New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-09


salary OF $500 a week for doing practically moth
ting This salary was discontinued when the
$1,000 had been psid. with additional $500
which might have been considered interest
There testimony that the late Hilary A
Bell had conducted yellow dog press bureau.
One whole day Of the investigation given up
10 the 'hoid-ups" OF Western insurance super
tntendents and other queer" payments. An
effort YVES made TO show that when the Mutual
Reserve acquired the Northwestern company
and paid one agent s2ll.Ooo n Communication Of
his commissions and later another payment OF
slos.ooo. that part OF the money went to Presi-
dent Durham
A policyholder's complaint based on his ex-
perience with $1,000 policy taken out in 1891.
was first discussed. This policyholder received
bond OK ss7 IL at the end Of the first Quin-
ouennial period This was applied 70 the pay
ment or special and regular assessments. He
received another bond for SIS 45 at the end Of
the second period. This he still holds. At the
end Of the third period ne was told that there
was lien against his policy OF $1,000. and that
he would be charged per cent interest until It
satisfied
The poiicyhoicers tried to make stand at the
annual meeting q few weeks ago. President
Burnhan took fourteen thousand proxies out of
MS safe and naturally outvoted the thirty-four
individual voters who came 10 The rnee,sns Tho
dissatisfied poiicyholders at once went IN Dis
ulet Attorney Jerome and demanded the indict-
hent OF Tie officials. His Office has been az
work On the case ever since
MR. RAND sEcRETIvE.
As a result OF e peculiar application which
Miliam Rand, Jr, made yesterday in regard %
privileges ne desired in the grand jury invest,-
CATION OF Insurance there is a strong belief THAT
ne has been retained by several OF the big life
insurance companies In a statement which he
made to the court he said that he had seen in
the newspapers that the grand jury was about
20 investigate political contributions He de-
clarsd that If there a hearing he wished TO
be heard.
District Attorney Jerome said that he would
welcome any facts or legal references which Mr.
Rand might be able to submit THE present
ment is not narrowed down life insurance
companies alone, but TO all corporations" said
Mr.. Jerome "Other concerns may have from
time 10 time contributed political assessments
The question 20 be determined IS whether or not
they are felons"
he then asked Mr.. Rand whom he wished TO
represent before the grand jury. and what was
hts purpose in appearing. Judge O'Sullivan
ruled that the discussion Of the case before the
grand jury should be secret and that Mr.. Rand
could not enter into Il unless he disclosed the
identity of his clients.
y win not disclose the name of the person
whom I represent" declared Mr. Rand
Neither the Court nor the District Attorney
can know the name of my client"
Further investigation OF insurance affairs is
TO be deferred one week. that Mr.. Jerome may
prepare and present brief containing the opin-
ions of legal authorities. Judge O'Sullivan eX-
pressed his qualification that the District Attor-
ney would take such step In the mean time
the jury viii take UP other cases.
There VIII be q special meeting OF the Fowler
housecleaning committee Of the New-York Life
to-day. with Clarence Mackay. temporary chair
man. in the chair. The committee will discuss
the suits against the estate Of ex-President John
A. Mccall and against Judge" Hamilton. John
G. Mnburn, who with ex-Judge William A.
Keener has been retained as special counsel in
these cases. returned yesterday from Albany,
and Il understood that action the suits
would not be longer delayed. The Fowler COM
mittee is disappointed at the small amount of
property they find on which levy could be made
IN case judgment is obtained.
MCTUAL's BIG LOSS
The Truesdale committee Of the Mutual Life
met yesterday al the Office Of its new counsel,
Joseph H. Choate, but the subject under dis
cussion was not made public. II is said that
now Mr. Choate has decided to cast his fortunes
with the present mana cement Of the Mutual
Life, il is likely that he VIII become a director.
possibly taking the place of Richard A Nc
Curoy on the board. Stuyvesant Fish, who Is
70 head the opposition in the Mutual. left here
yesterday for the West on an inspection trim
over the Illinois Central. The formation OF his
committee is In the hands OF attorneys. and is
making rapid progress The Tribune learned
yesterday that there VIII be twelve or fifteen
members. and all men OF prominence
Tne annual statement OF the Mutual life
Whch was made public yesterday, showed that
The company had lost $4,000 600 IN new b,,si-
ness as compared with the report for 1904 This
loss is directly traceable 10 the Insurance scan-
oeAS which have held so much Of the nuhI,o
e''ehuon- It's loss was not as heavy as that of
the Equitable, but the Equitabe's tropbles b.-
gan several months before the Nutua, 1ise ga
me New-fork Life were involved. The com
panys statement shows that q docs no, -.
balances due II from agents as admitted a.
hels' These balances amount TO s49Ooao mr.
ing me year S5.OooG00 was deducted iron, tho
Naluation Of the companys real estate Thu
total income for 1905 was ss5O64 600 and the
total disbursements S55 972 900. making an in
crease OF S471.TT2 over 1904
lie Equitable has decided TO raise the rents
OF It's model dwelling houses IN l3sth and lsstb
streets between Seventh and Eighth avenues
So III TIC Equitable says that the in
crease is In no way due 10 the criticism of life
insurance.
READY FOR ALBANY HEARING
The exodus 10 Albany for the public hearing On
the proposed Legislative insurance reforms CON.
tnued yesterday. and this morning every train
promises TO be packed. Some seven hundred ufa
insurance agents. members and friends Of the
New-York Life Underwriters Association will
leave here at $50 a special train.
The Equitable Society will be renrese,tsd -,