The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-13

should, In his opinion, be deposed In thy
coming election.
Judge Parker expresses regret that He
Bishop embarked sin the public servicefor
which the committee was organized, ,Iand
then was unable to attend any Of thetom-
mittee'S meetings or sven discuss thy mat
ters which we're before II with anyfof the
other members. Judge Parker slys the
committee IL satisfied that the Bshop, II
he had been made acquainted with the
committees work. would have ought en-
~lightenment from members Of te organiza-
ton in regard to the past recods and per-
sonnet Of the administration tickets instead
OF relying entirely on thu information
which was furnished him BY the officers
OF the two big companies. The Judge say
the committee Is satisfied also that the
Bishop could not possiblyhaye been aware
OF the facts OF the situation when he made
the statement that Ne administration
tickets are entitled toftbe support Of the
policyholders.
Judge Parker then proceeds to lay down
the facts. He begirs with the New York
Life. He reviewsIths personnel Of the
present management and points out the
officers Of the OF administration who are
He calls the Bishops attention TO the
fact that amShg the trustees presented
for reelectiop are four members OF the
Fowler investigating committee which sub
mitted q report that attempted -to exoner-
ate GeorgeW. Perkins from the adverse
findings Of the Armstrong committee
Judge Parker sets forth that members
Of the Ns~ York Life finance committee.
under whose administration the scandals
exposed BY the Armstrong report occurred,
are upfor reelection, although no suits
have ben instituted for restitution except
agains Andrew Hamilton. The Judge
reviews many things brought out In the
Armstrong inquiry, and says that an effort
was made by the Fowler investigators
to smooth them over and exonerate those
responsible.
There has, says the Judge, been no
SERIOUS attempt to enforce restitution by
irregular transactions charged by the
Armstrong committee: The approval OF
these transactions by the Fowler committee
and the adoption Of the report Of that COM
mittee by the board Of trustees that is now
seeking reelection would. It is believed.
in itself form a basis for demanding res
titution against all the trustees who in
the face Of the disclosures of the Armstrong
committee have approved these trans
actions"
The Judge declares that eleven OF the
tweuty-three candidates on the admins
tration ticket were active participants In
the old management, and that some OF
the new members are closely associated
with the old management in other financial
institutions.
OF the thirty-fve candidates nominated
by the Mutual management, the four
named from the international committee
will refuse to serve II elected. OF the re-
naming thirty -one, fifteen are members
of the old McCurdy regime and ARE re-
sponsible in various ways and degrees
for the scandals Of that regime disclosed
by the Armstrong committee. Judge
Parker points out that some OF the trustees
who voted McCurdy's increase in salary,
for which the company Is now suing the
former president, are up for reelection;
that members OF the agency committee
also are included IN the administration
ticket, although the company " suing
Raymond a Co. for 81, $50, 900 paid out in
excessive commissions. No suit has been
brought against any member OF the finance
committee for the 81 $50, 900 which Andrew
Fields disbursed in connection with the
legislative matters, but members OF this
committee are, the Judge says, standing
for reelection. Judge Parker goes through
all the scandals that have been brought out.
Judge Parker calls the Bishops attention
to the fact that the disclosures which were
made before the Armstrong committee,
from the mouths OF the HE insurance
officers themselves. The Armstrong com
mittee did not have time 10 investigate
the relations OF the old trustees with the
subsidiary trust companies. OnUl sucn an
investigation is had il cannot be said, In
the judgment Of the international committee
that fun justice in hat d~irectionFhas been
accorded to the policyholdsrs.
1T is hardly to be expected says the
Judge, that committees selected from
among the trustees who we're parties to
or responsible for these msdeeds, and who
were Interested in the trust companies,
would i%naugurate the thorough and drastic
investigation necessary to disclose the
facts in which the Investigators them
selves are deeply concerned"
Judge Parker's letter concludes:
1T is impossible for rs to reconcile your
Endorsement Of the administration tickets
with the existing facts except on the theory
that YOU have been misinformed. II the
work of reform and restitution is to be
thoroughly and impartially accomplished
it should not be embarrassed by the presence
in the new arrangements OF those who are
either by act or omission responsible for
the past wrongs, or by their nominees,
however worthy the new men may be-"