The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-11-28
INGALLS, METHODS AGAIN
UNDER THE MICROSCOPE
Dubious Transactions of the New York Life In
SuranCe Company.
False Returns Made to insurance Sub
stiuted for Stock TO Escape Observation-Disclosures
Graft Unexplained

al EW YORK, Nov. 91.-One of
tho most interesting features
ot the life insurance iuvesti-
cation developed only a few min
utes before ADJOURNMENT of the
Armstrong committee today, when
Theodore z. Banta, cashier of the New
York Life Insurance company, testi-
fled that at the beginning of 1901 Ed
mund +. Randolph, treasurer of the
company. opened the vaults OF the
company. removed New York City
stock valued at 500, OOO, and put a
check OF the Central National bank for
S10e.009 in its place. Mr.. Banta said
ne helped TO open the vaults, at the
order Of Mr. Randolph, and that he
supposed Mr.. Randolph acted for the
Finance committee. The stock was kept
5ouC Tor a few days and was then re-
turned ana the check withdrawn. The
I transaction was not recorded on the
y books of the company SO taf as MT
Bdnta knew. The effect of the opera
tion would be that any one having that
stock would have 100000 worth OF un-
taxable property az the end Of The
year. Mr. Banta did not know Who
received the stock. Mr.. Randolph Is
expected 10 be one of the witnesses to-
morrow.
The Missing S4o,t93.
George W. Perkins. vice president of
the New York Life Insurance company
and member of the firm of j. I. Nor
gan < Co.. bankers, today described
To the committee the transaction which
resulted in his receipt Of S4O,lS5 from
hidder, Peabody q Co. of Boston, as as
half the profits of the sale of $2,OOOOOJ
worth of bonds Of the Mexican Cen
trail Railroad company. Milton NJ. Mat
Jison, a bookkeeper OF the New YORK
Life Insurance company, had previous
IN testified that S9300OO Of the life IN
Ruranee company's money was used IN
the transaction and that Mr.. Perkins
SOC the profit.
Mr.. Perkins said today that he went
into the transaction for the "Nylic
fund. which is owned by the agents
OF the New York Life Insurance com
pany. and that he invested the profits
for that fund. The life insurance COM
many he said, prOfited TO the extent
Of 8 per cent interest on the loan OF
sqse 0Oe. He stated that the company
had no right To the S40l9S profits
Hamiton's Notes.
Mr. Perkins said also that J. p.
Morgan a. Co. had taken up notes OF
Andrew Hamilton and T.. II. Mccall
formerly justice of the New York state
supreme court, amounting 20 sob,6l0 at
The request OF President John A. NC
Tau of the New York Lie Insurance
company. and that the amount, with
interest. was paid to Andrew Hamilton
nv the New York Life Insurance com
MANY from the proceeds Of a syndicate
In tinted states steel corporation
stock. 49,.
President John A. Mccall told the
committee today that he had told the
central bank and r. +. Mccall that
Hamilton was good for $5OoOO' ana
Yhev had taken Hamilton's notes. Pres
Sde1t Mccall said the New York Lille
insurance company owed Hamilton the
S5e. $40 and took the syndicate proIits
80 nav him The result was that the
..uayment did not appear on the Doors
( -, lor,naYv The reason was that
be wanted to keep Hamilton's expenses
NIsvn.