Morris tribune., 1905-10-21

the infeXibIe monetary system he pre-
scribed q taxed national bank curren-
cy. The recent great increase in the
production of gold was likely to result
in future disturbance Of values. In
twenty years the volume Of money In
the World might be doubled, causing
a corresponding increase in the price
Of many commodities. But the price Of
an obligation repayable in money
would not advance. Thus persons with
a fixed income from capital and wage
earners generally would be at a dis
advantage, for their incomes would
not increase as fast as their purchas-
ing power.
BY an overwhelming vote the asso-
citation Endorsed the Frye ship subsidy
BILL
Gould Defeats Ramsey.
The effort of Joseph Ramsey, Jr:, the
deposed president of the Wabash rail
road system, to obtain control Of the
company ended dfsastrously when at
Toledo George J. Gould elected all OF
the six directors to be chosen by the
bondholders. The vote cast for Gould's
men was 22S,51O against 1882 for
those of Ramsey. The holdings of the.
Could family amounted to 1O5, 400
shares of the par value of O,54O, OOO~
Mccurdy as Missionary. is
Before the New York insurance COM
mittee adjourned on account Of the
death of Speaker Nixon of the. assem-
bly, President McCurdy Of the Mutual
Life had made some remarkable state
ments as witness. He admitted that
his salary had been raised in 1901 from
100000 to $150,00O by the subcommit-
tee on salaries without action by the
trustees He regarded this as q great
compliment. When asked by Mr.
Hughes if he thought he had right
to take that money from the policy
holders as matter of compliment, Mr.
McCurdy replied that he did not put.
It that way, having said that he felt
highly complimented Modesty for
babe his giving an opinion as to his
value to the company. When his law
yer, James NJ. Beck, was asked If the
services Of any man as head of an in
;urance company were worth $4,000
year he replied that there were thir-
law firms in New York making
more than $15O,OO0 with no such re-
possibility. 7
President McCurdy then volunteered
he opinion that the Mutual Life was
organized upon the theory that it was
great benefcent institution Profits
we're not thought Of nor dreamed Of
t was not the object to declare a divi-'
lend to a single man. but was to in
sure as many men as possible and ito
pay them at the time of their death
md not during their lifetime one pen
ty''
In the testimony of DR.. w. r. Gil
lette and R. III. Grannis, vice presi-.
tents, it came to light that the Mutual
had paid $4,000 to the Republican
committee in the last three presiden-
tial campaigns. Chairman Oliphant Of
the expense committee said that $780,
600 year had been paid for "confiden-
tial legal expenses" which means lob
Dying
Strikes New York Life.
Superintendent Of Insurance Vandf-
yer of Missouri has notified President
Mccall Of the New York Life that his
$148,742 campaign contributions be re-
funded to the company under the pen
atty of having the company's license In
revoked for failure to comply
with the demand Vandiver also in
sists upon the election of new officers
Lawson's Insurance Committee.
The governors Of several western
states have been requested by Thomas
". Lawson to join in forming policy
holders committee for the purpose OF
taking possession of the Equitable, Mu-
tual and New York life insurance con-
Germs to obtain restitution and punish
ment of the wrongloe"s.
Continued OF p-ge eight.