Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1905-09-09
VOTING IN THE MUTUAL
Insurance Probe Gives Details Of
Elections and Proxies.
FOR The NEW YORK LIFE
John A. Mccall Appears With Al
the Company's officers Few Policy
Holders at Annual Elections.
)R The NEW YORK LIFE

NEW YORK, Sept. a -- How some
mutualzed insurance companies con.
duct the elections of officers and trsls.
tees was disclosed yesterday at the
first public session of the joint legisla-
tive committee appointed to inquire
into the methods and business condi-
tons of insurance companies In this
state, which was held in the alder
manic chamber of the city hail. At
the morning hearing Vice President
Robert A. Granniss and Walter G.
Oakman, a trustee and election In
spector of the Mutual Life, and John
G. Mccall, secretary of the New York
Life, were witnesses, and their testi-
mony did much toward disclosing the
inner working of the election machin-
cry by which the executive heads and
directors of the companies are chosen.
According to the sworn statements
of Messrs. Granniss and Oakman less
than 200 policy holders in the Mutual
participate in the annual election.
Proxies for 10000 are held by the
president and vice president, but they
ulS HCNtT Nottu, DccduSt lHty are HOt
needed. President Richard A. Nc
Curdy and other high officers suggest
the names of the candidates. These
names are printed on slips of paper
and deposited in the ballot box.
Inspector Oakman admitted that, ex-
cept for the assurance of Mr. McCurdy
he didn't even know IL the men who
cast the ballots were qualified to vote.
He recognized many of the voters as
clerks in the employ of the Mutual
and Of two trust companies in which
the Mutual was interested.
Speaking for the New York, Score
tary Mccall testified that very few
policy holders voted in person and that
the number of proxies cast at the an
| nual elections was fixed arbitrarily.
Chairman Senator William w. Arm
strong presided at the session, and on
either side of him sat the other mem
bers of the committee, Senators VIII
liam J. Tully and Daniel J. Riordan,
and Assemblymen James T. Rogers,
Robert Lynn Cox, William w. Wem-
pie, John McKeon and Ezra F. Prem
tice, the secretary.
Ex-Governor Frank S. Black appear
ed as counsel for the Equitable.
II am here for the Equitable so
ciety," he announced. 1--WE have moth
ing to conceal and no one to protect
We seek no legal technicalities to
evade answering any questions. We
will aid in every way the progress OF
| the inquiry
Paul ID. Cravath was present in the
interests of Thomas Il. Ryan, and w
G. CULVER was present as counsel for
James Hazen Hyde.
The presence of all the officers Of the
New York Life Insurance company
from the president to the chief actu
| airy, was one of the features of the
| inaugural hearing. When Senator
| Armstrong called for the names OF
| those present in response TO the sub
poenas issued, those given were chiefly
| the names of lawyers appearing as at
torneys of record for one or the other
| of the insurance companies.
| There was sensation, however
| when President John A. Mccall, arts
| Ing at the invitation of the chairman
announced that the New York Life
was not represented by counsel and
| that it did not intend to be so repre-
| sented.
''The officers of the company are all
here, however" Mr.. Mccall continued
''and all questions put to them will be
| freely and fully answered. We have
| brought the books of the company
which the subpoenas called for, and
these are also at your disposal"
With President Mccall We're First
Vice Presidents George w Perkins
who is "A partner in the rbanlsing firm
of J. p. Morgan & Co; L. a. BuckneI
and d. T.. Kingsley, Second Vice Pres.
| idents Rufus Weeks and Il. X. Perkins
Secretary John C. Mccall ana Treas.
urer Il. ID. Randolph.
II