The Providence news. (Providence [R.I.]) 1891-1906, 1905-10-17
Continued from page Four.

Continued from page Four.
Mr.. McCurdy did not know whether
some one I'm the Mutual Life Insurance
company's offices received the coupon at
tached to the advertisement. which the
reader is instructed TO forward TO the
company for further information. OF
whether the coupons went TO c. II. Ray
mond and Company, the Metropolitan
agents OF the Mutual
LETTERS FROM POLICY HOLDERS.
Mr.. Hughes announced that the com
mittee had received large number of
letters relative TO the dividends on the
policies Of the Mutual Life Insurance
company. Some OF them Mr. Hughes read
10 the witness. saying those no read were
from policy holders in New York city.
One writer, who had taken out a policy
IN 1865 for $4,000 on the ten payment life
plan said his dividend I'm 1876 was $50. ~.
in 1881 II was cut TO $50. in 1891, II was re-
duced to $50 and in 1904 To S3
This, the writer said was in face OF an
increasing reserve year after year Mr..
McCurdy told Mr. Hughes he had the
wrong witness. IL was the actuary who
looked after the calculation OF dividends.
Had he been notified a day ahead he
would have been fortified with this in
formation.
MCURDY COMPLAINS.
Mr.. McCurdy complained that this in
vestigation was going outside or what
was contemplated when the committee
was appointed by the legislature. He said
he understood this was TO be an examina-
ton OF insurance methods not an inquisi-
tion
Mr. Hughes replied that II was indeed
IN inqusition.
we will have occasion TO call your
actuary. but you have been I'm the in
surance business for forty years and
want to learn what you know about your
company" said Mr.. Hughes. "You are
its president and receive $4,000 IN sal
AIRY. ! want TO learn for what you are
responsible"
You are trying to prove me fool,
the witness retorted
Without commenting on that which
is obvious let me ask you 10 let US know
20 the best Of your ability some of the
lines on which your company is con-
Quoted" said Mr.. Hughes.
ACTUARY MUST ANSWER.
Mr.. McCurdy insisted that his actuary
must answer the questions on dividends
paid and how they are calculated He
declined TO enter any explanation further
than that the pollcyholder above referred
10 had a reduced rate policy.
Mr.. Hughes said he took up this sub
ject with Mr.. McCurdy Instead u tho
actuary because Mr. McCurdy submitted
great many figures 10 show the IN
crease IN salary of the witness was due
TO the great prosperity Of the company
Mr.. McCurdy many times declined %
answer questions by Mr. Hughes
II don't want your discussion" said
Mr.. Hughes. III YOU say you don't know
wei accept that answer"
II decline 20 discuss the question" wit
ness said.
DO you known
81 decline 60 discuss tho question"
do you refuse 90 answer the question? -
81 decline 90 discuss the question. when
have referred you witness whose
business Il r. 20 know all OF these facts
you are looking for"
OTHER LETTERS READ.
other letters from policyholders we're
read 60 Mr. McCurdy. showing a gradual
reduction Of dividends. and he replied that
probably the decrease was due 60 the ap-
proach of the maturity of the policy
Questioned further TO explain what he
meant ne again refused 20 discuss tho
question"
Chairman Armstrong then asked the