Omaha daily bee., 1905-11-28
Nontaxable Securities Taken from New
York Lie Vaul, at Assessment Time.
PERKINS TELLS OF JUGGLING ACCOUNTS
NOrgan'S Par ner Gives History Of Seine
Syndicate BeslS.
KEEPS EXPENSE ITEMS OFF BOOK
Profits Of Certain Transactions Never Go
on Record.
wcuRDrs. RESIGNATION IS DENIED
vice President GuIett says that Pres-
tdenfs sOn-in-Law, Louis The
baud, VIII Retire First
of Year.

NEW YORK, Nov 27.--one of the most
interesting features OF the life in
surance investigation developed only
few minutes before adjournment Of
the Armstrong committee today, when
Theodore +. Banta. cashier of the New
York Life Insurance company. testified that
about the beginning of 1901 Edmund ID.
Randolph. treasurer Of the company, opened
the vaults Of the company, removed New
York City stock valued at 100000 and put
check of the Central National bank for
10000 in its place. Mr.. Banta said he
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 out for a few days
and was then returned and the check with
drawn. The transaction was not recorded
on the books of the company so far as Mr..
Banta knew. The effect of the operation
would be that any one having that stock
would have 10000 worth of untaxable
property at the end OF the year. Mr.. Banta
did not know who received the stock. Mr..
Randolph is expected to be one of the wit
hesscs tomorrow.
Perkins Tells of Juggling Accounts.
George w. Perkins. vice president Of the
New York Life Insurance company and
member Of the firm of j. p. Morgan & Co..
bankers, described TO the committee the
transaction which resulted in his receipt OF
$4O.19S from Kidder, Peabody & Co. Of Bos-
ton as half the profits Of the sale of $1,000
600 worth of bonds OF the Mexiacn Central
Railroad company. Milton w. Mattison II
bookkceper OF the New York Life COM
pany, had previously testified that 1890, 600
Of the life insurance companys money was
used in that transaction aud that Mr.. Per-
lns got 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 company, and that
he invested the profits, for that fund. The
life insurance company. he said, profited to
the extent OF per cent in the loan of $780,
900. He stated that the company had no
right TO the siO,19S profits.
Mr. Perkins said also that j. p. Morgan
8 Co. had taken up notes OF Andrew
Hamilton and F.. E. Mccall, formerly JUS
tice of the New York state supreme court
amounting to $56,SlO at the request OF
President John A. Mccall of the New York
Life company. and that the amount, with
interest was paid TO Andrew Hamilton by
the New York Life company for the prol
ceeds OF a syndicate in United States Steel
corporation stock.
Keeps Expenses on Books.
President John A. Mccall told the COM
mittce today that he had told the Central
National bank and e. e. Mccall that
Hamilton was good for $4,000 and that they
had then taken Hamiltons notes. President
Mccall said the New York Life Insurance
company owed Hamilton the s58,3i0 and
took the syndicate profits TO pay him. The
result was that the payment did not appear
on the books OF the company. The reason
wis that he wanted to keep Hamilton's ex-
penses down
Much evidence was given both by Mr..
Perkins and President Mccall about the
New York Security and Trust company s
participation In the United States Steel cor
poration syndicate TO the extent of $S go 600,
having,t the deposits of the New York Life
Insurance company for about that amount.
The New York Life company got 50 per
cent OF the profits and MIR. Perkins con-
tended that It was a safe and profitable
venture. President Mccall said the life
Insurance company should have partici-
pated directly instead of indirectly
says McCurdy Has Not Resigned.
nr. Walter Gillett. vice president of the
Mutual Lifo Insurance company, today
denied reports that Richard A. McCurdy
las resigned the presidency of the Mutual
Life nEd that Robert II. McCurdy had re-
tired from the general managership OF the
company. Dr. Gillett said. however. that
Louis A. Thebaud, son-in-law of President
McSurdy, had relinquished the position OF
the companys general agent for New York
There is. said Dr. Gillett. no truth In the
report that the Mutual Life presidency has
hoen offered to J. b. Forgan OF Chicago.