The Montgomery advertiser., 1905-10-20
MIR. McCURDY WILL HOLD ON Has No Intentiog> Jf Re-
 signing Y,t.
 -S HIS TERM E. IREs JUNE z
 x- Until The s,othlng Can Cause
 l.im to Quit. District Attorneys once Announces No Action VIII Be Taken Fly 1t in Case of George J.

Insurance Company, made the state ment today that he had no intention of resigning, that he was elected to | serve until June z, and that nothing | can or will drive him out.
 It 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 by the | Executive Committee that is investi-
 gating the insurance companies. Closing one of the most sensational
 and strenuous weeks of the insurance
 Investigating committee just before
 luncheon concluded the examination of | Richard A. McCurdy. with the excep- l tion of a few details he is to supply next week.
 1 Mir. McCurdy has been on the stand | the lager part of the three days of | this weeks session and some of his tes- timouy has been the most startling
 that has been adduced before the com
 mittee. His testimony today. however, | was very much of technical nature, | though it was of much value to the committee in its work.
 Mutual and Trust Companies. | When he resumed the stand tle s morning it was to take up his testi- mony as to the Mutual Life's connec- | ton with the trust companies that was | interrupted by adjournment yesterday. | The information furnished by Mir. Me l Curdy disclosed that the trust com panies with which the Mutual Life were connected became very prosper ous soon after they were taken up by the Mutual Life. Two cases in point were the Morristown Trust Company, at Morristown, N. J., where the Me Curdy family live. and the United States Mortgage and Trust Company. | The former is now controlled by the Mutual Life and McCurdy testified that | besides being a director of this trust company he is a large stockholder and | would ,ake more stock if he could get 1t.
 The Mutual Life keeps a balance of not less than $200.00o with this com pany, on which 1t draws from 2 to 3 per cent. The latter rate has been l paid only since September 1. Mir. Me Curdy did not know the holdings of the other members of his family in this company.
 In the syndicate operations. MT Me Curdy said he participated, not with the idea of drawing bonds. but to ob- tain his share of the commission all lowed by bankers
 McCurdy'a Life Insurance. MT. McCurdy was asked what life in- surance he carried, and he was unable to say at once, but James NJ. Beck, his counsel, presented a statement showing when the policies were taken out, for what amounts and plans. These az gregated $200,O00, all in the Mutual. Mir McCurdy testified that he was also insured in the Equitable, the Washing
 ton and the Connecticut Mutual. Be fore he left the stand, MT. MoCurdy said he paid $4500 for his apartment in the Grosvenor Building. which is owned by the Mutual.
 When Mir. McCurdy was excused. his son, Robert H. McCurdy, was called to explain some charges for travelling ex- D enses in 1904. ...- *.
 He said one of his duties as general manager was to visit the agencies about the country. Three such trips were made, the expenses of which ag- gregated about $3.6O0. MT McCurdy said that while on one trip. he was
 accompanied by his father, mother. wife and the latters maid, but that the expense accounts were for himself individually and did not include those of any other member of his family or party He had a private car on one of these trips. He could not tell why the expenses on those trips were so large, but said he would furnish the details later.
 MT McCurdy was followed by w. w Richards. comptroller of the Mutual, who was explaining the manner in which the Mutual acquired some prop critics bv foreclosure when the commit tee adjourned until next Tuesday.
 Got Control of Company.
 While waiting for some figures to be reproduced. the relations of the Mu- tuaI Life Insurance Company to the Morristown Trust Company was taken up. MT. McCurdy said that when the stock of the Morristown Trust Com pany was increased to $6OO.OOO in 1898
 1I Tf .1t,xF by increasing his holdings Deposits in the trust company were never less than $200.000.
 MT. McCurdy was prompted as to date by James Timpson. assistant treasurer of the Mutul Life Insurance Company. whose answers were taken as those of Mir McCurdy. Mir. McCurdy next testified to sale of large num- Der of shares of trust company stock by the Mutual Life Insurance Compa- ny on December 3l, 1901. and pur- chase of new stock of the trust com pany. availing itself of a portion of an Increase in the stock January 2, 1902. By this. he said. the Mutual Life Insurance Company made a prof it of S450.O0O.
 MT. McCurdy said he presumed he was paid per cent on his individual deposit with the trust company. He could not explain why the Mutual de- posit was increased to S40O, ,0OO in Jan uary, 1902, and Mir. Beck. counsel for the Mutual. answered for him that loans had not been made to the trust company.
 James Timpson. assistant treasurer of the Mutual, was called to the stand. He described the organization and the conduct of the Brooklyn Wharf and Warehouse Company, of which the Mu- tual Life Insurance Company took se- curities amounting to $S50O.000. It sold d portion of these and bought new securities of the same company, making a profit thereby. The Brook lyn company was re-organized in 1901, because 1t was not paying its expenses and dividends and its securities were taken by the New York Dock Com pany.
 MT. Timpson said the Mutual Life Insurance Company still had about R S5O.OOO of the stock of the New York Dock Company, having increased it's holding 10 per cent when the com pany was reorganized.
 syndicated Securities.
 MT. Timpson also stated that the Mutual participated In the syndicating