Omaha daily bee., 1905-11-30
M'CURDY DROPS OUT
President Of Mutual Life Insurance Com
psny Of New York Resigns
Ill HEALTH ASSIGNED As THE CAUSE
Board Of Directors Votes Unanimously to
Accept the Resignation. :
tCSELS TALKED OF AS his SUCCESS :
Treasurer Cromwell Will Act as PrSIi
Until Definite Action 10 Taken.
GIVES ADVICE TO POLICY HoLI
ce,airmhn Armstrong; OF InvestiGa
Committee Te1Is Them Not 20
Surrender Their Com
tracts.
Ill HEALTH ASSIGNED AS THE CAUSE
Board Of Directors Votes Unanimously t
Accept the Resignation.
tcsELs TALKED OF AS his SUCCESS
Treasurer Cromwell Will Act as PrsIi
Until Definite Action is Taken.
GIVES ADVICE TO POLICY HolI

tracts.
NEW YORK. Nov. 29-The resignation Of
Richard A. McCurdy as president OF the
Mutual Life Insurance company was the
most important development of the life in
surance situation today. Mr.. McCurdy is
succeeded temporarily by Frederic Crom-
well, the treasurer OF the company. but It
Is understood the position has been offered
to James II. Eckels, who was comptroller
Of the currency during the administration
n President Cleveland and now is the
president of the Commercial National bank
of Chicago.
One interesting feature today was the
Issue Of Thanksgiving proclamation" to
the policyholders by Senator William w.
Armstrong of the committee, who advised
hem against allowing their policies TO
apse because Of anything revealed In the
nvestigation and told them they are in a
Jetter position now than before the investi-
cation began, told them the committee
would recommend legislation to safeguard
heir interests.
state Senator on stand.
Charles p McClelland a former state
senator from westchester county, testified
before the committee that he lived In the
Mutual Life Insurance company's house in
Albany, conducted by Andrew c. Fields. in
.903. while he was a senator and member of
he insurance committee of that body He
'tated that II never occurred 20 him as I'm
proper, as he and Fields were old friends.
was shown that in several years while
dr. McClelland was not a senator he was
etained by the Mutual Life Insurance COM
ANY at 1900 a year. and Mr.. Hughes had
much difficulty in obtaining a statement of
what he did TO earn that retainer He said
ne appeared before legislative committees to
argue against the savings bank tax and
franchise bills. Mr. McCleland had just
stated that he was never employed by the
Equitable, when Mr.. Hughes showed him
voucher for $500 paid by that society to
the firm OF which Mr.. McClelland is a MEM
Der. IL was written in his handwriting.
but Mr. McClelland said he could not re-
member Il. II was credited to a water
company account" as were also other
vouchers paid by the Equitable society to
r'slii-ssf y. Jthueurt ar'cf Charles r. lewis.
amounting to $500.
Hamilton Located In Paris.
John G Mccall. son of the president of
he New York Life Insurance company, told
he committee topay that Andrew Hamil-
on the legislative agent who got large
'ums of money without an accounting from
he New York Life Insurance company
lad been located in Paris and that he had
'eceivcd a message from President Mccall
lsling him to come to New York, appear
lefore the committee and render an ac-
'Ounting of his expenses. To induce him to
10 that Mr.. Mccall said he was going TO
start for Paris on Saturday.
The committee and all of its counsel held
protracted executive session at the close
Il the days hearing, after which it was an
lounced that the committee would COM
llete the examination by December 81, as It
due TO report TO the new legislature the
irst week in January. The committee will
IL five days next week and through the
3ristmss holiday week.
Mcourdy Tenders RESIGNATION.
MIR, McCurdy's resignation was submitted
y the board OF trustees. in which he said
hat his condition Of health imperatively
demanded his immediate retirement from
Ictive business. He had been dissusded
rom severing his connection with the
company last June, when he reached the
lge OF 20. only by the serious disturb
inee which previously had arisen in In
surance affairs =" In view of these con-
iitions he believed It his duty to remain
Al his post. lie found. however. that he
)verestimated his physical strength and
was upon advice OF his physicians that
nc rendered his resignation. The resigna-
Ion was accepted unanimously, and the
rustees passed resolution in which they
express the hope that much needed rest
may afford the relief requisite for such
recovery Os may be hoped for his com
Tort and happiness in circumstances more
congenial 10 has present tastes and in
cination."
The resignation OF Justice Rufus W.
Peekham OF the United States supreme
court as a trustee OF the Mutual was also
presented at today's meeting. The resig-
nation was accepted Justice Peckham had
been trustee OF the Mutual for more than
twenty years
Advice 90 Policy Holders.
Senator Armstrong. chairman Of the COM
mittoe appoint I'd by the New York legisla-
ture 20 investigate life insurance. issued
Thanksgiving greeting today To policy
holders. The address follows;
J am asked for brief message TO policy
holders on the eve of our adjournment for
the month and am glad TO make this sug-
gestion Do not allow your policies Ia
lapse on account OF anything revealed by
Policy holders are in a better position
now than before the lnvestgation began
and their position ought TO steadily inn
prove as our Inquiry proceeds
The legislation We viii recommend will
rights OF policy holders but those who
suffer their policies To lapse will lose tn,
heneht Of what has been done already. a,
we'll what We hope 10 accomplish.
No sacrifice now ought 20 be made by
policy holders ana patience and courag,
for short time yet will not only prevent
loss but enable this committee TO render
tho best service 10 the greatest number.
AccOuntants Report on Equitable.
At the meeting OF the board OF directors
Of the Equitable Life Assurance societ!
today Il was decided that the advances
to agents which have been carried b!
various trust companies should be talsei
over and carried by the society. This re
port was recommended by Paul Morton
president Of the society. The report o
two irms of expert accountants who hav,
been az work on the sOciety's books wa
presented setting forth that on septembe
80 the assets OF cash and Investment
amounted 10 sssS,5g2s24 In addition tn
statement shows that s7.ssi,siO is carried a
an asset under the heading agents ad
a.. aa.,na