The Lee County journal. (Leesburg, Ga.) 1904-19??, 1905-12-01
THIS LOOKS CROOKED.
Another Queer Insurance Deal Brought
to Light During Investigation
at New York.

7 al 4VSW &OA0N
One of the most interesting fea-
lures of the life insurance investiga-
ton at New York developed only a
few minutes before adjournment of
The Armstrong committee Monday
when Theodore f. Banta, cashier OF
the New York Life Insurance compa-
ny, testified that about tie beginning
of 1901 Edward D. Randolph, treasu-
rer Of the company, op0led the vaults
Of The company, removed New York
CITY stock valued at 100000, and put
check of the Central National Bank
for 100000 in it's place.
MI Banta said he helped to open
the vaults at the order of Mr. Ran
dolph and that he supposed Mr.. Ran
dolph acted for the finance commit
tee. The stock was kept out for a
few days and was then returned and
the check withdrawn.
The transaction was not recorded on
the books of the company, so far as
Mr.. Ranta knew. The effect of the
operation would be that any one hav-
ing that stock would have 100000
worth of non taxable property at the
end of the year. Mr.. Banta did not
know who received the stock.
George w. Perkins, vice president
of the New York Life Insurance COM
pany and member of the firm of ]. P.
Morgan & Co, bankers, was also a
witness during the day and described
to the committee the transaction
which resulted in his receipt of $40,-
1913 from Kidder, Peabody & Co., Of
Boston, as half the profits of the sale
of 100000 worth of bonds of the
Mexican Central Railroad company
Milton M. Madison, a bookkeeper of
the New York Life Insurance com.
pany, had previously testified that
$4,000 of the life insurance compa-
ny's money was used in the transac-
tion and tbat Mr.. Perkins got the
profit.
Mr.. Perkins in his statement, Mon
] day, said that he went into the trans
| action for the Nylic fund, which is
owned by the agents of the New York
Life Insurance company, and that he
invested the profits for that fund. The
life insurance company, ne said, prof
tied to the extent of 5 per cent in
terest on the loan Of $93O,000 He
stated that the company had no right
to the $4O,193 profits.
Mr.. Perkins said also that ]. P.
Morgan G Co. had taken up notes Of
Andrew Hamilton and E. e. Mccall,
formerly justice of the New York
state supreme court, amounting to
! S56,310 at the request of President
John A. Mccall of the New York Life
Insurance company, and that the
amount with interest was paid to
Andrew Hamilton by the New York
Life Insurance company for the pro-
ceeds of a syndicate in United States
Steel Corporation stock
President John A. Mccall was call
ed and told the committee that he
had told the Central National Bank
and e. E. Mccall that Hamilton was
good for $4,000 and they had then
taken Hamiltons notes.
Much evidence was given both by
Mr.. Perkins and President Mccall
about the New York Security AMI
Trust company's participation in the
United States steel Corporation syndi-
cate to the extent of $3,25OOOO, hay
ing the deposits of the New York Life
Insurance company for about that
amount
81 never gave United States Sen.
ator Platt dollar in my life for the
New York Life Insurance company,
declared Mr.. Mccall in reply to a
question.
Mr.. Mccall did not know of any
payment by the New York Life to
any state campaign fund.
Mr. Mccall said one of Hamilton's
notes may have been a contribution.
His brother, 3. E. Mccall, he said,
was elected supreme court Justice in
1902, but the New York Life never
contributed to his campaign ex-
penses.
who have solicited campaign con-
tributions from your"
q had rather not tell. have been
solicited very much, but not by men,
bers Of the legislature nor state Off
Gals"