The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1905-10-18
R. Nl'CURDY
UNDER FIRE
Mutual LIES President Loses
Ills Temper.
BALkS AT QUESTIONS
Hughes Wanted to Know Why
Salaries increased While Divi.
dsnds Decreased.

Richard 4. Nccuriy u the Mutual
Life lisumnor rsinpauy Nas on III,
gridd.r asfin i,eiufv lhe Legislative
oommlii.. on lifc Insurance. ani. pnr
sunnl 10 BE Iiallcy not 10 boeome ca
tangled with Cti"f lnqnlsiinr Hughes
b. Wfnsr.i L. ansHor u,any questions
wh. d ih. rsn.nlliis,' believed q tial.
OoU year uilir.r ought Ia have boru
ahlo aud willing 10 answer offhand
While BE- was un iiie stand letters wcc
frld fr1m prominent policy holiors
showing how IA ihr last twenty year.
the Dividends 10 policy holders bad
steadily d-'rvasei. while tho salaries
had rapidly inrfrasesi.
President Mrcuriy wonh offcr ~
explanation ~ this. nor would be- nj
nit knowing anything about the money
i,ald out o. various persons upon ihs
Recommendation ~ Andrcw q. Fields.
superintendent 81 supplies. lie did not
even know. be- said. that Fields fof
many yearr had maintained a house Ia
Albany for the entertainment and cu
llEht-umcni OF legislators who's
friendship tie company wished TO ~.
tain.
By the time rrc--s WIS declared one
OF m. members of the committee had
reached the conclusion that II "i'rcsi.
dent Mccuriy don't know any mors
than he prc,cnds O. know he wouldn't
be worth SIS a week"
Chairman Armstrong was asked what
the committee Intended 20 do ahoui
President Mccuriy's refusal a. give
any explanation Tot the large Increase
IN salaries with the corresponding de.
crease Of dividends 10 the policy hold
ers. and Chairman Armstrong said
"when the Legislature l. IN session II
could punish Tor contempt Iny witness
who refused 90 answer a question ma
tcrial 10 the matter under inquiry. II
II n mIsdcmeanor TO refuse TO answer
and II we were not able 10 obtain the
information better from some one else
and II we did not think that President
McCurdy's refusal "a answer was more
significant than any explanation he
could offer we might lay the matter be.
fore the district attorney and ask that
Mr.. McCurdy be tried for n mlsde-
mcanor. as provided 10y law In such
cases. but I am inclined TO think that
the committee win draw it, own con.
illusions from President McCurdy's ret
icence In these matters aud that from
other officers Of the company we viii
get the facts. and the facts In this case
will be far more eloquent than any
dlsquisition 10y President McCurdy."
Associate Counsel james McKeen
said 10 the court that when Mr.. Me.
Curdy was ON the stand about two
weeks ago James NJ. Beck, counsel for
the company. had made the statement
and President McCurdy had adopted II
as his own that the assets of the Mu-
tual Life were greater than the com
bined assets of the Bank OF England.
the Bank Of France and the Bank OF
Germany. President McCurdy had
adopted that statement TO Justify his
increase In salary from $4,000 u year
to $4,000. Mr.. McKcen said that
since testimony to that effect was CIV
en- the committee had taken pains 20
ascertain by cable the assets OF those
three great banking institutions, and
the answers by cable were TO the effect
that the Bank Of Frances assets in Au
gust Of this year were S1,222,075, 600,
the Bank of Germany Si72,945,000 and
the Bank of England S531. b54, 725,
total Of $2.228.574.725, which is an ex-
cess Of S1.7s5, 596.3s4 over the Mutual
LIES combined assets Of $40, 97S,0 900.
Mr.. McKeen said that he had ascer.
talned that the salary Of the executive
of the Bank Of Germany was $4,000
and of the chief governor of the Bank
Of England only $4,000 He had been
unable to ascertain, he said, the salary
Of the president of the Bank of France,
but he desired to have 1t go on record
that Mr.. Beck and Mr.. McCurdy were
entirely erroneous in promulgating the
statement that the assets of the Mu-
tual Life were greater than the com
bined assets of those three great Euro.
pean banks.
Lawyer Beck then arose and said
that he had not intended to say that
the Mutual's assets were greater than
the combined assets of those three big |
financial institutions, but that the Mu
tuars assets We're greater than the
combined capital of those three insti-
tutions.
Mr.. Hughes remarked dryly that a. |
the Mutual had no capital whatever
most any institution or combination of |
institutions would have greater CAPT
tai than the Mutual.
Mr.. Hughes showed to Mr. McCurdy |
a voucher for the payment of $1,000 TO
William A. Fricke formerly insurance
of Wisconsin, and let. |
ter from Charlton T. Lewis, an attor.
ney OF Madison, Wis. The letters stat.
ed that Mr.. Fricke would accept re
tainer Ito see that the interests Of the /
Mutual Life should come to no harm" |
In that state. Mr.. McCurdy approved
the voucher, but could not remember
the details.
A voucher for payment in 1903 Of |
SD, 100 to s. s. Odds "for professional
services in matter Of Michigan" one.
third 80 xx,h;.l-~xx,ac a., IA, natl H.. 81, 4,