New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-27
BOND DEAL EXPLAINED.
NO REAL DISCREPANCY.
Rumor That Dir. Perkins WI Re
sign and Dir. alexander Testify.

last night that the discrepancy between the price
paid for the International Navigation pohds oy '
Equitable Life Assurance Society and by the New
York Life Insurance Society had been satisfactorily
explained At the last session OF the committee
Henry Rogers winthrop Of the EHuitaole. 'es'iise
that his company secured 100000 OF the ponoS o
9217 while Mr.. Perkins previously tesuheu NS''
the New-York Life paid j. p. Morgan q 70 pa
for 81 o00,O 600 of the same bonds r.
..The matter has been explained satisfactorily
now" said Senator Armstrong. L don't believe
that there is anything sensational In the matter
Mr. Perkins was simply misinformed
On the subject of the witnesses to be caleo '''lS
morning when the committee will resume Its ses-
sions Senator Armstrong SAID: -
I'VE shall go on with Henry Rogers winthrop
of the Equitable I will not what other VIII
nesses are to be called It is true that jacob n
Schh will be called before the session ends Inc
same is true of Richard A. McCurdy, the president
of the Mutual Life. We have not yet hnished viii
George w Perkins, and he will be recalled lateI.
cannot say when. Assemblyman Rogers anu
were with Mr.. Hughes for some time this alter
noon but Mr.. Perkins was not there at the 'ini.,
There was no subsequent session Of the commit
tee last night l.,
In addition to calling Richard A. McCurdy' 1t IS
understood that his son. Robert A. McCnroy' WIN
be called before the committee to explain the ma
ter of commissions. AS was printed exclusively IL
The Tribune several days ago, Mr. Mccall Is re-
puted to receive a percentage on all foreign Ousl-
ness of the company a perpetual bonus on SUI
ceSSful
From Albany 1t was reported yesterday 'IaN
George C Van Tuyl secretary and treasurer OF the
Albany Trust Company had been subp9naed 10
furnish TO the committee complete statement o1
the account Of Judge" Andrew Hamilton. senator
Armstrong said last night that he had no intorma-
ton regarding Mr. Hamilton save that already
developed at the hearing He also reiterated the
declaration OF last week. that up to date no ques-
ton Of subpnnaing ]. P. Morgan had been consio-
eled by the commission.
ba he'll p u.
the Aldermanic Chamber at City Hail. and VIII oe-
gin at 1870 o'clock
MR.. ALEXANDER MAY TESTIFY.
Friends of James w. Alexander, the ex-presdent
Of the Equitable, told Tribune reporter yesterday
that if Mr.. Alexander's condition continues to I'M
prove it is entirely likely that he Will be ao4e 10
testify before the legislative insurance committee
this year.
Mr.. Alexander's kidney trouble has left him.
said one of these informants. and his heart anec-
ton is the only thing troubling him now AT pres
ent his condition is virtually stationary but IN
few weeks if he grows no worse. he shoulo De IN
condition to testify before the committee. AS
soon as possible we shall move him from the
Catskiu Mountains to j point much nearer New
York"
George w Perkins will resign in the not remote
future from the firm of J. P. Morgan & Co., but ne
will not resign from the New-York Life and, whhe
under fire. will not leave Mr.. Morgans firm were
the confident predictions heard in certain wan
Street and insurance circles yesterday
'.Nr Perkinss heart is in insurance" said well
known fnacer who should be in position 10
know Mr.. Morgans firm might be his friend, but
the New-York Life is his divinity Mr.. Perkinss
testimony thus far shows that he has done well
for Mr. Morgan but better for the New-York Lie
No one will be greatly surprised If Mr. Perkins
leaves Mr.. Morgan's firm, but he will not leave
yet"
James Hazen Hyde assumed that Jacob H. Schin
knew Mr. Hyde was actively buying for the Equta-
Die, whereas this fact had escaped Mr.. Schif's
notice in the multitude of other transactions This
IS expected to form part of Mr.. Schifs explanation
before the legislative committee of how it happened
that Kuhn Loeb & Co sold securities to the various
syndicates of directors without knowing it was the
Equitable, of which Mr.. Schf director. that
actually bought the bulk of the securities.
A careful perusal of the last paragraph of a
statement issued yesterday in the Office of Paul
Morton, president of the Equitable, gave the i'm
preston in insurance circles that the Equitable,
cnder the old regime. m have carried mon
ledger" assets which used for campaign and
political purposes
This last paragraph follows:
The expert accountants are far enough along
with their work for Mr.. Morton to assure the di-
that any future disclosure of miscarriage
If funds VIII probably refer 10 moneys which the
society might have received, but which never came
and which have never been shown or claimed to
be assets. That there Of this kind ne has
substantial proof, but what the amounts are, and
present time although he believes that his char |
cred accountants will soon ascertain everything.
No further explanation of this statement could
obtained from President Morton.
STATEMENT BY PAUL MORTON.
From heretofore reliable source the reporter |
heard yesterday that in the last Presidential
paign Alton B. Parker campaign managers re
turned check for 5000 received from a certain |
corporation. believed TO be railroad concern but
certainly not q life insurance company.
The remainder of Mr.. Mortons statement runs |
thus:
The regular monthly meeting Of the Equitable
Mr. Morton will report TO them IS thai, not@i. H.
ance business during the last eight months. the |
Equitable Society has PAID out III that period |
.iaims annuities endownents purchased policies
and other benefits the sum of over S24OoOOO0 or
sjness 'S THIS money ali went 70 the benefciaties
Of the society. and in many instances was the sole
reliance Of those receiving it.
Mr. Norton will also t report that the the expert ac
that it viii be fully two weeks more before 1t Is
to say that the securities and real estate CT the
DroXirnate those exhibited in the official reports
Any changes IN the value OF stocks or real estate
will DC toward conservatism.
An article headed Life Insurance Methods" by
Louis Windmuller, which will appear in the Oc-
ober number of THE Forum urges the adoption
If the following methods to restore confidence and
10 attract new business:
First-Sell stocks and securities the values of
which fuctuate investing proceeds in first mort
,ages improved city realty for two-thirds of its
value.
Second-Dispose Of superfuous buildings acquired
all parts Of the world TO advertise business and
invest likewise.
Third-Cut down salaries and other expenses.
The measures taken by the EQUITABLE do not go far
nough; retrenchment should be instituted by every
,ther company which does not want to become the
arget for criticism.
Mr. WfndmuIler declares that life insurance COM
,anies could do larger and safer business If they