Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-10-18

|
WHO looked after the calculation oil
\ 1ividrnds had he been notified 4 day
/ ahead. he would have bcecn fortilleu
! with thiS information.
Mr.. McCurly complained that TINS
Investigation was going OUTSIDE -
what vas contemplated when the COM
jniittee was appointed BY the l-eslaia
lt,ra H. said he understood that TINS
was to be IN examination Of insurance
methods. not an inquisition. MI. Rus
,rt piled that it was indeed an lnquisl-
/ ton.
| I'VE will have occasion TO call your
actuary Dilt yOu have been in the in
eur4ince business for 40 years and l
want to learn what you know about
cur company" said Mr.. Hughes. You
i,re its nrysiucnt. and receive 100000
in salary. l want To learn for what
YOU are responsible
you are t yirS to prove me fool,
the witness rctOrtcd.
without commenting ON that when
is obvious. let me ask you To tell us /"
the best of your ability some of tn"
lines ON which your company is con-
Quoted" said Mir. Hughes.
Mr.. McCurdy insisted that his ac-
tuary must answer the question ON
dividends paid and how they are cal
Culatcd. He declined to enter amy cN-
Iunaiion further than the policyholder
above referred to had Il reduced rat"
policy.
MI. Hughes said he tcok up this
subject with Mr.. McCurdy instead OF
Ire uctuary because MI. McCurdy has
submitted a great many figures to
show the increase i'll the salary Of the
Witness WAS due 10 the great pruSpcri-
,ty IF tht. company, Mir. McCuriy many
times declined to answer" questions
by Mr. Hughes.
II don't want your discussion" said
Nh. Hughes. If YOU SAY ven don't
known Wrll accept that answer"
Il decline to discuss tn" question"
witness said.
"Du you know"
II decline To discuss The question:"
no YOU refuse ID answer the ques-
tion:"
II decline to discuss the question,
when 1 have preferred YOU a witness
whose business it is to know all thcs"
facts YOU are looking for.
Other letters from poliryholdcrs were
read to Mr. McCrGy showing Il gradual
reduction of dividends, and Er replied
that probably tie drcrc;,e, Was Gu" 10
tie approach of the maturity of the poll
i.E. Questioned further - explain Via,
he meant. lie. asain r"fuScd to discuss
tuc ujIr-tIun.
Chairman Ar:.!struu.: th,u asked thu
witness VIVA relation tn. approach al
the maturity "l tnr policy lad I" il"
earning capacity, and witness refused
''t1 hr drawn into Il discussions"
chairman Armstrong t!lri. Stld that h
did hot think Mr.. Mr' mdy conn rcAcnd,d
TIN scoIr ii th'. ""nlnltt"" al"i that Il
the committee. desired his JUDGMENT Of
the iuSIlTlrc" business the WljU,~s should
b. glad to t,lVt. Il.
Air. Met uldv again preferred his Hrtu-
AIRY t. furnish tn" Information Il, .irt.d.
McCmdy protested so strongly against
was being conducted, that Chairman
Armstrong asked low hr Wodld conduct
Il dnn't know. ! don't impugn til" mo-
tIVcS oi tins committee Of which you tr'
the worthy chairman.
Mr.. McCurdY said he thought that put
ting Il witness under Ulth ANA making
lin. to"l thai hc il on "a" rIrfl is apt Z"
produce incorrect answers. His answers.
H. s;tid, were published IN 4 distorted
manner tFat looked Tx" attempt .,
ruin hiui. 'Why Shouldn't a wItnt-- SHUT
Ills mouth up"' ~ continued "Mhcp q
witness comes mere and lcl!S frankly I'LL
that he knows, the committee should cen
yidc4 such testimony i'll executive session
- sc,. what further steps should ~ TAX
IN, but I" attempt - drag trnm 4 WIT
moss any further than h, knows. makes
lin feel like a criminal
Referring 70 the question Of reduction
q! dividends, witness again declined to
give direct answer
Figures don't lie, but liars can figure. ."
was Mr., McCur1y's reply; after Mr.
numt ers with the amount paid in. and