The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1905-11-30
MCURDY IS SAID TO
HAVE QUIT MUTUAL
Reported Resignation OF Srea
Lite Insurance Leader Is
Generally Credited.
PERKINS ON THE STANG
We Endeavors 10 Explain About thi
s5e,72o Which Was Given 10
ANDY" Hamilton-6raitsd
on Own Insurance.

New York. Nov. 2?.-ohe of the most
interesting features OF The life insuro
ance investigation developed only n
few minutes before adjournment OF the
Armstrong committee last night. when
Theodore r. Bantl, cashier of the New
York Life Insurance company, testified
that about the beginning OF 1901 Ed
mund u. Randolph, treasurer of tho
opened the vaults OF the
removed New York city
bonds valued at S10O. 200 n put a check
OF the Central National bank for $780,
600 In It's place. MIR. Banta said ha
helped open the vaults mt the order OF
Mr.. Randolph. and that he supposed
Mr. Randolph acted Mt the instance of
the The stocks were kept
out for "A few days and were then re-
turned and the check withdrawn. me
transaction was not recorded ON the
book OF the company. 80 far rs MIR.
Banta knew. The effect OF the opcr-
alton would be that anyone having
those stocks would have 100000 worth
II ~untaxable property ut the end OF the
year.
MIR. Danta did not know who received
the stocks. NJ. Randolph Is expected
TO be one OF the witnesses today.
New York. Nov. 29.-No official
statement was obtainablc mt the Mu-
tual LILO offices today AS TO the report
that Richard a. McCuruy, president ot
that company. had resigned. Cnotn-
cially, II IA learned h cOmpany's n
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 invcstignt-
ing committee today. He testified that
hc was insured In the New York Life
for $4,000 on six policies. The COM
missions amounted 20 S3lS and he re-
reIyed these commissions from the
agent.
MIR. Perkins Explains.
In eNplninIng the testimony OF last
Friday when the statement was made
by a witness that So. 40 was paid to
Andrew Hamilton by j. i. Morgan q
Co. Perkins testified that In 1901 Nor
gan & Co. paid that amount To the
Central National ban and New York
Security and Trust company upon re-
uuest az President Mccall. TO make
loans to Edward Il. Mccall. brother OF
President Mccall. n Justice OF the New
York supreme court, and Andrew Ham
uton. which those institutions had
made ut the request Of President Me
call.
Perkins said $40. 1913. which was paid
by Kidder, Peabody a Co. OF Boston to
the New York Life In September, 1904.
M profits Of a loan tn that company OF
ss3O. 600. was paid To Perkins IA trustee
~ the Nylic fund and that he had ncgo-
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 ~ Mexican Central
railroad bonds. The life Insurance com
pany received interest at the rate Of ,
per rent. on the bonds as It's profit In
the transaction and the "Sylic' FUN
got $40. 1913.
The "Nyllc'' fund belongs To agents
II the New York Life,
Justifes. His Own Act.
Perkins maintained that commission
IN his own policies were returned to
him ms trade discounts. and b "A IL was
not Improper for him to accept them
~ such. lie did not regnrd IL wrong
for any man In any business To- re-
'riVp a trade discount. IL was his Inn
preston u had been the general GUS
iom for ne insurance officers to Hc-
'rpt commissions on his policies taken
ut by them. His own acceptance 81
the commission. Perkins said. was In
mart because ne ooh II uut during a
prize competition between agents.
Gives View on Rebates.
NJ Ih,s point Chairman Armstrong
."NfN. ~ NAAAA tt'ta' "NF a'iHA'"
flowed p"
"rlCy ought not to b allowed at All"
Perkins replied. They are allowed To
ug1plc IN the insurance business
II any agent were detected ~ re-
batting tu outsiders hc would be pun
shed. the witness said.
II never struck Perkins Int this was
discrimination. H. did not believe.
however. there was any statute allow
ms officials TO get rebates.
What WAS New York I.itr's pnrtl-
m]ipltiJn In the New York Security and
Trust company participation I'm the
i'u!'rd States steel syndicate" asked
Nj. Hughes.
pic Honey in Syndicate.
"Thr New York Life had mn direct
Interest ~ the syndicate replied Per-
Hius. lie added. however. that the
trust company did hay" n had also
go arrangement with the New FORK
Lie b. which tho Now York Life ROT
. per cent. al the profits In that parti-
/ .iputiun.
The trust comrIny's participation
was S3.G"1. pn" IN that syndicate. Th"
New York Lie. he said, was EuaraH-
4 q - #a4.sA4H t.HH It ffs. .yg,tHl.ufn