Connecticut western news., 1905-11-30
AT THE INSURANCE INQUIRY
Treasurer Randolph of the New York
 Life and Others on the Stand.


 New York, Nov. 29.-The chief wit ness examined before the Armstrong committee was Treasurer E. D. Ran. dolph of the New York Life. Mir Hughes also read a report of the ex animation of George H. Squire, for. merly financial manager of the Equi' table. Mir. Squire has been very i'll since the amputation of his leg last summer. Mir. Hughes questioned him at his home, and to many of the ques' tions the witness answered that be did not remember.
 NE Randolph waS asked a1sa2t tte7 removal of s7Oo,0o0 worth of city bonds from the vaults of the New York Life to the Central National bank and the substitution of the banks check. He was asked about the practice of loaning securities just before the date of assessment for personal taxation, and he said he thought 1t was a re- pugnant one.
 Richard A. McCurdy, president of the Mutual Life Insurance company, has not handed in bis resignation to the trustees, as has been reported. This was definitely established. Neither has Robert H. McCurdy, general manager, resigned, although 1t was established that Louis A. Thebaud, general agent for New York, a son-in-law of Richard A. McCurdy, had resigned.
 It has been learned that, testifying before a committee of the Canadian senate appointed to investigate the Mu- tual Reserve Life company in 1904, James D. Wells, formerly second vice president of that concern, declared that President Frederick A. Burnham had told him that Louis F. Payn in 1898, as state superintendent of in- surance, offered for the consideration of $100.00o to let the Mutual Reserve write the report of an investigation which the state insurance department of New York had just then concluded,
 President Burnham of the Mutual Reserve Life Insurance company is- sued a statement denying the testi- mony of Mir. Wells. He declares that no money was demanded by Mir. Payn or paid to him.
 That George W. Perkins, vice presi- dent of the New York Life and partner of J. Pierpont Morgan, last year took a profit of S4o,OOo which belonged to the New York Life for a loan of S939,- 900 1t had negotiated in Boston, and that J. Pierpont Morgan In 1902 paid to Andrew Hamilton S60.o00 out of profits which the New York Life had made in steel, were statements made by clerk of the insurance company at the in- Quiry. MT. Perkins says the transac- tions referred. to were perfectly proper.
 Charles E. Hughes, counsel for the committee, obtained Information about the will of Edward B. Harper, former president of the Mutual Reserve Life Insurance company.
 When Mir. Harper died and the will was read a clause was found which bequeathed to the Mutual Reserve com- pany a contract with the company which provided that he should receive 20 cents on every S1,000 of insurance obtained by the company while he re- mained its president. The company, however, was to receive the money only if they appointed Frederick A. Burnham his successor. Mir. Burnham was elected and Is today president of the company.
 Gage E. Tarbell, second vice presi- dent of the Equitable, admitted that he received commissions on all his personal policies and those of his family, which amount to S500,000 In the Equitable. He also received commissions from the New York Life and other companies.