The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1905-10-20

RESERVE WAS INCREASED
He Says Actuary Can Tell About Tha,
Claims Salary of Big Bark
Officials Compare Well with
His Own.

New York, Oct. 19.-TeStimOny i'll the
insurance investigation. which was re-
sumed yesterday after a weeks adj
journment Of the legislative commit
tee, taken because of the death last
week OF s. Fred Nixon, speaker of he
assembly of the state of New York, was
most exciting throughout the entire
day, and only the repeated threats OF
Senator Armstrong, chairman of the
committee, to clear the room prevented
violent expressions Of disapprobation
OF the witness. who was Richard A.,
McCurdy. president of the Mutual Life
Insurance company. AS 1t was, how
ever, there were jeers at several pc
RODS of the. days testimony that tenn
porarfly Interrupted the testimony.
These came wnen MI. Hughes, the
counsel for the committee, asked ques-
lions that Mr.. McCurdy was reluctant
TO answer, or evaded, and were made
by the crowd that stood at the back of
the room, which long ago proved made
Qnate to accommodate the counsel and;
witnesses summoned and the crowds of
spectators hat increased with every
hearing. Where this important inves-
tfgation is going to lead, or where it,
will end, has caused no small amount
OF conjecture. and doubtless in some
threads that ave been taken up and
dropped before they nave been fol-
lowed to their end in order that some
new lead may be taken up, and with
the additional features that are dis
closed with almost every days hear
New York, Oct. 17.-Richard A. Nc
Curdy, president of the Mutual Life,
was again a witness before the com
mittee investigating the insurance bus
tness today.
E7&D G1nn.. ~ ,..-n ~ -
associate counsel to h committee, put
IN evidence a statement of the assets
OF the Mutual Life and of the Banks
ct England. France and Germany.
anne NJ. Beck. counsel for the Mu-
tual, claimed before the committee that
the assets of the Mutual Life exceed
ed the combined assets of those banks.
McKee said he had ascertained that
h combined assets of those institu-
ttons were $2,226, $751; 900, while those
OF the Mutual We're $440,978. 900. Nc
Keen had found the salary Of the pres
ident OF the Bank of Germany to be
100000 per annum and thai Of the
chief governor of the Bank of England
$4,000.
Stand Up for Salaries.
When McCurdy was called. Hughes
a number of letters from stock
holders showing the gradual reduction
OF dividends on policies in face of an
AAASACdSAii6 IESSISS@Iui!Q, DuL McCuruV
positively refused to enter upon a dis
cussiOn concerning dividends, etc, say
ing such Information could be obtained
from h actuary of the company.
Hughes then brought out that salar-
les had been slightly reduced in re-
forms of the clerical force and general
agencies.
II have not reduced the salaries of
executive officers. They We're never
cut. They were none too fat,
said McCurdy.
In MI. McCurdy's testimony a feature
entirely new was disclosed, and this
was that the Mutual Life Insurance
company employed a literary bureau
to send out to the press of the country
news matter that was of benefit to the
company. This information was elic-
tied during the probing of the legal
expenses account. 1t III out when a
voucher for the payment OF 81, 500 to
Joseph How'd, jr., in 1904, was pro-
duced. Another voucher for the same
payable on demand" and ,for pro-
~fessional services" Mr.. McCurdy had
viewed h vouchers, and explained
that Mr.. Howard was a newspaper
correspondent, and that his personal
services consisted in syndicating news
stories. Pressed further, Mr.. McCurdy
said:
Mr.. Howard was a correspondent for
Boston Globe and several other
papers,
Mr.. McCurdy further said that he
paid Mr.. Howard about $500 a year
for these services. and that the voucher
for May, 1906, was sreally a loan or an
advance"
GOV FOLK AIDS WEAVER
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