New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-05-23
NO ACCOUNTING ASKED
Mutual Life Committee Passed
Vouchers on Officials o. K.

James c. Holden. one OF the membegs Of the
expenditures committee Of the Mutual Life, and
Robert A Granniss. ex-vice-president of the
company. testified before the insurance grand
jury yesterday regarding how they passed vouch-
ers for much of the money that went to sources
let appearing the books. William C. Ed
wards. treasurer Of the Guaranty Trust Com
pany. a subsidiary corporation of the Mutual,
testified regarding number of checks drawn on
his company by the Mutual.
Ir. Holden was not witness before the Arm
strong committee but Robert Olyphant chair
man of the expenditures committee. who is now
on his way from Europe to testify before the
grand jury. was u witness before the committee
He told about the workings of the expenditures
committee. He said that the committee passed
on all bills that came up with the approval Of
some executive officer, and. when the bills had
such approval. never required an itemized ac-
CONTRIBUTING more than the word Of the execu-
tive that the money was needed.
No limit placed on the expenditures He
told how ne signed vouchers for eight payments
Of $4,000 each to the legal department in two
years The general solicitor told the committee
the payments We're necessary and proper, and
there were 10 questions asked.
II dld not occur to me-" he said, that I
should hnd out where the money went when
80 assured Dy an executive officer that II was
needed for the interests Of the company
hopert A GTanniss testified before the Arm
strong committee as to the signing of vouchers
Dy MIN as vice president He told of a contri-
Dutlon OF $500 to the Congress campaign COM
5nlttee IN 1904 One of the vouchers for S2b 600
Tor me legal department was 'initialled" by him
but he did not know what had become of the
money although he probably did at the time he
said He said he never had anything TO do with
the passing of the bills of Andrew c Fields or
the supply department
Persons interested in the movement OF the
policyholders in the Mutual expect to use as one
OF the arguments for a change Of management
The fact that the business of insuring the home
once and the two other buildings in the block
which are owned by the company has been given
70 a firm the senior member of which is a cousin
of President Peabody. Giving favors of this
kind 10 relatives what brought criticism az
The former management Of the Mutual as well as
OF the Equitable
II was said yesterday that the total amount
Tor which the main building is insured is SO 600 =
600, at a rate Of 81 7S the thousand The re-
mainder OF the insurance is said to bring the
total up 10 over S5,000000. The premium on the
remainder is at the rate Of 81 Os a thousand
President Peabody said yesterday afternoon
maj the insurance of the building had been de-
cioeo on by the finance committee last Friday.
which had directed W. W. Richards. head Of
me real estate department. to make the con-
tract IL had been learned by him. he said
that insurance rates were so fixed that ali
brokers would be Obliged to charge the same
IN view Of this fact, he did not see anv innro-
son d Smythe. with whom he had had salts
factory dealings before becoming the head of fhe
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