Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-11-28
CONFIDENT RuMoR TO THAT EFF.
Feet is CIRCULATED in
NEW YORK
PERKINS QUESTIONED
Says Agents Commissions on His In.
surance In New York Was Returned
to Him = Story Of the Mccurdy
Faml'y's Career In Mutual Manage
ment.

New York, Nov. 27.-No official
statement was obtainable at the
Mutual Life offices today as to the
report that Richard A. McCurdy,
president Of the company, had re-
signed. Unofflcially, It Is learned,
however, that the company's fin.
ance committee is believed to
have McCurdy's resignation under
consideration.
George w. Perkins, vice presi-
dent of the New York Life. was
the first witness before the insur-
ance investigating committee to.
day.
He testified that he was insured
In the New York Life for $4,000
on six policies. The comm issions
amounted to 1913 and he received
these commissions from the agent.
New York. Nov. 27.-In explaining
his testimony of last Friday, when the
statement was made by the witness
that $56,720 was paid to Andrew Ham.
ilton by j. P. Morgan & Co., George
Perkins testified that In 1901 Morgan
& Co. paid that amount to the Central
ANcIaoA0l Dclllh dI1N luG 4N6W 1OTh S0-
curity & Trust company upon the re.
quest Of President Mccall, to take up
loans to Edward r.. Mccall and An
drew Hamilton which those institu.
tions had made at the request of
President Mccall
Edward Il. Mccall Is a Justice of
the New York state supreme court
and is q brother OF President Mccall.
Tho "NylIc's' Transactions.
Perkins said the $40,193 which was
paid by Kidder Peabody & Co. OF Bos.
ton to the New York Life in septem
Der, 1904, as profits Of q loan to that
company of 1886, 900. was paid to Per
kins, as trustee Of the "Nylic" fund
and that he had negotiated loan fol
that fund. AS tho ''Nylic" fund did
not have that amount OF money tc
spare the New York Life loaned the
money to the Boston Arm on Mexican
Central railroad bonds. The life insur
ance company received interest at the
rate Of S per cent Of the bonds as Its
profit In the transaction and the 'Ny
lie" fund got $40,193. The "Nylic'
fund belongs to the agents of the New
York Life.
Mccurdys out7
New York, Nov. 27.-Richard A
McCurdy has resigned as president OF
the Mutual Life Insurance company
This Is currently reported In financia
circles here and it is further, declared
that his retirement has been followed
by that Of his son, Robert
H. McCurdy, general manager oi
the company, and Louis A. Thebaud
the favored general agent for New
York. Each Of these three men has
been drawing approximately $1500Ot
a year in salaries and com missions
from the company besides their indi
rect profits in financial transactions
with mutual money.
The investigating committee did no,
accept Mr.. McCurdy's offer to cut his
salary in half because such acceptance
would have pledged them to a contin
ance of the McCurdy regime.
Forgan Declines the Post.
A tentative offer to head the com
pany was made to James B. Forgan
president OF the First National bank O
Chicago, who once was an Equitabl,
director. Mr.. Forgan declined to con
slider the offer.
Throughout the long preliminary ex
posure of insurance corruption thu
McCurdys kept aloof from the insur
ance mire. Not until the Legislative
committee got after the venerable
president was the condition ex
listing in the Mutual brought to light
Then it was shown:
That President McCurdy, his son