The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-10-17
FIGURES WRONG.
Comparison Of Mutual's Assets
With European Bank Holdings
Are Shown to Have Been Wholly
Misleading.
MCURDY ON THE STAND
Declares Hughes Is Trying to
Prove Him a Fool.
Attorney Declines to Comment
on ''That Which Is Obvious.

Attorney Declines TO Comment
on ''That Which Is Obvious"
New York, oct. 17.-with Richard
A. McCurdy. president of the Mutual
Life Insurance company, and James
II. Hyde former vice president of the
Equitable Life Assurance society, in
the city ready to be called as wit
nesses the legislative committee ap-
pointed to investigate the insurance
business resumed its sessions today.
The committee adjourned last week
as a mark of respect to the memory
! of s. Fred Nixson, speaker of the
state assembly. Mr.. Hyde has not
I been served with a subpoena, as he
/ has notified the committee that he is
ready to appear any time he is want
/ ed and to answer all questions unre-
servedly.
The committee has also Been noti-
/ fed that William II. Mcintyre, form
erly fourth vice president of the
/ Equitable company, who has been abb
/ sent from the city, will return short
/ ly and be at the Investigators dis
pOsal.
Lawyer John T. Stanchfeld, OF
Elmyra, who was the Democratic can
didate for governor of New York in
1900. was in the committee room
when the session opened. It was re-
ported that he had been retained by
the Mutual Life Insurance company.
Richard A. McCurdy, president of
the Mutual Life Insurance company,
was the first witness today.
Before the witness was called
/ James McKeen. associate counsel to
the committe. put in evidence for the
| records a statement of the assets of
the Mutual Life Insurance company
/ and of the banks of England, France
and Germany. James NJ. Beck, of
counsel for the Mutual Life Insurance
company, claimed last Tuesday before
/ the committee that the assets Of the
Mutual Life exceed the combined
| assets of the banks of England,
| France and Germany.
Finds Beck Was Wrong.
BY cable Mr.. McKeen said he had
| asecrtained the combined assets OF
these Institutions were S2,226, 574,725,
while those of the Mutual Life were
| s44O.97S.3z1. Further, said Mr. Nc
Keen. he had found the salary OF the
president of the Bank Of Germany to
4 be $4,000 per annum and that OF the
chief governor OF the Bank OF Eng
End to be $4,000. He had been un-
able to ascertain the salary of the
president of the Bank of France.
The examination Of Mr.. McCurdy
was then begun, he being questioned
first as to advertising. clipping
/ from a magazine for October, 1905,
was shown him. He said it was an
advertisement setting forth the ad-
Vantages of his company. witness
never saw the advertisement before in
his life. He had no more knowledge
of what advertising his company puts
| out than the casual reader This was
/ the business of the advertising depart
ment, he said.
Mr.. McCurdy did not know whether
some one in the Mutual Life 1nsur-
/ ance company's Offices received the
! coupons attached to the advertise
ment which the recorder is instructed
/ to forward to the company for fur
/ Their Information or whether the cou-
! pOns went to c. H. Raymond & CO..
/ the Metropolitan agents of the Mutual
/ Mr.. Hughes announced that the
I committee had received a large num-
! Der of letters relative to the DIVIDENDS
4 on the policies of the Mutual Life In
/ surance company. Some of them Mr..
II Hughes read to the Witness saying
those he read were from policgholders
I in New York city One writer VINO
had taken out a policy in 1855 Tor
$4,000 on the ten payment life plan
said his dividend in 1875, was S55.76.
In 1881 it was cut to $685. in 1891 it
was reduced to $40 and in 1904 to So
This. the writer said was in the face
of the reserve increasing year after
year.
Had the Wrong Witness.
Mr.. McCurdy said Mr.. Hughes had
the wrong witness. It was the actu
airy, he said, who looked after the
calculation of dividends. Had he been
notified a day ahead he would have
been fortified with this information.
Mr.. 1fcCurdy complained that this
investigation was going outside of
what was contemplated when the
committee was appointed by the leg
islature He said he understood this
was to be an examination Of insurance,
not an inquisitiOn. Mr.. Hughes re-
piled that it was indeed an inquisl-
ton.
I'VE will have occasion to call your
actuary but you have been in the in
surance business for 40 years and /
want to learn what you know about
your COMPANY said Mr.. Hughes
you are its president and receive
| $4,000 in salary. I want to learn
for what you are responsible"
You are trying to prove me a
fool" the witness retOrteds
Without commenting on that
which is obvious. let me ask you to
tell US to the best of your ability some
of the lines on which your company
is conducted said Mr.. Hughes.
Mr.. MeCurdy insisted that his actu-
airy must answer the questions on
I dividends paid and how they are cal
culated He declined to offer any ex-
PLANTATION further than the policyhold-
ers above referred to had a reduced
rate policy.
Declined to Answer.
Mr.. McCurdy said if a copy of the
policyholders letter was furnished him
he would have the matter looked up.
Mr.. Hughes said the reason he took
up this subject with Mr.. McCurdy in
stead of the actuary was that Mr. Nc
Curdy had submitted a great many
figures to show the increase in the
salary of the witness was due TO the
great prosperity of the company. Nlr.
\ McCurdy many times declined to an
sWer' questions by Mr.. Hughes.
Il don't want your discussion, said
Mr.. Hughes. If you say you don't
( know wen not expect an answer"
Il decline to discuss the question"
4 Mifneas said