Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1905-10-05
DEVL|N'S
TESTIMONY
Real Estate Manager Of New
yorktife Tells Of Transac.
tions Of Company
INVESTMENT PROFITS
Buildings In Larger Cities Bring 10
From One and One Quarter to More
Than Three Per Cent.

New York, Oct. 5.-Edward Devlin,
real estate manager for the New York
Life Insurance Company, today re-
sumed his testimony which was inter-
rupted last night at the adjournment
OF the legislative committee which is
investigating the life insurance busi-
ness. Devlin testified that the apart
ment house at Park Avenue and Six
ty-second Street cost the New York
Life $1O09,S66 and is carried on the
company's books at $450,0O0. The
loss, he said, was due to the admins
tration preceding that of Mccall. The
Kansas City Office building cost $1,901,
7S1, is carried on the books at 81 ,200,-
900 and it's net income is 3.O6 per cent
on the investment. The Omaha build
ing cost $1,245,641, is carried at
$G50,OOO and pays little under three
per cent. The Minneapolis building
cost 81, ,O2S,752 and pays IL per cent.
The st. Paul building cost 1922, ,440 and
pays less than one per cent The Mon
treal building cost $S1S,329 and pays
about IA per cent.
Life Insurance Men Never Resign.
New York, Oct. 5.-"We will fight
it to the DEATH" said President Nc
Call of the New York Life Insurance
Company, regarding the revocation of
it's license to do business in Nevada,
"We can beat that order by legal pro-
ceedings." When asked if he proposed
to resign, Mccall said: Life insurance
men never resign-they die"
Auditor Explains the Accounts.
New York, Oct. 5.-Devlin testified
that the company lost $129,O35 on the
Plaza Hotel in this city, which it con.
structed after taking it over from the
contractors who failed. Devlin said
the real estate of the company re-
turned four per cent in 1903 and in
1904 the return fell to 81.
Cornelius G. White, auditor of the
New York Life, presented the records
of the account with Andrew Hamilton,
showing that two entries Of $4,000
each were charged to the taxes, New
York Insurance." account and later on
these were transferred to the "contin-
gent expenses" account. White said
the latter account consisted of items
that were paid the president to REIN
burse him for what he paid out
Mo Extraordinary Jury.
New York, Oct. 5.-District AttOr
ney Jerome has decided that he will
not have an extraordinary jury to in
vestigate insurance matters at the
conclusion of the legislative investi
cation. He told Justice Davy, in tht
criminal branch of the superior court
today, that he might present the mat
ter to the grand jury.
Money Paid to Campaign Committee
New York, Oct. 5.-W. F. Thum
mel, legal counsel for the Mutual Life
Assurance Company, testified that he
received $2,5OO from Vice President
r. A, Grandiss in 1904, and paid II
personally to the chairman of the
Republican national campaign commit
tee, Thummel said the contribution
had been suggested by the danger o1
a Democratic House would result ir
tariff and other legislation OF sucf
character as would upset the business
and affect the policy holders" Other
companies, Thummel said, had beer
asked to contribute but he did mo-
know whether they did or not.
Missouri May Bar Out New York Lie
Jefferson City, Mo-, Oct. 5.-Statf
Insurance Superintendent Van Dive
has announced that unless Presiden
Mccall and Vice President Perkins
the New York Life Insurance Com
pany, resign their positions and repa
the money which he thinks has bee
improperly diverted from the trus
fund for political purposes, he Wi
take steps to stop the company fro1
doing business in this state.
Commissions Were Large.
New York, Oct. 5-Payment
amounting to s1,O59,267 in commits
sions were made to Robert H. McCul
dy, son of President A. McCurdy, {
the Mutual Life Insurance Compan.
by that company during the year
1898 to 1908. McCurdy testified tina
he was superintendent of the con
pany's foreign department. and r.
ceived commission on all foreign bus
ness. His rate Of commission was r.
duced several times at his own reque'
but despite these reductions his cor
pensation grew until it amounted
s99,15S for the year 1902, alone.
1908 he became general superinten
ent of the company. His salary
@9O nm