Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-17

NEW YORK. October 17.-With Richard
A. McCurdy, president of the Mutual Life
Insurance Company, and James H. Hyde,
former vice president of the Equitable Life
Assurance Society in the city, ready to be
called as witnesses, the investigation COM
mittee appointed to investigate the insur-
ance business resumed its sessions today.
The committee adjourned last week as
mark of respect to the memory of S. Fred
Nixon. speaker of the state assembly. Mr..
HYDE has not been served with a subpoena.
as he has notified the committee that he is
ready to appear any time he is wanted and
to answer all questions unreservedly.
The commottee has also been notified
that William H. Mcintyre formerly fourth
vice president of the Equitable Company,
who has been absent from the city, will
return shortly and be at the Investigators
disposal.
Lawyer John B. Stanchfeld of Elmira,
who was the democratic candidate for gov
ernor of New York in 1900 was in the COM
mittee room when the session was opened.
1t was reported he had been retained by
the Mutual Life Insurance Company.
Mr.. McCurdy the First Witness.
Richard A. McCurdy, president of the
Mutual Life Insurance Company. was the
first witness today.
Before the witness was called James Nc
keOn,
put in evidence for the records 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 Tues
day before the committee that the assets or
the Mutual Life exceeded the combined as
sets of the Banks OF France, Germany ana
England. By the cable Mr. McKeon said
he had ascertained the combined assets of
those institutions We're s2,226,5I4,725, while
those of the Mutual Life were S440,9TS.31.
Further said Mr.. Mckeon, he had found
the salary of the president of the Bank of
Germany to be $4,000 per annum and that
of the chief governor of the Bank of Eng
land to be $4,000. He had been unable 10
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, 1903, was shown him. He said
it was advertisement inserted by his
company, setting forth the advantages of
his company.
Knew Nothing of Advertising
Witness never saw the advertisement be-
fore in his life. He had no more knowledge
of what advertising his company put out
than the casual reader This was the bus-
ness of the advertising department, he said.
Mr.. McCurdy did not know whether some
one in the Mutual Life Insurance Com
pany's offices received the coupon attached
to the advertisement, which the reader is
instructed TO forward to the company for
further information. or whether the cou-
pons went to c. II. Raymond & Co.. the
metropolitan agents of the Mutual.
Mr.. Hughes announced that the committee
had received large number of letters rela-
tive TO the dividends on the policies OF the
Mutual Life Insurance COMPANY Some
OF them Mr.. Hughes read to the witness
saying those he read were from policy
holders In New York city. One writer who
had taken nOliCV fOr
the ten-payment life plan. said his dividend
in 1876 was $55.16. In 1881 1t was cut to
1904 to 81. This. the writer said was in
the face of the reserve increasing year after
year
Mr. McCurdy said Mr.. Hughes had the
wrong witness. II was the actuary who
looked after the calculation of dividends
Had he been notified a day ahead he would
have been fortified with this information
Opinion on Inquisition.
Mr.. McCurdy complained that this in
vestigation was going outside of what was
contemplated when the committee was ap-
pointed by the legislature. He said he
understood this was to be an examination
of in surance methods. not an inquisition.
Mr.. Hughes replied that 1t was indeed an
inquisition.
I'VE will have occasion to call your
actuary, but you have been In the insur-
ance business for forty years; / want to
learn what you know about your company
said Mr.. Hughes.
You are its president and receive $50, 600
in salary. want to learn for what you
are responsible
You are trying to prove me a fool" the
witness retorted.
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.. McCurdy insisted that his actuary
must answer the questions on dividends
paid. and how they are calculated. He de-
ciined TO enter any explanation further than
that the policyholder above referred to had
a reduced rate policy.
Mr. McCurdy said II a copy OF the policy
CONTINUED on Second PaEo.l