The citizen-Republican. (Scotland, Bon Homme County, S.D.) 1???-19??, 1905-11-30
M'CURDY is SAID TO
HAVE QUIT MUTUAL
Reported Resignation of Grea
Lite Insurance Leader Is
Generally Credited.
PERKINS ON THE STAND
He Endeavors to Explain About th,
$56,720 Which Was Given to
"Andy" Hamilton-Grafted
on Own Insurance.
PERKINS ON THE sTANr

New York. Nov. .29.-One Of tho most
Interesting features of the life. insur1
ance investigation developed only a
few minutes before adjournment of the
Armstrong committee last night, when
Theodore f. Banta, cashier of the New
York Life Insurance mpan testified
that about the beginning of 1901 Ed
mund D.. Randolph, treasurer of tha
company, opened the vaults Of the;
company. removed New York city
bonds valued at $7O0,G COO and put a check
of the Central National bank for $780,
900 in its place. Mr.. Banta said ha
helped open the vaults at the order OF
Mr.. Randolph, and that he supposed
Mr.. Randolph acted at the instance of
the company. The stocks were kept
out for u few days and were then re-
turned and the check withdrawn. The
transaction was not recorded on the
books OF the company, so far as Mr.
Banta knew. The effect of the oper-
alton would be that anyon having
those stocks would have 500, 900 worth
of u~ntaXable property at the end of the
year.
MI. Banta did not know who received
the stocks. M. Randolph is expected
to be n Of the witnesses today.
New York. Nov. 29.-No official
statement was obtainable at the Mu-
luui -l'S LIN Va DS W III + =
that Richard A. McCurdy, president of
tina company, had resigned. Unoff-
cially, it is learned the company's fl
nance committee is believed to have
McCurdy,s resignation under consid-
Grafton.
George w. Perkins, vice president of
the New York Life, was the first wit
ness before the insurance Investigate
ing committee today. He testified that
he wa insured in the New York Life
= 30 40 nlN 80. r,.- ,,lJt0tne NH. ~,N1
missions amounted to $31S II he re-
ceived these commissions from the
agent.
Mr. Perkins Explains.
In explaining the testimony of last
Friday when the statement was made
by Il witness that $5G,72O was paid to
Andrew Hamilton by J. p. Morgan e.
Co. Perkins testified that in 1901 Nor
gan & Co. paid that amount to the
Central National banll n New York
Security and Trust company upon re-
quest of President Mccall, to make
loans to Edward E. Mccall, brother of
President Mccall, a justice of the New
York supreme court, and Andrew Ham
ilton, which those institutions had
made at the request of President Nc
Call.
Perkins aid $40, 1873, which was paid
by Kidder, Peabody & Co. of Boston to
the New York Life in September, 1904.
as profits of a loan to that company of
1890. 900, was paid to Perkins as trustee
of the Nylic fun and that he had nego-
tiated 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-
the Boston firm on Mexican Central
railroad bonds. The life insurance COM
pany received interest at the rate of )
per cent. on the bonds as it's profit in
the transaction and the "Nylic" fund
got $40. 1873.
The 'Nylic' fund belongs TO agents
Of the New York Life.
Justifies His Own Act.
Perkins maintained that commissions
on mis- own policies were returned to
him as trade discounts, and that 1t was
not improper for hin to accept them
rs such. He did not regard it wrong
for any man in business to re-
ceive u trade discount. 1t WAS his i'm
precision ii mad been the general Gus
tom for life insurance officers to &C
"ept commissions on his policies taken
out by them. His own acceptance of
the commission, Perkins said, was in
part because he took it out during a
prize competition between agents.
Gives View on Rebates.
At his point Chairman Armstrong
asked ITO what people are rcbuteS
ulloWrd""
'Ttoy ought not to he allowed at all"
Perkins replied. "Fhcy are allowed to
people in the insurance business"
If amy agent were detected in re-
batting to outsiders he would be pun
isheG. the witness said.
Ii never struck Perkins hat this was
discrimination. He did not believe.
however. there was any statute allow
ing officials to get rebates.
what was New York Life'S parti-
cipation in the New York Security and
TrlSt cOnDlUy'S. DartiCiDatiDn in the