The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-10-18
REDUCTION OF DIVIDENDS
PAID THE sPOLICY-HOLDERS
Little Satisfaction Obtained From
McCurdy As to the Cause Of
the Mysterious Thousands
Paid Out for Professional
Services and as Re
tainers.
CBy Associated Pre- ss. 4. !

NEW YORK, October 17.-Testlnonyl
Sss II the insurance nvestig igation. which
was resumed to-day. after a weeks nd-
journment OF theSlegislatlve committee
taken at the death last week OF S, Fred.
Nixon. speaker OF the Assembly Of the
State or New York. Vi was most exciilng
throughout the entire day, and only the
repeated threats or Senator Armstrong.
chairman az the committee to clear the
room. prevented violent dem9n
OF disapprobation Of the witness, who
was Richard a. McCnrdy. President of
the mutual Life Insurance Company.
McCurdy Is Jeered.
AS it was, however. there were jeerss
Fl at several periods that mporarily in
terrupted the testimony. These came
when MIR. Hughes. the counsel for the
/ tcommittee, asked que(,tfons that Mr.
AlcCurly was reluctant TO answer, or
cvaded, and were made by the crowd
Z that stood at the back of6the room
In Mr.. AtcCurdy's testimony to-day a.
feature entirely new was disclosed, and
this was that the Mutua Life Insurance
IS Company employed a literary bureau to
send out to the press OF the country
news matter that was OF, benefit to the
company.
SGt3ThIs information was Eeliclted during
I the probing OF tho illegal expenses = an-g
count 1t came out when a voucher for
the payment of 1850 Il Joseph Howard,
Jr., In 1901. was produced. Another voucf-
+ er for the same amount paid IN May,
1905. was marked "repayabie on De,
mand' and "for professional services.
3 Mr.. A1cC1irdy had vised the vouchers,
= and explained that Mr.. Howard was a
newspaper correspondent and that his
Observation-Disclosures consisted In syndl-
eating news stories. Pressed further, Mr..
NIcCurdy said, "Mr. Howard was a cor.
respondent for the Boston Globe and
several other papers, IS
Really a Loan"
Mr.. Mccurdy further said that he paid
Mr.. Howard about $500 q year for these
services, and that the voucher for May,
1905 was really n loan or an advance
During the enrller session Of the day an
attempt was made to obtain from Mr,
+ NIcCurdy the reason for reducing the
dividends on policies as the business In.
creased. and the assets piled up This
u question was prompted by the committee,
and cited facts and examples, 'lnese ,el-
ters came from all over the country. Mr..
Hughes explained, but he read num-
ber from policyholders, who lived n the
4 city. The examples cited were prlncl-
pally onthe policies OF the ten payment
life plan. One In particular Tor sa'o0O
that In 1870 drew a dividend OF sS5.76. had
been gradually cut until in 1901 i re-
ccivcd only $3, The writer inclosed tables
and statements from tho company's re-
ports, and said this was In the face @
the reserve increasing year after year,
To all tho questions on this matter me
witness said he was not fortified With the
Information required; that these We're
actuarial matters, and, when pressed TOR
his opinion, replied that he refused to
discuss tho question or to enter any dis
cusson, lie would fproffer a witness, his
hctuary, whose business It was to know
these things. hut as for himself he
s1god s"woud not discuss the question Mr.;
NcCurdy's demeanor was so lnsistent, and
at times defiant, that the spectators bent
forward to catch every word and stood
on tiptoe. expecting every moment TO
hear nm directed by counsel to answer r
the question: Ills proffer Of another wits
ness WAS all that prevented steps being
taken toward his Indictment
Would Indict McCurdy,
When Mr.. McCurdy would not offer the
Information himself, Mir, Hughes started
on another me or Inquiry, Later In the
day Chairman Armstrong explained thai
since the Information desired by tho COM
mitlee could be obtained BY another
to let Mr.. McCurdy place himself in the
position no did. Had he. however bea,,
directed to answer and had refused
knowing the information desired hrr,5
Armstrong said steps would have been
taken tolndlnt him for q mslemeanor,
Mr. McGurdy, also, during the effort 10
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