| Show Lift LIFE I INSURANCE SUR Ct SC SCANDALS LS EFFECT Andrew Carnegie Says Th Thy Il Have l Created a 3 Profound Impression la lit Europe TIlE THE ROOT BOOT OF THE TROUBLE H Respectable Names arc are Used Led as II D Decoy Ducks hicks lj hI Real Heal Managers ers of or the I Institution ne it im ti on New ew Yolk No Nov i i lie upon tipon disembarking today from th the Baltic on ott which he lie arrived here her l lest Jut st night talked on ott American polities lie He spent the summer at his bill castle li lii cutland After expressing himself In favor tavor of tt hon honest hont Bt elections election anti and declaring that mu mil municipal ownership was wits bound bounI to 0 come some lome day Itay Mr Ir Carnegie said The Insurance scandals have made a profound impression throughout Km ope The Thu root o of at the he trouble II is that bunt there ar are ale so 0 many 1 lIln in Ill America wh who are Me so 80 that the they lend their helm names in 10 ci financial Institutions and as al assume sumac sume duties which they theil have not time timeto to 10 perform Their respectable names an aro used H decoy ducks by the lie real reed of the he institutions over liver which the thy they no 10 control What we need to control such evils l I Is men omen In who are ure not HOt mone money grabbers who Iho are from business and who ho will con conduct conduct duct public as al they hey would their theil own bu business Th The Thi Is III caused h by the lie fact that business men will wll riot not protect their nil names us as the they protect their dollars Time I busIness anti and moral standing ha has hag l been een lowered ii In 11 their thell estimation It U lute Ima to this extent caused wonder that men inca of ot otI I finance have e allowed heir names to be he used an as a blind I 1 have 0 ben been time and again to become u It director of ot otome some ome of or the companies II Ie but I J replied that If It the Institution Is a 0 gool I one I will trust my mr with it but not mint my name That Is III sacred 1 THE un 1 INVESTIGATION William hurtles Harnell Mr r of ot wan wait I the him Ht et witness before the tile Insurance Investigating committee when the sue were resumed today Mr Ir litanies Dames I appealed time the committee at lit his hili Mil 11 request He lie testified that he lie wait waita a 11 lawyer ami was wall superintendent nf ut 1 In Insurance from tram Jan IAn 1 I 10 0 to Ian larm 1 1870 He lie Identified thu Ihl vouchers ouch dated July 1 I 1101 JO Jill JuI July 1 lit ll July U it 1903 and Jul July 1 l H each for the sum lum nf Or for tOI retainers and legal ser ear services vices Ices rendered 1 The WetS ne for tOl opinions to the lie New ew York Life LICe Equitable Life society and Mutual Life Ute Insurance company as all associated In Iii several measures ure of ot legis hegie legislation let lation ion Por For the time i he had written n lIe eo sev several eral ah opinions tot for the president and anti vice president recommending the Mu IU of that company as al provided III In the lie original charter The rhe sum stunt of ot each voucher rain froin the thIs Equitable was wag wasa II a thud third of or the entire sum wit atos r me elved for lor tIme tilt services to the lie three Voucher of ot time the Mutual Life lIC tinted Julie Jinn 20 O June 30 80 and Jul July I 1 1 1 litH 4 each for fat were well shown The They represented the Mutual Life K share Ilar In the payment ment of ot Mr Barnes Borne services In fit the Ila payment ment of ot Mr 1 Homes lI ser services r vices Mr tm fl Hat lit s a said h lie received receded 1000 ICO from the lime Mutual 11 Life for special set ser services 11 vices Kept Feit 1 t IO 1001 Tills TimIs was WAI for oral oal argument before n t nate III the of lI 1156 G of or t l the Ihl hi Insurance lawn Witness said lie hI represented time the three companies Were you laId 1011 by hy the lie New ew w York YOlk Lit Life HId and th lie asked Mr Ir Hughes counsel counCIl tam foi the iho committee The rhe I 1 did not pay un lit any anything thing I replied pi Mr 11 Barnes Harne The I had hiatt too to much them themselves selves to 10 take care of ot if their own OWl mat math matin U h in is s and w Willi ss s too tiO much nuchi Irritated by the tile opinion pinion that bust I lieu hall given them that the officers of It that lint company should hould mutual Ue lie themselves because the stockholderS stockholder wanted to pocket the time whole power In lii I titus that company which they hold to his day ilay That company IH is a n PO IJ now I Irr tr rr today Juat just Is IA much as IM it ever eer was lUS except t for tor hi change e of or the lie real name of ot the mime man from James Jamn Kazan Hazen Hyde Hylle to Thomas I P F Ryan that Is II th the on oat only change niafle th the uie have tin nn controlling power In It Mr Ir Barnes Barna told at much length hIs reasons for opposing the repeal of lt see sec section ftc ion tion Will USA of ot I time the Insurance la laws His main point of fit 11 was th thin Ity of ot allowing a Il without th the consent of th tit this attorney general to liming bring n R suit full Involving the company or ap appointing a IL receiver or 01 asking kIll for tor an Recounting H He Ha mild It 11 tins hus been en decided b by th the courts OUIla thai thI If It It requires that action of ot the whole assets of th company I something like hIke and th the valuation of ot policies In order to learn whether er fir r or ur not riot a I Is Ii to get III ad ador 5 1 or 10 th court do not miot want to assume the lie responsibility billt Y of ot declaring the amount of ut dividend payable to 10 policy policyholders policyholders holders themselves Instead the courts urt urtha ha have decided thit toner power I Is best belt left heft In InI Inthe inthe th the hand hands of ot the president and end the he I hoard board of lit director whose decision shall shallI I 1 tins so 0 lon long a nil as I they hI act ael In good faith This A was 1111 Instead of nt allowing policyholder to iro ro into any allY of nr the tho courts of lit this country In UN Its 40 O dl dlf dlf f terent rent lit states II lei thu thud rendering the a 5 atall ai tall fairs of ot the company In such uch a ii confused ed 54 snap hape by reason of ot such luh litigation that It would he be practical practically Impossible to tu do business Following 1 Mr Mm Harmie Actuary James JamesM I M tt t Cral was wa recalled Mr lr He man also alan testified that hi his e mp ny had hal patch paid mony to Andrew Hamilton A statement was 1111 produced showIng that tha Hamilton had hod ret elved from I ISM to 1104 for tor r time the sum Run of ot Hamilton worked In a anum num br tier of ot states state lAl Ni his hll dittIes were ml bum lur to tho those he d for foe the other companies |
