Omaha daily bee., 1905-12-14
This is One Third the Sum Paid to
Richard A. McCurdy.
GEORGE A. PERKINS TENDERS RESIGNATION
Horgas's Partner Retires from Manage
msnt Of New York Life.
AcrUARy GORE OF PRUDENTIAL ON STAND
Industrial Insurance In Experimental D
STAGE and Company Holds Large
Amount 60 Protect All
Possible Demands.

NEW YORK, Dec. 1.-Two incidents
Affecting the life insurance situation in I
New York today overshadowed the legisla- !
tive committee investigation. While the /
committee was inquring into the conduct
Of the Prudential Insurance company and
the Metropolitan Life Insurance company, |
George W. Perkins resigned as first vice
president and chairman of the finance conf
mittee of the New York Life Insurance
company. He was succeeded as vice pres-
dent oy Alexander E. Orr, president of the
New York City Rapid Transit commission.
and chairman Of the finance committee
by John Clahin, head of the H. B. Claflin
company
Another important move i'm the sitIs tion
the election by the trustees OF the
Mutual Life Insurance company today of
Charles A. Peabody to succeed Richard
A McCurdy as president of that company
at $4,000 a year. Mr.. McCurdyS salary
$4,000.
Mr.. Peabody is a lawyer, the American
representative of William Waldorf Astor
and a director in several banks and other
corporations, of which is the Illinois
Central Railroad company. Mr.. Peabody
was also named trustee of the Mutual
Life Insurance company to succeed Judge
Rufus w. Peckham, and Emory McClin-
They cannot be elected as trustees until
the next meeting OF the board.
Statement by Peabody.
Mr.. Peabody tonight issued the following
statement addressed to the policy holders
of the Mutual Life Insurance company of
New York:
have this day been appointed to be
president Of the Mutual Life Insurance
company of New York, and have accepted
L
rectly with the policy holders Of the COM
pany, for whose benefit great trust is
controls the ompany and l enter upon
the discharge of my duties as the repre-
chosen unanimously by their elected repre-
sentatives, the board of trustees. The new
10 lawful methods and to reform of existing
abuses. Much has already been accom-
pliShed 70 carry out these pledges and all
Will he dane. that Is .BecessaFy to fully re-
deem them The board of trustees is har-
monious and united on these matters. The
company possesses fipancial resources far
beyond its liabilities. Lapse and surrender
of policies mean abandonment of accumula-
lations and the saving of years of thrift.
Policy holders are urged to continue their
policies in the company and not to with
draw from 1t.
Dryden for Federal Control.
United States Senator Dryden of New
Jersey, president of the Prudential ..fe
Insurance company. again testified today
and made a statement to the committee
Of his reasons for favoring federal super
vision Of life insurance companies through
a national insurance bureau which he
said would benefit both the companies and
the insured. The tendency of the holders
of Industrial policies in the Prudential and
Metropolitan Life Insurance company &c
lapse was examined into in great detail by
Charles Z. Hughes, counsel of the com
mittee. who quoted a statement of the
Prudential company who explained that
72 per cent of It's Industrial policies lapse
within five years from the date of issue
Senator Dryden declared that this is much
TO be regretted from the standpoint of tn,
company as we'll as from that of the in
sured and that the tendency now is toward
a greater persistency on the part of th'
Industrial holders than formerly. The sen
ator asserted that industrial insurance
even with high rates and tendency TO lapse
is the greatest economic force now In oper
alton in this country.
Just before adjournment today Hale!
Fisl6e vice president of the metropolitan
company. told Of an incident in which tina
company commissioned William A Rea
10 buy 1888 shares OF railroad stock 70
the. company. Mr.. Fiske said that Mr. Reai
the same day sold the stock TO a compan
of brokers at so share less than tn
broker sold II to the Metropolitan. Nj
Fiske said he had tried to get the none
back, but Mr. Read refused to surrende
1t.
shakeup In New York Life.
George W. Perkins, who is junior mem
Der OF the firm OF J. p. Morgan & Co., re
signed today as vice president and a
chairman of the finance committee OF III
New York Life Insurance company Th
board of trustees accepted the resignation
INN faiN fpll thnxy
Hounced the appointment of oommitte
20 investigate the affairs of the New Yor
Life
Two officers were elected 20 nh the Va
cancies left by Mr.. Perkins. Alexander |
orr succeeding as vice president and Joh
Clanin as chairman of the finance con
mittce
Mr. Perkins wrote the trustees a lett,
explaining that 1t was understood wht
ne entered the firm Of j. p. Morgan
Co. that he should withdraw from Il
New York Life, but that such deep il
terest in the insurance company had mat
MIN loath TO leave il before this
The board OF trustees then announc'
the appointment OF the following commi
Tee OF investigation:
Thomas r. Fowler, Norman h. Rear
Clarence IL Mckay Hiram r. Steele al
Augustus {. Paine.
A statement to policyholders also vi
issued which declared that the executi
offeials had exercised too broad a discr
tion in extending money one of the o
iects i'm the committees appointment W
announced TO be the consideration of Z
evidence secured by the legislative COZ
mitteo which is investigating life insu
ance The new committee Is instruct
to inquire especially into payments ma
out OF the company's fund 10 Andre
Hamilton. and 10 use every effort to
cure proper accounting from him.
Prudential Actuary on stand.
John X. Gore, actuary OF
Prudential Insurance Company
America. Was first called to the with,
stand in the life insurance investiga ii
1Coutinuss ON seeona PsTsl