAtter part of ot 1803 1893 or the tha part of ot U annually th the members to audit the th Ih account 1 to th the Inane finance committee ant and In that Way av attempted a of or time tile so RII funds fund 1694 Ills His firm had dealing with the tho fur for a n quarter of 1 a century prior to that time tinte Tho The Question of ot the proprietor of ot otI I the firm rm ot or Kuhn Loeb it Co with tho society occurred to toi i hIm and he ht took counsel on the tha matter matterI I and was wan adl advised oll that Ihal theca thero woo noth nothing i In Ing to 10 prevent his hili firm from I i lna maintaining ln ouch rel relations relation He lIe wai 1 a director of ot the ly tour four or five tlc years before he ht became 1 a 1 member nf ot any committee of or It He watt wan made madeI c cI a I member of ot th tha finance commute Mr 11 stated that thai the position of ot director In largo large corporations corporation In New NewYork ew ewI I York Tork and 1111 tut hI presumed elsewhere ol nine where was wasa H a quantity If It IU any executive CUll wished to conceal anything from the directors director he hI could easily do no to o and Ml the director under prevailing condi wadi conditions I Is le powerless to 11 prevent I miry dry ir yr irregularity regularity I Mr Ir te testified that thai the I Equitable I tens In the hands of ot the tha executive Mrs oer and he had hat no way trey nf tut knowing Ing I more morl than the executive office to 10 tell lell him himI I He 1111 refus refund tt an aft election to 10 the executive tive Ilse committee b because aull of ot the tha rein Jonn of ot his hili firm Mrm to the th society This fide the witness said suld war wai because ho he thought It would 1 he be Improper r for him hint himA n A as a member of ot th the commit committee tee to PR upon IU any dealing his sus II Im I till might ht have with the society i UI Op Up to R k recant time Mr lotI was U q t qualified a BI as a R director b by shares trans tram tarred erred r l h by Sir Mr Mr Hyde He dr drat t I the dividends dividend on thae sharer t Mr II d no results t I front from them The They were 4 I i ta to the trustees under tinder th the liven ru Mr Ur said lid that prior to toI I February ha ht w wa was ue not nOI a n 1 tilty I holder In the Equitable and W w 1 i not Mt d i In any different tx from many oth other r directors director and held hd his pC position 1 I tat Itt t th the request of ot Mr Hyde rt He Ite wan asked to become I a member Y of th the committee ro so 0 tt Ua tint al he h could give KIV his hili judgment on the tho se ur t IU Isles th the society l Thi lh goer tion of lit propriety not occur f ti m minn m Ion inn nn thus point because the final n r tin 11 tn does not nol decide th the pur pup till chase but merel merely I the he ede o or I rU purchase baIlO of ot i The value valno of nil 11 loe In record r witness sold rf WIB th the same name a as ac a judge nf ot 1 a h higher t court because of ot hi his It Hit HI 4 position petition we wai AI not one of ot mu c h 1 l once h lit he ho hi not i Insist that hie hl be followed r He Ho could not say a ay It was aa i 1 a In to tot t him to find th that t hit his nil a IL of ot the tho finance committee WILt was l p perfunctory A copy of ot the bylaw hIMI finance commute WM ant anil ants 1111 war ivar 11 d by Mr These Thele by br s laws lam provided for tor un an commit ai IM toe nf ot five Ave nv directors to pa pass II on nil all mattera mat matters matteu teu tera thus thug the POlO com committee of ot much mach of ot It Its rawer hower A lIt lUt of lit live five names namu was wu handed Mr Ir hithe hit he ht was a unable to 10 say sav w whether th the m man n named on 00 It n d the committee were C C Tl R AIe Alexander r Val valentine Valentin 1 P Snyder r D Jord Jordan W V Y H It end and 1 William Alexander Mr r hM hH meld lIld thin IK list wa waR handed him by an officer af ot the Ih to tn testified that IhM th the Chairmen chairman of f t t the tH committee I I t t r I Iw w iJ h f |
