The Barre daily times. (Barre, Vt.) 1897-1959, 1905-10-18
M'CURDY
COMPLAINS
President Of Equitable Life
Says II Is An Inquisition.
NOT AN INVESTIGATION
Makes the Significant Statement That
the Legislatures Have to Be
Watched Yesterdays
Session.


ard a. McCmdy was the leading wit
ness before the legislative insurance com
mittee at the resumption Of its hearing |
yesterday morning. The session was
marked by several warm passages-at
arms with Attorney G. Z. Hughes for
the investigators, which showed firm
determination of the officials to get at
''bottom facts"
tt was developed that the Mutual Life
company paid house rent in Albany for
A. G. Fields, an employee, during the
| legislative session. Mr.. McCurdy testi-
| fed that Fields was in Albany ION leg
islative matters
| MIR. McCurdy said he did not know
Andrew Hamilton Of Albany, and was
surprised to learn that the Mutual Life
company had paid money to him.
Mr.. AIcCurdy complained that this in
vestigation was going outside of what
was contemplated when the committee
was appointed at the legislature. He
said he understood this was to be an
examination of insurance methods, not
an inquisition Mr. Hughes replied that
1t was indeed an inquisition.
| Mr. AIcCurdy said:
Il want to make one general remark,
If you will allow me, Mr.. Hughes, and
that is, when you come TO the calcula-
tion of dividends aud so on yon have
got the wrong witness. You ought, In
fairness to me and in fairness to the
company you ought to call the actuary
Of the company, who can answer read
4 ily. and whose mind is stored with all
these facts and figures and arguments
that YOU precipitate upon me, entirely
unprepared. and, if | may be allowed
to saw SO, with all due respect, ] think
IL Is taking an unfair advantage, for
instance, in this very case, although
should not profess to be an expert on
such questions as this, and the actuary
Of the company is. Take this very case.
Ii YOU had been good enough to let me
know the dav before the nature of the
investigation, or the line of the investi-
CATION Won were going to follow, and
| what / might be expected to answer,
/ / should have been very glad indeed
to have prepared myself to answer you
as well as | could; but witnesses are
brought here without any knowledge Of
the line Of examination that is to be
: followed, and they are taken entirely
unprepared.
aNow, on the other hand, the COM
mittee will pardon me for stating my
views. | think the whole course OF this
investigation. as it Is called. il entirely
! outside of what was in contemplation
) hy the legislature when the committee
was constituted It Is an investigation
! | info the conditions. of life insurance, and
: Ii what il commonly called in the news
papers an inquisition,' and MIR. Hughes
! himself. with all due respect to him, !
i saw It. has been designated chief in
qtisitor. Now, / shy that has a medi-
aevaI sound. not entirely in accordance
Fl with the ideas of the present age,
i | think. 70 make this an inquisition, in
! | which. as has been advertised in all the
i papers, witnesses are brought here and
! put upon the rack, and all that sort
) Of thing is, in my opinion, an entirely
/ different conception of the functions Of
this examination than | believe was in
contemplation BY the legislature when
they constituted b committee to look
into the conditions of life insurance,
with regard to the future legislation.
Mr.. Hughes responded:
There is indeed an inquisition, Mr.
(. | McCurdy, in the very true sense that
d | It is an inquiry for facts which this
n committee and this counsel propose t.
i get No. we shall have occasion to cal
h y0ur actuarv, and it would only b
i. proper that questions involving many
: mathematical calculations, and which
I were technical and abstruse. if any sucl
were put. should be put to the actuary
: of the company; but You have beer
: some 40 years with this company, you
are the president and you get for youl
responsibility $4,000 year. Now,
want to know what you know about
the business of the company.
III aYou are trying to prove me fool
said Mr. MeCurdy.
III Probably the most interesting portion
| Of Mr.. McCurdy's testimony was tht
II part he gave voluntarily just before tht
recess. He had been asked to tell what
Ii was Mr. Fields duties. His reply was:
III SWELL, | can answer in this way, ane
H ii differs in no respect in any one state
from conditions III another. We have
II between As and SO legislatures in ses'
sion every year, and we have got be
II tween IS and 30 superintendent Of IN
suranee, and all these men are Of dif.
II ferent degrees Of intelligence, education
II and knowledge. III regard 30 the sub
H ieet which they are supposed to super
H intend Technically most of them arr
honest, few are dishonest. could
not mention the individuals The legis.
lature has to be watched in every state
II II it were not watched any corporation
Il like an insurance corportion would b
] culpable ii not protecting the interests
L with which they are intrusted. lt i
the duty Of life insurance companies e
zee that it, interests are guarded q
much at the capital of state az in any
HI village or other town; more 50, because
III there Is greater danger.