Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-30
LIFE INSURANCE NEWS
ECKLEs MAY SUCCEED McCURDY
AS HEAD OF MUTUAL.

While no definite announcement. was
made in New York yesterday regarding the
selection of a permanent successor for Rich
ard A. McCurdy whose resignation as presi-
dent of the Mutual Life Insurance Com
pany was printed in The Star yesterday,
1t was persistenly reported that the presi-
dency of the company had been offered TO
James H. Eckles. who was controller OF the
currency during the administration of Presi-
dent Cleveland Mr. Eckles is now presi-
dent of the Commercial National Bank Of
Chicago
Mr.. McCurdy's resignation was submitted
to the board of trustees in letter, in which
he declared that his condition of health i'm
pera tively demanded his immediate retire
ment from active business. He had been
dissuaded from severing his connection with
the company last June when he reached
the age of seventy years only by the Sc
rious disturbance which previously had
arisen in insurance affairs In view of
these conditions he believed it his duty TO
remain at his post. He found, however, that
he overestimated his physical strength, and
1t was upon advice of his physicians that
he rendered his resignation.
The resignation was accepted unanl-
mously. and the trustees passed a resolu-
ton in which they expressed hope that
"much-neeGed rest may afford the relief
requisite for sudh recovery as may be hoped
for at his time of life, and assure, him OF
their best wishes for his future comfort and
happiness in circumstances more conSenial
to his present tastes and inclinations."
New Policy by Equitable.
At the monthly meeting of the board of
directors of the Equitable Life Assurance
Society yesterday it was decided that the
advances to agents which have been carried
by various trust companies should be taken
over and carried 10y the society. This course
Ix, Da nrpSi-
dent of the society The report of the two
firms of expert accountants who have been
at work on the society9 books was pre-
scented, setting forth that September 80 the
assets of cash and Investments amounted
to 1895. 592, 1914
In addition the statement shows that
81 6t4, $40 is carried asset under the
heading agents advances and miscellan-
eous balances" Premiums in coarse Of col
lection of 81, So, 442 and interest and rem
tails due of S44,O14.OS2 are added, making the
total assets SAG. 1GG.1O0 Against this is
charged S6121 ,573 for claims due, cur
rent expenses, etc, leaving net assets OF
$41o,044, $40. The surplus is given as $751;
142. $50.
The following. who were nominated at the
last meeting. were elected directors: Sir
William G. Van Horne of Montreal, w. NJ
c. Redield of Brooklyn and John d. Ker-
nan of Utica, n. Y.
Not Responsible for Agents.
A dispatch from Frankfort, KY, last night
says: The court of appeals reversed the
Fulton circuit court in the case of the Equit-
able Life Assurance Society common
wealth. in which the company had been in
dicted and fined under the rebating statute.
The court held that the company could not
be held liable under a criminal action
where it had no guilty knowledge of the
acts of its agents
Philadelphia to Probe Insurance.
A dispatch from Philadelphia last night
says: AS a result of the charges presented
against Harold Pierce general agent in
Philadelphia of the New York Life Insur-
ance Company, accusing him of unlawful
discrimination in connection with the is
suarce of a life insurance policy, it is prob
able that State Insurance Commissioner
David Martin will institute an investigation
to learn to what extent rebating, If any,
has been practiced in this state.
Cannot Invest in School Bonds.
A dispatch from Columbus, Ohio, last
night says: Attorney General Ellis rem
dered an opinion today TO State Insurance
Commissioner Vorys to the effect that in
surance companies cannot deposit Sc
curity with the state treasurer the bonds
of boards of education, nor can they even
invest surplus funds in such bonds. The
opinion is based on the fact that the statute
governing the insurance department pro-
vides only for investments in federal, state,
county and municipal bonds.