Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-11-27
Finance Committee Of the Com
pany Said to Have Nc
Curdy's Resignation
JUSTICE M'cALL INVOLVED
Member Of the New York Supreme
Court, Brother Of President Of New
York Life, Borrower Of the Insur-
anoe Company. Funds-Georse w.
Perkins on the Stand.

New York, Nov. 27--No official
statement was obtainable at the Mu-
tual Life Offices today as to the re-
port that Richard A. McCurdy, presi-
dent Of the company, had resigned. I'm
officially, 1t is learned. the company's
finance committee Is cbelieved to have
McCurdy's resignation under consid-
leration.
George. w. Perkins, vice president of
the New York Life, was the first wit
ness before the insurance investigat-
ing committee today. He testified he
was insured in the New York Life for
$4,000 on six policies. The commits
sicns amounted to s3,106, and he re-
ceived these commissions from the
agent.
In explaining testimony Of last FRI
day when statement was made by
witness that s56,72O was paid to An
] drew Hamilton by j. p. Morgan & Co,
Perkins testified that in 1901 Morgan &
Co. paid that amount to the Central
National Bank and New York Security
and Trust Company upon the request
Of President Mccall, to take up loans
to Edward e. Mccall and Andrew
Hamilton, which those Institutions had
made at the request Of President Nc
Call. Perkins said the s40,193, which
was paid by Kidder, Peabody & Com
pany, Boston. to the New York Life
| in September, 1904, as profits Of loan
70 that company OF $93o,ooo was paid
1to Perkins as trustee OF the "Nyi &"
!! fund, and that he Had, negotiated the
loan for, that fund. AS the "Nylic"
fund did not have that amount Of
money to spare the New York Life
loaned money to a Boston firm on
Mexican Central railroad bonds. The
life insurance company received inter-
est at the race Of per cent Of the
bonds as its profit in the transaction
and the "Nylic' fund got $40,193. The
"Nylic" fund belongs to the agents Of
the New York Life.
Edward e. Mccall is a justice Of the
New York state supreme court, and, is
a brother of President Mccall
Perkins maintained that commits
sions on his own policies were return
| ed to him as trade discounts and that
it was not improper for him to accept
them as such. he did not regard 1t
| wrong for any man In any business to
receive a trade discount. It was his
impression it had been the custom for
| life insurance officers to accept COM
missions on his policies taken out by
I! them. His own acceptance Of COM
missions, Pedkins said, was in part
because he took it during prize
competition between agents. At this
point Chairman Armstrong asked:
"To what people are rebates al
lowed?"
"They ought not to be allowed at
"They are allowed to people
ALL" Perkins replied "They are al
lowed to people in the insurance busi-
ness If any agent were detacted In
rebating to an outsider he would be
punished" witness said. 1t never
struck Perkins that this was q dis
elimination. He did not believe, how
ever there was any statute allowing
officials to get rebates.
What was the New York Life's
participation in the New York secur-
ity and Trust Connpany's participa-
ton in the United States Steel synds-
cater"
"The New York Life had no direct
interest in the syndicate" replied Per-
kins. He added, however that the
trust company did not have an ar
rangement with the New York Life by
which the New York Life got Is per
cent of the profits In that participa-
ton. The trust company's participa-
ton was $30o00o0 in that syndicate.
The New York Life, he said, was guar
anteed against loss In the syndicate.