Los Angeles herald., 1905-10-20
M Gu RDY
STUBBORN.
Says He Won't Give
Up His Job
Declares He Will Stay
Until Term Expires
No Action to Be Taken In Regard
to George j. Plunkett Matter.
Interesting Testimony Re-
garding Companies
BY Associated Press.


NEW YORK, Oct. 19.-Richard A.
McCurdy, president Of the Mutual Life
Insurance company, made the state
ment today that he had no intention
of resigning, that he was elected to
serve until June next, and that moth
ing can or will drive him out.
1t was also announced from the dis
trlct attorneys office that no action
will be taken regarding the George j.
Plunlzctt matter, that was turned over
to the district attorney yesterday by the
legislative committee which is investi
eating the insurance companies.
Closing one of the most sensational
and strenuous weeks of the insurance
investigation the committee just before
announcement today concluded the ex
animation of Richard A. McCurdy, with
the exception of a few details he is
to supply next week. Mr.. McCurdy
has been on the stand the greater part
of the three days of this weeks ses-
sion, and some of his testimony has
been the most startling of any that
has been adduced before the commit
tee. His testimony today, however,
was very much of a technical nature,
though it was of much value to the
committee in its work. When he re-
sumed the stand this morning it was to
take up his testimony as to the Mu-
tual Life's connection with trust COM
panes that was interrupted by adjourn
ment yesterday.
The information furnished by Mr.
McCurdy disclosed that the trust COM
panies with which the Mutual Life was
i
after they were taken up by the Mu-
tual. Two cases in point were the Nor
ristown Trust company at Morristown,
N. j., where the McCurdy family live
and the United States Mortgage and
Trust company. The former is now
controlled by the Mutual Life and Mr.
Curdy testified that beside being di-
rector of this trust company, he is a
large stockholder and would take more
stock if he could get it.
Balance With Trust Company
The Mutual Life keeps a balance of
not less than 100000 with this COM
pany, on which it draws from two to
three per cent The latter rate has
been paid only since September. Mr.
McCurdy did not know the holdings of
the other members Of his family in
this company.
In the syndicate operations Mr.. Nc
Curdy said that he participated not
with the idea of drawing bonds but
to obtain his share of the commission
allowed by bankers.
Mr. McCurdy was asked what life
insurance he carried and he was un-
able to say at once, but James M
Beck, his counsel, presented state
ment showing when the policies were
taken out, for what amounts and the
plan. These aggregated $20O,O0O all
in the Mutual. Mr.. McCurdy testified
that he was also insured in the Equi-
table, The Washington and Connecticut
Mutual.
Before he left the stand Mr.. McCurdy
said he paid $4500 for his apartment
in the Grosvenor building, which is
owned by the Mutual.
When Mr.. McCurdy was excused his
son. Robert II. McCurdy, was called to
explain some charges for travelling ex-
penses in 1904.
He said one of his duties as gen.
eral manager was to visit the agencies
about the country. Three such trips
were made, the expense of which ag~
gregated about $3,000 Mr. McCurdy
said that while on one trip he was ac-
companied by his father, mother, wife
and the latter's maid, but that the
expense accounts were for himself in
dividually, and did not include those
of any other member Of his family or
party. He had a private car on one
of these trips He could not tell why
the expenses on these trips were so
large. but said he would furnish the
details later.
Mr.. McCurdy was followed by w. w.
Richards, comptroller of the Mutual,
who explained the manner in which the
Mutual acquired some properties by
foreclosure.
The committee adjourned until next
Tuesday.