Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1905-11-10
Andrew Carnegie Says They Have
Created a Profound impressions
Ia Europe.
THE ROOT OF THE TROUBLE.
Respectable Names are Used as Decoy
Ducks by Real Managers Of the
Institution,

AN'N l'Ih. NOV. lN.-~A lAfeN i#|llN-
| gle, upon disombarkug today from the
steamer Baltic, ON which he arrived
/ here last night talked ON American
politics lie spent the summer AT his
castle u Scotland
/ After expressing himself iu favor NJ
/ honest elections and declaring that mu-
/ uicipal ownership was bound to come
/ some day, Mr.. Carnegie said.
"Thc insurance scandals have made a
profound impression throughout
Europe, The root OF the trouble is that
/ there are so many men iu America who
/ are so good natured that they lend their
/ names to financial institutions aud ass
sumo duties which they have not time
to perform Their respectable names
are used as dccOy ducks by the real
managers of the institutions over which
/ they have mo- control. What we need
/ To control such evils Is men In Office
/ who are not money grabhors 'vho are
T retired from business and who viii cone
I duct public offices as they would their
I own business.
"rhe impression is caused by the fact
/ that business men VIII not protect their
names as they protect their dollars The
business and moral standing has been
lowered I'm their estimation, II has to
this extent caused wonder that men Of
finance have allowed their names to be
used as a blind have been asked
/ time and again TO become a director Of
/ some Of the insurance companies but !
/ replied that 10 the institution Is a COOL
| one ] viii trust my dollars with 1t but
/ not my name. That Is sacred
THE INVESTIGATION
william Barnes, ST., Of Albany was
/ the first witness before the insurance
/ investigating committee when the scs-
/ sious We're resumed today. Mir. Barnes
appeared before the committee at his
/ own request He testified that he was
lawyer ana was superintendent OF
+ Insurance from Jan, l. 1860, TO Jan. l.
/ 1870 He Identified the vouchers dated
/ July J. 1901 July ~, 1902 July is,
/ 1903 and July 1, 1904 each for the sum
Of $666.66 for retainers and legal SER
vices rendered. The vouchers were
/ for opinions to the New York Life,
/ Equitable Life Assurance society," and
Mutual Life Insurance company, as
ISOLATED IN several measures Of legis-
/ Htion.
For the Equitable he had written sew
/ eral opinions fnl the president and
/ vice president recommending the Mu-
! tuuli2ug Of that company as provided
! iU the original charter The sum Of
| each voucher from the Equitable was
/ third Of the entire sum witness re-
| ceiyed for the services 10 the three
! companies. Vouchers of the Mutual
Life dated june 90 1901, June 30, 1909,
! and July |, 1903. each for S666.66, were
! shown. They represented the Mutual
| Life Insurance cOmpauys share In the
| payment Of MIR Barnes services,
I'm the payment Of Mr. Barnes SER.
| vices. M Barnes said ha received 81, 900
! from he Mutual Life for special SER
! vices Sept I, 1905 This was for oral
| argument before senate committee
! protesting against the repeal of section
I 1856 of the insurance laws Witness
} said ne represented the three companies.
J Were you paid by the New York
/ Life and the Equitable2' asked Mr.
/ Hughes, counsel for the committee.
! THE Equitable did not pay any
/ thing" replied Mr. Barnes. 1.-THE
I Equitable had TOO much trouble them
; selves 90 take care Of their own mat
/ t,rs ana was too much irrtated by the
| opinion that ] had given them, that the
! officers OF that company should mutual
| izc themselves because the stockholders
| wanted 80 pocket the whole power I'm
that company, which they hold t0 this
/ day That company is a one-man pow
| tr today. just IS much as It ever was,
| except for the change OF the name OF
the man from James Hazen Hyde TO
Thomas f. Ryan--that Is the only
| change made and the pOliCyhulders
| have mo- controlling power in IT,
Mr.. Barnes told at much length his
reasons for opposing the repeal of Sec
ton 1855 OF the Insurance laws. His main
! t,gfrf Of epUogitiou was the uldVl sahiI-