The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-10-18
McMURDY coRNERED.
President of the Mutual Refused to
Answer Questions.


Answer Questions.
New York, Oct. 17.-With Richard A.
McCurdy, president of the Mutual
Life Insurance company and James II.
Hyde, former vice president of the
Equitable Life Assurance society, in
the city ready to be called as witnesses
the legislature committee appointed to
Investigate the insurance business re-
Sumed its sessions today. The COM
mittee adjourned last week as a mark
Of respect TO the memory OF 5. Fred
Nixon. speaker of the state assembly.
Mr.. Hyde has not been served with q
subpoena as he has notified the COM
mittee that he IL ready 10 appear any
time he is wanted, aud to answer all
questions unreserVedly.
The committee has also been notified
that William II. Mcintyre. formerly
fourth vice president of the Equitable
company, who has been absent from
the city, viii return shortly and be at
the investigators disposal.
Lawyer John 3. Stancnneld. of Ell
mira, who was the Democratic candi-
date for governor of New York in 1900
was in the committee room when the
session opened. 1t was reported that
he had been retained by the Mutual
Life Insurance company.
Richard a. McCurdy, president Of
the Mutual Life Insurance company,
was the first witness today,
Records Put in Evidence.
Before the witness was called James
Mckeen, associate counsel TO the COM
mittee, put in evidence for the records
a statement of the assets of the
Mutual Life Insurance company and
of the banks of England, France and
Germany James NJ. Beck. of counsel
FOR the Mutual Life Insurance COM
pany, claimed last Tuesday before the
committee that the assets of the
Mutual Life exceeded the combined
assets of the banks of England, France
and Germany.
BY cable Mr.. McKeen said he had
ascertained the combined assets of
these Institutions were 81, 226, ga. 725.
while those of the Mutual Life were
$40, 1851 Further, said Hr Nc
Keen, he had found the salary of the
president of the Bank of Germany to
be $4,000 per annum and that of the
chief governor of the Bank of England
10 be 10000 He had been unable to
ascertain the salary of the president
OF the Bank of France.
Mccurdy on the Stand.
The examination of Mr.. McCurdy
was then begun, he being questioned
first as to advertising A clipping
from magazine for October. 1905. was
shown him. He said it was an ad-
vertisement setting forth the advan-
tages of his company. Witness never
saw the advertisement before i'm his
life. He had no more knowledge Of
what advertising his company puts
out than the casual reader. This was
the business Of the advertising de-
partment, he said.
Mr.. McCurdy did not know whether
some one IN the Mutual Life !nsnr-
ance company's offices received the
coupon attached TO the advertisement
which the reader is instructed 10 for
ward to the company for further in
formation or whether the coupons
went to &. II. Raymond & Co. the
Metropolitan agents of the Mutual.
Dividends Grow Less.
Mr.. Hughes announced that the COM
mittee had received a large number Of
letters relative TO the dividends on
the policies Of the Mutual Life In
Surance company. Some of them, Mr..
Hughes read 10 the witness. saying
those he read were from policy hold
erS in New York city. one writer who
had taken out a policy in 1865 for
$1,000 on the ten payment life PLAN
said his dividend in 1876 was S3576. IN
1881 il was cut TO $39; in 1891 it was re-
duced to $50 and in 1904 TO IS. This
the writer said, was i'm the face of the
reserve increa sing year after year
Mr.. McCUTdy said Mir. Hughes had
the wrong witness. 1t was the actuary.
he said, who looked after the calcua-
ton of dividend. Had he been notified
day ahead he would have been for
tiffed with this information
Mccurdy's Complaint.
Mr. McCurdy complained that this
investigation was outside of what was
contemplated when the committee was
appointed by the legislature. He said
he understood this was to be an exam
nation of insurance methods, not an
inquisition.
Mr. Hughes replied that il was in
deed an inquisition.
I'VE will have occasion to call your
actuary, but you have been in the in
surance business for forty years, and
/ want 70 learn what you know about
your company" said Mr.. Hughes.
Continued on Page 2.