New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-05
REPORT NEARLY READY
Politics Likely To BE Ignored By
armstrong Insurance Committee.

The Armstrong insurance committee expects
to practically complete the labors Of framing its
seventy-five thousand word report this week. 4
meeting will be held in this city Wednesday
or Thursday, at which a rough draft OF the
report will be read to the full committee. Such
final changes as the report needs will be made
then. The writing of the finished report will
take two or three days.
Whether or not there will be a minority re-
port from the Democratic members OF the COM
Inittee is not yet definitely decided. A member
of the committee said yesterday that it looked
now as though the committee would find a COM
mon ground all the way through. and that there
would be no minority report. There is little
that is strictly political in the insurance situa
ton The State Insurance Department has been
the cause Of some discussion which may have
had party cast. but the Republicans are IN
clined TO be almost severe as the Democrats
ut is good time TO forget politics" said one
OF the Republican Senators to a Tribune re-
porter. TOO much capital is AT stake for one
thing and even more important is the necessity
of assuring the interests of millions OF policy
holders. I have been trying TO forget that
ever belonged to a party, and I think my coll
leagues have done the same"
Ever since the Armstrong investigation began
there has been a cry for prosecution OF offend
ing insurance officials. District Attorney jerome
made many prediction promises. For week
he has been closeted at his country homo at
Lakeville Conn. going over the testimony
brought out at the investigation. This test-
mony was previously sorted out by two Of Mr..
Jerome's assistants and everything that did not
have direct bearing possible criminal prose-
cution eliminated Even then there was a for
rnidabIe bulk of testimony TO be examined. and
the District Attorney had a busy week
Mr. Jerome is expected at his office this morn
ing and some statement as TO the possibilities
Of a grand jury investigation are looked for. 1t
is not impossible that he will present several
cases for grand jury investigation Immediately.
The case Of the Mutual Reserve has been In
vestigated by two OF his assistants. They have
arrived at a conclusion in the matter. but are
waiting for the return OF their chief before TAX
ing further steps
The Fowler houseceaning committee OF the
New-Yorl Life expects to be ablo to present its
report TO the trustees at a special meeting
which has been called for next Thursday. The
members OF the committee decline TO discuss the
contents Of the report, but it is said that it Is
devoted largely TO illuminating the accounts OF
Andrew Hamilton. the company's former legts-
lative agent who Is now in Paris and to the
syndicating enterprises in which the officers OF
the company figured. Important accounts bear
ing on the Hamilton matter have been received
from Paris The trustees will decide at the
meeting what portions of the report will be
made public II they follow the example Of the
Mutual Life. with the reports of the Truesdale
committee only most general summary Of the
report will be given out.
c. ]. Smith, who formerly connected with
the Mutual Life. is the author of an initiated
article in the last number OF The Vigilant," an
insurance journal founded by the late P. j. Han
way which, under the title. How the Trouble
Began Which Separated Three Men from a Bill
lion Of Dollars" gives much inside history of the
insurance trouble He says that the late P. j.
Hanway was the first to hear of the attempt to
take the control of the company from James
Hazen Hyde. He learned OF the petition which
was circulated among the heads Of departments
at the home office. demanding that the trustees
''nutualize' the company. He tells how Han
way got the full story on Feb. Il and took it to
several newspapers, at least one Of which was
afraid TO print IT because 1t was so sensational
The writer says he asked Hanway where he
got the story and quotes his reply as follows:
afternoon The officer of company sent Tor me 10
6m he 70 told me the whole of the circumstances
leading up to the combination of Alexander and
sT When asans heGd the facts and what do yoS
think? Before l left the house found out that
Tarbeu had been standing behind the partition OF
the folding doors and had heard every word had
said
Mr.. Hanway died on June ). 1895. He never would
reveal whose house he was in when he received the
facts for publication. He told Mr.. FOTman II
the house occupied by officer Of the NewYork
financial institutions the world has ever known, and
which has occupied the attention OF press and the
DibIio for nearly one year. and the end is vet
Al the beginning of II Mr.. McCurdy and Mr..
Mccall Thought IL would be a bad thing for the
Fouita bile but regarded IL with cOnpaCency, and
believe calculated II would simply put active
cornpet,tor ont OF business. At the either