The sun., 1905-09-07

in the Equitable scandal who have occupied
70 much space in the public prints for
months.
About thirty witnesses were on hand.
ly far the moss Of them being officers OF
,i,c New York Life. Practically the en-
present, including besides President Mccall,
First Vice-PresSents George W. Perkins,
r. A. Buckner and D. p. Kingsley; Second
Vice Presidents Rufus w. Weeks and =.
I. Perkins, Secretary John G. NC Mccall, an;
Treasurer II. d. Randolph and about ten
junior officers.
In opening the hearing James MeKeen,
counsel to the committee, with Charles
r.. Hughes, reviewed briefly previous in
vestgations that had been made into life
from 1877 on. None OF them, he said, EN-
braced so broad field as the present in
quiry. ,,
Vice-President Granniss Of the Mutual
was the first witness called. Mr. Hughes
conducted the entire examination.
Mr.. Granniss said that besides being an
officer and director Of the Mutual, he Is a
director OF the United States Mortgage
and Trust Company, and also OF the Law
yers Mortgage Company. y,, whe ,,ndutnx Mutual
The oompanys nominating committee
names a ticket for the annual election OF
trustees and the policyholders may, vote
for that ticket or any other they desire
TO vote for He said that there had never
been an election contested in his memory
OFFICERS sbATR GOES THROUGH.
The nominations made to the board
by the committee are lways elected, aren't
they?" asked Mr.. Hughes.
Yes sir"
The witness produced the minutes OF
the board of trustees meetings 1t showed
that at the annual meeting IN l"o4, IN the
election of nine trustees only lbS votes
we're cast, all of them In person, At the
lrst annual meeting only l99 votes were cast
for the same number OF directors by the
rClcyhHlders.
q. DO these instanoe,s. fairly, indicate the
Q Did you know OF any election In ry which
man from New York state town came and
voted four proxies.
q, As matter or TACT me Mutual oHicsrs
they are held by individuals who are at the
same time officers, They are not held by
the officers as such.
Mr. Granniss testified that he and Presi
dent McCurdy held the Mutual proxies.
Jointly. There are large number OF
them-he could not say exactly how many,
but he thought about 10000; The com
pany had no book or list on which the proxies
are entered. Mr.. Granniss said that the
company gave no definite instructions
to it's agents in regard to obtaining proxies
but left it entirely optional with the policy
holder whether he would sign a poxy or
out.
revocation of proxies except the letters
written by the policyholders. There had
leen only about half dozen in the last
six months, and that was an unusually
large number. The Mutual's proxies con.
tinue in force ten years. Any holder OF
a policy for 81 900 or over is entitled to
vote for trustees.
Mr. Hughes returned to the question OF
what the agents Instructions are In regard
to proxies. Mr., .Granniss admitted that
running to President McCurdy and himself
il the policyholders were willing to give
them.
THE MUTUAL's sALARYL1sr.
The witness was not able to give offhand
the salaries of all the Mutual officers but
he promised to have a list prepared showing
the salary list from 1871 the year OF the last
general inquiry into insurance conditions
by the Legislature Personally, the witness
ased from $40, 600 about four years ago.
MIR Hughes remarked that he didn't
zee any Signatures of the minutes OF the
Mutual's finance committee meetings which
were turned over to the INVESTIGATORS
ar to have the minutes signed and that the
records which the committee had werethe
originals.
Mr.. Hughes wanted to know whether 1t
would be possible for Mutual policyholder
to see the society's list OF policyholders.
o. If as a policyholder wanted to com;
municate with other policyholders how could
find out their names? A. am not pre-
o. DO YOU know any way but to advertis
in inion to ttke company.
.. You are not prepared 20 9 say wnesthfr rs
Vice-President Granniss said that the
company published a notice Of the annual
meeting in three or four papers IN New York
city for seventeen or eighteen days, which
was, he declared lonseG, than han the ,sthns time
also in the company's periodical. No notice
is sent to poicyholders by mail except one
printed on the backs of envelopes in which
policies are mailed. The notice is published
In no papers outside Of New York and the
learning Of the meetings. except through
the agents.
"You mean in conversation; they might
happen to mention it, said counsel'fo the
committee.
"Yes," answered the witness.
HOW THE VOTING ID DONE.
Walter G. Oakman, who served az chair
man of the Equitabie's board Of election
inspectors. for several years, testified that
so lar aS ne WAS COnSrIHCu pClsohdhy AC
had no knowledge Of the qualifications of
the men who voted at the meetings except
az the officers of the company told him.
O. Did YOU make no effort yourself to in
."re shr,hTr no, the voters carried $1,000 in
O. We're books or records consulted by
the companNy's * officers officers in reeard to the quail
O. Did the voters seem to be known per-
aonally TO the officers? A. Yes,
o., Did the same persons appear at different
elections? A. Yes. frequently.
O. Were many Of them employed about
the Mutual Building? A. To a. certain
extent. There were persons from the Guar
anty Trust Company and the United States
Mortgage and Trust Company.
Q. Did you take the names OF the voters?
A. They were taken.
O. We're any inquiries addressed to them
as 10 how long they had been policyholders?
A. No.
YOUNG McALL's RISE.
Secretary John c. Mccall OF the New
York Life testified that he was 81 years old
that he entered the employ Of the COM
pany on the day of his graduation from
Harvard in 1899, as secretary to the Agents
Club, with salary of $500. He was
then made recorder and in 1901 became
assistant secretary, with a salary OF % 900. |
Taen he became junior secretary with
an advance in pay to $4,000, and in May, 1902.
he was made scnior secretary, which Office
ho holla pou nj a aalary Of Sil nm