The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1906-01-07
APPALLING
DISCLOSURES
WE'RE MADE IN THE INSURANCE
INVESTIGATION.
Closing With the Year 19o5-They
Created a Financial Earthquake
Throughout the country-Re-
suits Of the Agitation.

year ended the investigation of the
gigantic life insurance frauds by the
New York legislatures committee.
The regulations of score of men
4 who have stood as models are tarnisn-
: ed black as the result OF the disclos-
res.
n = This financial earthquake was start
\ ed by personal squabble between
II Jas W. Alexander, president of the
I Equitable, and Jas. Hazen Hyde, nomi-
+ .nally vice president, but the real
n power of inheritance from his father,
n tho founder of the Equitable.
b Inquisitor Chas e. Hughes has ex-
n AHMED Hyde. Thos. F. Ryan, E. II.
Il Hartman of the Equitable; John A.
E Mccall and subordinates of the New
4 York Life; McCurdys in the Mutual
n Frederick A. Burnmam of the Mutual
n faan power of the Metropolitan and
many others, including Senators Platt
4 and Depew, all forming cogs of the
81 great wheel of insurance graft.
h The policy holders money, It was
Il shown, was commonly diverted to the
H use of the companies / (which Equit-
N able directors held stock and which,
\. in turn, unloaded their mortgages on
III the Equitable
n Millions of dollars belonging 70
M Equitable policy holders were deposit
n ed in banks controlled by Equitable
\ directors, only nominal rate of inter
II ii being charged in place of mucl
= higher rates gladly offered by indo-
pendent banks.
OF a profit of more than $12,000,0OD
made by the Equitable in syndicate
transactions, not one dollar reached
he Golfers of the society. No record
was kept on the books of syndicate
Ioperationslamount to $6S5.0O by G.
III. Squire, the financial manager of
Se Equitable.
From President Mccall and Vice
president Geo. W. Perkins (partner
1pf ]. Pierpont Morgan) Hughes learn
led that the New York Life had con.
tributed $15O,OOO to Republican cam
paign funds.
R Upwards of $525,000 was paid at
one time or another to the yellow
Dog" fund, which the insurance com
R panies maintained to influence the leg
Y t-I, Of hn
To one man, Judge" Andrew Ham
ilton, who looked after the interests
of the New York Life particularly in
the Albany legislature 100000 in one
gum had been paid for purpose not
I disclosed. Hamilton declined to re-
Turn from Europe for the purpose Of
I examination, and sent over an evasive
r accounting of $720000 balance
lknown as the yellow Dog" fund.
The New York Life entered into a
Isecret agreement with Morgans First
National bank TO advance millions on
lloans and charge only 11a per cent
Interest. Perkins admittS that he,
Representing the New York Life, sold
Ns6 his partner. Morgan, 100000 worth
iof International Marine stocks and
The following day, as the representa-
Hive of J. p. Morgan & Co., sold this
Stock back to the New York Life at
Ipar.
After this the public heard the
Astory of an appalling nepotism in the
Mutual Life. .McCurdy's salary of $3.50
200 fixed by himself, has been reduc'
I'd to $4,000 a year, now that Nc
tcurdy is out and Peabody is in. Nc
tCrdy's son, Robert H., general man.
hger, had an income of $250,000 a
lgear from various sources in the com.
lany A total profit of $923,S23 was
tnade by McCurdy's son-in-law, The
baud. on sales and commission. The
iMutual paid $4,000 to the Republican
Campaign fund McCurdy was a mem
Ter of the firm of Chas. H. Raymond
Ind Co., who, as chief agents of the
iutual, drew enormous profits on
sommission.
United States Senator T. c. Platt
idmitted that the Equitable had paid
bim $4,000 Il year regularly for the
state campaign funds. He also ad
United getting campaign funds from
the Mutual and New York Life il
l., staggering amounts. He frankly saiC
hat these contributions would put the
Legislators under moral obligations.
The Equitable old crowd is out
with the affairs of the company in the
hands of a committee of reform
l headed by Grover Cleveland. Alexan
ler is prostrated with nervous disor
3ers and Hyde has sailed away t.
IEurope for a rest" The McCurd!