Los Angeles herald., 1905-11-30
President of Mutual
Retires
Gives Failing Health as
Reason
Board Of Trustees Accepts Withdrawal
and May Appoint Former Con-
troiIer of Currency James H.
EckeIs as Successor
BY Associated Press.

NEW YORK, Nov. 29.-Richard A.
McCurdy today resigned as president
of the Mutual Life Insurance company.
His resignation was accepted by the
board of trustees and Frederick Crom-
well, treasurer of the Mutual was
named as his temporary successor.
While no definite announcement was
made regarding the selection of per-
manent successor for Mr.. McCurdy, 1t
was persistently reported that the
presidency Of the company had been
offered to James Fl. Eckels, who was
comptroller of the currency during the
administration of President Cleveland.
Mr.. Eckels is now president of the
Commercial National bank of Chicago.
Mr.. McCurdy's resignation was sub
mitted to the board of trustees in
letter in which he declared that his
condition of health imperatively de-
manded his immediate retirement from
active business. He had been dis
suaded from severing his connection
with the company last June when he
reached the age of 20 years "only by
the serious disturbance which previous
ly had arisen in insurance affairs" In
view of these conditions he believed it
his duty to remain at his post.
Resignation Is Accepted
He found, however, that he overes-
timated his physical strength and it
was upon the advice of his physicians
that he rendered his resignation.
me resignation was accepted unani-
mously and the trustees passed reso-
luton in which they express the hope
that much needed rest may afford
the relief requisite for such recovery
ha bonad Of hi g
life and assure him of their best
wishes for his future comfort and hap
plneSS in circumstances more con-
genial to his present tastes and incli-
nations"
The resignation of Justice Rufus w.
feekhain OF the United States supreme
court as a trustee of the Mutual also
was presented to the board of trustees
at today's meeting and accepted. JUS
llce Peckham has been a trustee of
the Mutual for more than 20 years.
one interesting feature of the insur-
ance investigation today was the is
suing OF a Thanksgiving proclama-
Ilon to the policy holders by Senator
William A. Armstrong, chairman of
the investigating committee, in which
ne ADVISED them against allowing their
pollc1es to lapse because of ANYTHING
revealed In the Investigation and told
tnem they are in better position now
than oetore the investigation began
and that the committee would recon-
mend legislation to safeguard their
interests.
George T. McClelland, a former state
senator from Westchester county. tes-
tined before the committee todav that
he lived In the Mutual Life insurance
company's house in Albany, conducted
py Andrew Z" Fields, in 1903, while he
was a senator and member of the in
Surance committee that
stated that it never occurred to him as
improper, as he and Field were old
friends.
Witness Loses Memory
IL was shown that in several wears
while Mr. McClelland was not a SEN
ator, he was retained by the Mutual
Lie insurance company at $4,000 a year.
ana Mr.. Hughes had much difficulty in
obtaining statement of what he did
to earn that retainer. He said he an
peared before legislative committees to
argue against the savings banks tax
and franchise tax bills.
Mr.. McClelland had just stated that
ne was never employed by the Euuita-
BILE Life Assurance society when Mr..
Hughes showed him voucher for $500
paid by that society to the firm of
which Mr.. McClelland is a member.
1t was written in his handwriting, but
Mr.. McClelland said he could not re-
member 1t. 1t was credited to 'water
company account" as We're also other
vouchers paid by the Equitable society
to William N. Johnson and Charles I.
Lewis, amounting to $6500.
John G. Mccall, son of the president
of the New York Life insurance com
pany, told the committee today that An
drew Hamilton, the Legislative agent
who got large sums of money without
an accounting from the New York Life
insurance company, had been located in
Paris and that he had received a mes
sage from President Mccall asking him
to come to New York to appear before
the committee and render an account
ing of his expenses. TO induce him to
do that, Mr.. Mccall said, he was 60
ing to start for Paris on Saturday.
The committee and all of it's counsel
held protracted executive session at
the close of the days hearing, after
which 1t was announced that the com
mittee would complete the investigation
by December 81, as 1t is due to report TO
the next legislature in the first week
In January. The committee will sit
five days next week and throughout
Christmas holidays.