New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-31
WHAT PROBE REVEALED.
Summary Of Testimony of Important
Insurance WitneSSeS.

insurance. W tCfttSSCo'
The Armstrong committee. in the nearly four
months that it has spent investigating insur-
ance affairs has brought out some startling tes-
timony Some Of the more important points,
| brought out as follows:
CONCERNING THE NETWORK LIFE
John c. Mccall. secretary of the company o6 and
yea OF e 1 tRa NO Wr5ten record
ave thousand poIcyhoiders p[0AIGTI " oteG at The
| election Of officers was either an employe or an
Edmund B. Randolph treasurer Of the company,
testified that clerks drawing salaries OF yo oaT ye
order to make as nd SfqG as COMPANY
| George W. Perkins chairman of the finance COM
mtee of the New-York Life ana men6er % tle
camille Marine stock to the amount OF SS 5 10
bought it back again on January p 1904. thus CIV
ing the State Superintendent OF insurance we f III
stock when in reality It owned $4O6O00o The com
daV9 p PI According to Frederick A. ship
man. assistant treasurer of the company, JOINT tc-
@ banss TRsfe6 a tho
6s6 f ynT TO akH Rar the In baRk
George W. Perkins testified that Contributions
campaign funds in the last three national cam
paigns by the New-York Life Three s sSs
Bliss by the president Of the cem t2 ,n,, =!
cused Alton B. Parker. as democrat tic chairman in
this state of collecting corporation ef I9P
6ond him for Tnone1 ne testified that $235 900
paid tS Sa Jg bd MAJ An5fw for ega
Since 1900 the New-York Life had paid Hamilton
Milton H Madison auditor Of the company ", te 9
d Of ht 5hS S the 6rEna Tned states Steel
Corporation syndicate, managed by J: r Morgan ~
the fact He said that Hamilton received from J.
Morgan Co $50 80 q to Wh nc me N9w IN 0ia
loan last year to Boston concern OF $sSo8eO was
paid to the personal account of George w PERKINS.
CONCERNING THE MUTUAL LIFE.
testified that every member except one, Of the
a nf 9t GmGan Mas cers in the Mutual Life
he said never hestated to take personal pronts as
BUYERS or sellers of bonds in underwriting trans
actions in which the company was concerned. lie
nany and seTeTaI oicers and II iHtees of the Nu
tua were stockholders IN the II cG pm sbs 19
RobsFt MoCuEdy general aq fss.S Of tt hf
gr q MSGuFdy family in the he M en Years re-
f as peEsona income amounted to 764e22 in
twenty years The income Of Louis a Tneo9@a;
Richard A McCurdy, president Of the company,
testified that his salary $4,000 a year, that
he had paid out 100000 in two years 6or lega-i
paign funds
pense OF securing new business was not being met
by premiums.
CONCERNING THE EQUITABLE
Alexander,
tilted that James Hazen Hyde went far as 70
make a codicl in his will TO make Thomas r Ryan
Tames Hazen HYDE quoted Edward H. Hartman
as saving to him that Benjamin B Ode jr. used
threats, and caused the introduction of the Amber
Mercantile Trust Company unless the $4,000 he had
put into 6hipbuilding Trust stock was T Tg 70
Frick with supporting his ambition to become
of the way He had paid out Of his own pocket
$4,000 TO assist James w Alexander and Iho i!3
fund io ioan to the hem Mercantile Trust Company
Edward H. Hartman denied the Hyde DE-, charges.
less to direct and admitted threatening Thomas T.
have part of the Equitable shares, and charged
DFs&c W ode denied the Hyde charges
said that he never knew anything about political
So4trbT44nds OF from them He admit
ted responsibility for the Amber bill but said t4at
Henry Rogers winthrop assistant secretary OF
dog fund He said that the sharing of $l610OO by
fhe n the name M Of James n HYDE only He told
| Of the part taken by Senator Chauncey NJ. Depew
senator Depew told Of receiving $4,000 retainer
from fh Fn6%ns of po pol contrbutons
Senator Platt told of receiving $1,000 year from
the the Nq utua or fPotoa sums rom
PORTABLE said that he carried $S2OO0 insurance
his own life received rebates on every policy ana ma
own policies 49,. =.
! Thomas T. Ryan. owner or the Hyde shares in
.be E7nuita Bile, said that Edward H Hartman had
threatened to use his influence against him and the
society unless allowed share in the ownership of
| the Hyde stock
| HE said that directors merely hgureheads in
| big corporations
OTHER REVELATIONS MADE.
! Jo,n R Hegeman president OF the Metropolitan
| life insurance Company, said that he had
! changed loans at obliging rates of interest with
President Mccall in sums as high as $4,000 Banker
friends had received loans from the Metropolitan at
! cut rates He had received $1,GO in rebates in
! Francis Hendricks, State Superintendent of In
! s,Irance said that he never knew anything about
! scandals in the business
Louis F. Payn, former State Superintendent of
Insurance said that he did not know anything
about insurance when. he took office He called
! Insurance Company and various employees of the
cG IIaracs H Brockway a director in the Mutual
| Reserve testified that he had paid Frederick A
Burnharn president of the company, 5000 for being
made director.
MATCH FOR ARMSTRONG;.