The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-10-20

Al EW YORK, oct 19-Richard A. Nc
Curdy. president of the Mutual
Life Insurance company, made the
statement today that he had no inten-
ton of resigning, that he was elected
20 serve until June z next. and that
nothing can or viii drive him out.
IL was also announced from the dis
trict attorneys Office that no action
VIII be taken regarding the George j
Piunkitt matter, that was turned owe
10 the district attorney yesterday by
the legislative committee that is lnVes-
ugatlng the insurance companies.
Closing one of the most sensational
and strenuous weeks of the Insurance
investigation, the committee just be-
fore adjournment today concluded the
examination of Richard \. McCurdy,
with the exception of a few details he
IS 10 supply next week.
4 Technical Testimony.
Mr.. McCurdy has been on the stand
the greater part of the three days of
this weeks session. and some of his
testimony has been the most startling
of any that has been adduced befo
the committee. His testimony today,
however was very much of technical
nature though 1t was of much value TO
the committee in its work. When he
assumed the stand this morning II was
10 take up his testimony as TO the Mu-
tual Lies connection with trust COM
panies that was interrupted by ad-
1Ournment yesterday. The Information
furnished by Mr. McCurdy disclosed
that the trust companies with which
the Mutual Life was connected became
very prosperous scOu after they We're
taken up by the Mutual Life Two
cases in point were the MOrrlstOWn
Trust company at .MoTistOWn, \. j.,
where the McCurdy family live, and
the United States Mortgage x Trust
company The former is now con-
trolled by the Mutual Life. and Mr.. Nc
Curdy testified that beside being a di-
rector of this trust COMPANY, he is
large stakeholder and would take moro
stock if he could get il.
Low Rate of Interest.
The Mutual Life keeps a balance of
not less than S2O0O GEO with this COM
pany. on which it draws from > TO
per cent. The latter rate has been paid
only since September. Mn McCurdy
did not know the holdings of the other
members of his family in this company.
I'm the syndicate operations Mr. Nc
Curdy said that he participated not
with the idea of drawing bonds, but 10
obtain his share OF the commission al
lowed tF Ddnhc4S-
Mr. McCurdy was asked what life In
suranCe me carried, and he was unable
TO say at once but James NJ Beck his
counsel presented a statement showing
when the policies We're taken out. for
what amounts and the plan. These ag-
gregated 100000, all in the Mutual. Mr.
AcCurdy testified that he was also in
sured in the Equitable the Washing
ton and the Connecticut Mutual
Before he left the stand. Mr.. McCur-
dy said he paid $4,000 for his apartment
in the Grosvenor building, which is
owned by the Mutual
Expenses Were Large.
When Mr.. McCurdy was excused his
son. Robert II. McCurdy. was called TO
explain some charges for travelling eX-
ltelses in 1904 He said one of his du-
ties as general manager was to visit
the agencies about the country. Three
such trips We're made, the expense Of
which aggregated about 50, 600 NJ Nc
Curdy said that while on one UriD he
was accompanied by his father moth
er. wife and the latter's 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 these trims were so
large, but said he would furnish the de
tails later. Mr.. McCurdy was followed
by " W, Richards. comptroller of the
Mutual, who explained the manner i'm
which the Mutual acquired some prop
critics bV foreclosure. The committee
adjourned until next Tuesday