The Monmouth inquirer., 1905-11-30
AT THE INSURANCE INQUIRY
Treasurer Randolph of the New York
Life and Others on the Stand.


New York, Nov 29-The chief wit
ness examined before the Armstrong
committee was Treasurer E. ID. Ran
dolph of the New York Life Mr..
Hughes also read report of the ex-
animation of George III. Squire, for
merly financial manager of the Equi-
table Mr. Squire has been very i'll
since the amputation of his leg last
summer. Mr.. Hughes questioned him
1T his home, and to many of the ques-
lions the witness answered that he
did not remember.
Mr.. Randolph was asked about the
removal of 100000 worth of city
bonds from the vaults of the New York
Life to the Central National bank and
the substitution of the banks check.
He was asked about the practice of
loaning securities just before the date
of assessment for personal taxation,
and he said he thought it was re-
pugnant one.
Richard A. McCurdy, president of the
Mutual Life Insurance company, has
not handed in his resignation to the
trustees, as has been reported. This
was definitely established. Neither has
Robert II. McCurdy, general manager,
resigned, although it was established
that Louis A. Thebaud, general agent
for New York, son-in-law OF Richard
a. McCurdy, had resigned.
1t has been learned that, testifying
before a committee of the Canadian
senate appointed to investigate the Nlu-
tual Reserve Life company in 1904,
James d. Wells, formerly second vice
president of that concern, declared
that President Frederick A. Burnham
had told him that Louis F. Payn in
1898, as state superintendent of in
surance, offered for the consideration
of 100000 to let the Mutual Reserve
write the report of an investigation
which the state insurance department
Of New York had just then concluded.
President Burnham of abe Mutual
Reserve Life Insurance company is
sued a statement denying the testi-
inony of Mr.. Wells. He declares that
no money was demanded by MI. Payn
or paid to him.
That George W. Perkins, vice presi-
dent of the New York Life and partner
of j. Pierpont Morgan, last year took
profit of $4,000 which belonged to
the New York Life for loan of $685.
600 it had negotiated in Boston, and
that J. Pierpont Morgan in 1902 paid to
Andrew Hamilton 100000 out of'profts
which the New York Life had made in
steel, were statements made by a clerk
of the insurance company at the in
quiry. Mr.. Perkins says the transac-
tions referred to We're perfectly proper.
Charles e. Hughes, counsel for the
committee obtained information about
the will of Edward B. Harper, former
president of the Mutual Reserve Life
Insurance company.
When Mr.. Harper died and the will
was read a clause was found which
bequeathed to the Mutual Reserve com
pany a contract with the company
which provided that he should receive
20 cents on every $1,000 of insurance
o*tained by the company while he re
ma1ned its president. The company,
however, was to receive the money
only if they appointed Frederick A.
Burnham his successor. Mr.. Burnham
was elected and is today president of
the company.
Gage E. Tarbell, second vice presi-
dent of the Equitable, admitted that he
received commissions on all his personal
policies and those of his family, which
amount to 100000 in the Equitable.
He also received commissions from the
New York Life and other companies.