Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-10-20
Asserts He Cannot Be Sep.
arated From It.
MUTUAL'S PRESIDENT SAYS
he DOESN'T INTEND TO RESIGN
McCurdy, Junior, Doesn't KaOw Why
His travelling Expenses Were
So high But will
Look IhtO II.

New York, Oct. 19.-Richard 4,
McCurdy, president of the Mutual Life
Insurance company, made the statc-
mcEt today that he had no intention
Of resigning, that he was elected to
serve until June next, and that moth.
ing can OF will drive him out.
1t was also announced from the dis
trict attorneys office that no action
will be taken regarding the George j,
Plunkitt matter, that was turned over
to the district attorney yesterday by
the legislative committee.
Closing one of the most sensational
weeks Of the investigation, the COM
mittee just before adjournment today
concluded the examination 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 ol
this weeks session and some of his
testimony has been the most startling
of any kind that has been adduced be-
fore the committee. 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 resumed the stand
this morning it was to take up his tes-
timony as to the Mutual Life's con-
nection with the trust companies that
was Interrupted by adjournment yes
terday. Information furnished by Me
C,lrdy disclosed that the trust compa-
LES with which the Mutual Life was
connected became very prosperous
soon after they were taken up by tbs
Mutual Life.
Two cases in point were the Morris
town Trust company at Morristown
n. J., where the McCurdy family live
ana the United States Mortgage and
Trust company. The former is now
controlled by the Mutual Life and Mr.
licCurdy testified that beside being j
director of this trust company, he is 6
large steckholder and would take
more stock il he could get it.
The Mutual Life keeps a balance o.
not less than $500, 900 with this com.
pany on which 1t draws from to
per cent The latter rate has beer
paid only since Mr.. McCurdy did mo-
know the holdings of other members
of his family in this company.
In the syndicate operations, thu
witness said that he participated no
with the idea of drawing bonds, but t.
obtain his share. of the commission al
lowed by bankers.
Mr.. McCurdy was asked what life
insurance he carried and he was una
BILE to say at once but James NJ Beck
his counsel, presented a statemen
showing when the policies were takeI
out. for what amounts and the plan
These aggregated 100000, all in thu
Mutual. Mr.. McCurdy testified tina
he was also insured in the Equitable
the Washington and the Connection
Mutual.
Before he left the stand Mr.. McCur
dy said he paid $4500 for his apart
ment In the Grosvenor building whicI
Is owned by the Mutual.
When Mr.. McCurdy was excused
his son, Robert H. McCurdy was call
ed to explain some charges for travel
ing expenses in 1904. He said one o
his duties as general manager was t
visit the agencies about the country
Three such trips were made, the ex
pense of which aggregated about SO.
500. Mr., McCurdy said that while Of
one trip he was accompanied by hi
father, mother, wife and the latter
maid, but that the expense account
were for himself individually, and di
not include those of any other mem
ber of his family or party. He had
private car on one of these trips. Fl
could not tell why the expenses Of
these trips were so large, but said h
would furnish details later.
Mr.. McCurdy was followed by v
w Richards, comptroller of the Mu
tual. who explained the manner /
which the Mutual acquired som
properties by foreclosure. The com
mittee adjourned until next Tuesday.