Show admits there should be better control of insurance companies refers to the campaign 1 L the finance committee annually appointed tho members to audit the so chetys accounts and report to the finance committee and in that way attempted a supervision of the socie tys funds mr hughus asked him about campaign contributions by tho equitable society mr said in reply that cornelius N dloss had told him that mr hyde had contributed to the baat campaign but ho did not know whether it was the socie tys money witness knew absolutely nothing aa to bow the money of the society waa used by the executive officers new york sept 2 jacob H head of the firm of kuhn loab Ss company bankers of this city and formerly a director of the equitable life ranee society was the first caned before the legislative investigation vesti gation committee today mr aard he had become a director of the equitable society in the latter part of 1893 or the first part of his firm had had dealings with the society for a quarter of a century prior to that time the question of the propriety of the farm of kuhn loeb company dialing with the equitable society occurred to him and he took counsel on tile matter and was advised that there was nothing to prevent his firm from properly maintaining such relation he was a director of the society four or five years before he became a member of any committee at it he was made a member of the finance committee stated that the position of director In large corporations in new york and he presumed elsewhere was a negligible quantity if any executive officer wished to conceal anything from the directors he could easily do so and the director under prevailing conditions is powerless to prevent any irregularity mr testified that the equitable was in the hands of the executive officers and be had no way of knowing more than thee executive officers chose to tell him he refused an election to the executive committee because of the relations of his firm to the society this the witness said was he thought it would bc improper tor him as a member of the executive committee to pass upon any dealings his firm might have with the society up to a recent time mr was qualified as a director by shares transferred by mr hyde mr hyde drew the dividends on these shares mr schaft received no beneficial results from them they were re transferred to the trustees under the ryan pur lchase mr schaft said that prior to last february he was not a policyholder in the equitable and was not in any different position from many other directors and held his position at the request of mr he was asked to become a member of the finance committee so that he could give his judgment on the securities the society purchased the question of propriety did mot occur to him on this point because the finance committee does not decide the actuel purchase but merely advises the eale or purchase of securities the value of his advice in this regard witness said was because of his experience his position was not one of much importance he stated because he could not insist that bis judgment ia followed he could not say it was a to ham to find that hla atton a a member of the finance corn perfunctory A copy of the bylaws by laws govern lne the fiance fin nce committee was introduced and wag identified by mr thear aby labb provide for an auditing com of five to paea on all thus depriving the of much of its power A olt of anve jamea wa handed mr but he arfa knabl to say shethar wh ethar tb men named on tt the they were C R alexander VaI entin P snyder thom ats D jordan W H and wll alem alexander mr said this flirt WAS hadded babi by an officer of t equable subject to correction testified that the chairman of |