Warren sheaf., 1905-10-12
new YORK LIFE IS
BARRED FROM State
INSURANCE COMMISSIONER RE.
VoKES COMPANY'S LICENSE
IN NEVADA.
In Sharp Letter Tells Mccall That Re
vocation Will Continue in Force So
Long as He and Perkins Hold
Positions Of Trust.

Carson, New, Oct 4.-On Tuesday
State Comptroller and Insurance Com
missioner s. p. Davis revoked the Ii
cense Of the New York Life Insurance
company in this state. The following
telegram was forwarded to the New
York home Office by the comptroller:
John A. Mccall: Pending the inves.
tigatiOn Of the corrupt management and
fraudulent disposals of funds entrust-
ed to your company, and as long az
yourself and George Perkins retain of.
fees Of trust in the management of the
New York Life insurance company, the
license of the company to do business
in the state Of Nevada is hereby re-
voked. Upon advice of change of
management and satisfactory proof of
honest management the license will be
reissued."
A notice has been forwarded through
out the state warning all agents Of the
fact Of the order and giving the agents
two weeks to close the records.
Will Fight to Death.
New York, Oct. 6-President Mccall,
of the New York Life Insurance COM
pany, was asked what action his COM
pany would take with relation to the
refusal of the insurance commissioner
of Nevada to allow it to do business
in that state under present conditions.
I'VE will fight it to the DEATH" he
replied.
by what means?" he was asked.
by injunction. We can beat that
order by proper legal proceedings"
When President Mccall was asked
# he proposed to resign as result Of
the agitation started against him in
several states, he said:
life insurance men never resign
they die"
Mccall Scores Lawmakers.
New York, Oct. s.-John A. Mccall,
president of the New York Life In
surance company, testifying before the
legislative investigating committee
"Wednesday, in statement On the
general legislative experience of his
company, said that three-quarters of
the bills on insurance legislation in
troduced into the various states were
blackmailing bills.
No Record Made.
Mr.. Mccall enlivened the days pro-
ceedings further when he said that
there was no record on the books of
the New York Life Insurance company
of the $150,000 paid the republican
national committee for contributions
to presidential campaigns. While he
had no personal knowledge that the
money was paid, he assumed it was,
because he had told the treasurer to
make these payments.
Hamilton Gets Big Sum.
President Mccall testified that the
expenses for legal services from June
I, 1900, to August 81, 1905, we're $1,103,
920. Of this amount, Mr.. Mccall said
Andrew Hamilton received $476,927
I'm states where Mr. Hamilton looked
after legislation, Mr.. Mccall said he
was expected to deal with the man
who could produce the results.
! Relatives Enriched.
New York, Oct. 6.-That the astound-
ing total Of more than $2,600,00O has
been paid as commissions by the Mu-
tlal Life Insurance company to two
members of the family of Richard A.
McCurdy, president of the company,
Jerome that the insurance scandals
certainly will be submitted later to
an extraordinary grand jury, were the
sensational developments in the insur-
ance situation Thursday. "
1t was brought out by the testimony
before the legislative insurance com
mittee that Robert H. McCurdy, son
of Richard A. McCurdy, has received
as commissions on foreign business
$1,163,S29, and on domestic business
$541 1852, and that Louis A. Thebaud,
.son-in-law of Richard A. McCurdy, has
received an aggregate of $92O,113 in
commissions from the company. It
was also brought out that Robert H.
McCurdy expected his income this year
would be about $4,000.
Grand Jury tc Act.
Mr.. Jerome in announcing in court
that the scandals will be submitted to
an extraordinary grand jury, said the
inquiry by the legislative committee
had shown greater moral obliquity
and moral obtuseness on the part OF
persons important in the business
world than did the shocking revela-
tions in regard to the Equitable Life. y
Paid Princely Salaries.
New York, Oct. Tn Fridays evi-
dence before the legislative insurance
Investigating committee sensational
development came when Mr.. Hughes
demanded the payroll of the executive
officers of the Mutual Life company
This was produced and showed the sal.
aries of these officers since 1877 For
the year 1904 President McCurdy re-
( ceived $150,0OO, two vice presidents
were paid $4,000 each, second vice
president $17,5O0, the third vice presi-
dent 100000 and the general manager
325, 1000, who this year will receive $780,
600 and the treasurer $50 900