The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1905-12-01
'WCURDY IS SAID TO
HAVE QUIT MUTUAL
Reported Resignation of erea
Lite Insurance Leader Is
Generally Credited.
PERKINS ON THE sTANn
He Endeavors to Explain About thu
s56,72o Which Was Given to
.Andy" Hamilton-Grafted
on Own Insurance.

New York. Nov. 29.-One of the most
Interesting features of the life insur-l
investigation developed only a
few minutes before adjournment OF the
Armstrong committee last night, Wheh
Theodore L. Banta, cashier of the New
York Life Insurance company, testlfleu
that about the beginning of 1901 Ed
mund ID. Randolph, treasurer OF tho
company, opened the vaults of the
company, removed New York city
bonds valued AT 100000 and put a check
of the Central National bank Tor $780,
600 in it's place. Mr.. Banta said he
helped open h vaults at the order oil
MI. Randolph, and that he supposed
Mi. Randolph acted at the instance OF
the Tne stocks We're kept
out for Il few days and We're then re7
and the check withdrawn. The,
transaction was not recorded on the:
books OF the company, 50 far as MI.
Banta knew. The effect of the cper-
alton would be that anyone having
those stocks would nave 500, 600 Worth
of untaxable property at the end of the
year.
Mr.. Banta did not know who received
the stocks. M-. Randolph is expected
to be one of the witnesses today.
New York Nov. 29.-No official
statement was obtainable at the Mu-
tual Life offices today as to the report
that Richard A. McCurdy, president of
that company, had resigned. Unoffi-
cially. it is learned the company's fl
nance committee is believed to have
McCurdy's resignation under consid-
Grafton.
George w. Perkins, vice president of
the New York Life, was the first Wit
ness before the insurance investigat-
go. toJor H. tnctifin1. fbD 4
he was insured in the New York Life
for $780, 900 on SIX policies. The COM
missions amounted to $31S and he re-
ceiyed these commissions from he
agent.
Mr.. Perkins Explains.
in explaining the testimony of last
Friday when the statement was made
by a witness that $56, T20 was paid to
Andrew Hamilton by j. p. Morgan &
gan & Co. paid that amount to the
Central National bank and New York
Security and Trust company upon re-
quest of President Mccall, to make
loans to Edward L. Mccall, brother of
President Mccall, a justice of the New
York supreme court, and Andrew Ham
ilton. which those Institutions had
made at the request OF EfeSldenl MIC
Call.
Perkins said $40, 1893. which was paid
by Kidder, Peabody & Co. OF Boston to
the New York Life in September, 1904.
as profits of a loan to that company of
1890, coo, was paid to Perkins as trustee
of the Nylic fund and that he had nego-
tiated the loarl for that fund as the
"Nylic' fund did not have thai amount
of money to spare.
The New York Life loaned money To
the Boston firm on Mexican Central
railroad bonds, The life insurance ON
pany received interest at tive rate OF
per cent. OF the bonds as its profit in
the transaction and the "Nylic' fund
got $t0,1 93.
The "IJylic' fund belongs TO agents
of the New York Life.
Justifies His Own Act.
Perkins maintained that commissions
On his OWE policies We're returned te
him as trade discounts, II that it was
not improper for him to accept them
as such. He did not regard it wrong
for any man in any business to re-
ceive a trade discount. 1T was his i'm
preston it had been the general Gus
tom for life insurance officers to &C
cept commissions on his policies taker
out by them. His XVI acceptance OF
the commission, Perkins said, was ii
part because ne took it out during {
prize competition between agents.
Gives View on Efe5atee.
AT TINS ON chairman Armstrong
asked: TO what people arc rebates
ailowed?"
They ought not to be allowed at all.'
Perkins replied. They are allowed tt
people in the insurance business"
IT amy agent We're detected in re.
batting to outsiders he would be pun.
isled, the witness said.
1t never struck Perkins tlat this wa
discrimination. He did not believe
however. there was any statute allow
ing officials to get rebates.
what was New York Life's parti
cipatinn in the New York Security an
Trust c~onpany's participation in TIL
United States Steel syndicate?' aslzcs
Mr.. Hughes.
Big Money in Syndicate.
The New York Life had no direc
interest in the syndicate" replied Per
kins. He added, however, that TIL
trust company did have and had ais
AN arrangement with the New Yorl
Life by which the New York Life go
IS per cent. of the profits in that parti
cipation.
The trust company's p~articipatio,
was 5000, 900 in that syndicate. Th
New York Life, he said, was guaran
teed against less in the syndicate.