The Black Hills union and western stock review. [volume] (Rapid City, S.D.) 1904-19??, 1905-10-20
MCURDY DEFENDS HIS
COMPANIES SALARIES
Head Of the New York Life Re.
fuses to Explain Why Divi-
dends Grew Less.
RESERVE WAS INCREASED
le Says Actuary Can Tell About That
Claims Salary of Big Bank
Officials Compare Well with
His Own.

New York, Oct. 19.-Testimony in that
Insurance investigation, which was rel
sulned yesterday after a weeks ada
journment of the legislative comlnit7
tee, taken because Of the death lastl
week of S. Fred Nixon, speaker of the
assembly Of the state of New York, was
most exciting throughout the entire
day, II only the repeated threats OF
Senator Armstrong, chairman of the1
committee. to clear h room prevented4
violent expressions Of disapprobation
of the witness. who was Richard Al
McCurdy. president of the Mutual Lifel
Insurance company. AS 1t was. howl
RODS of the days testimony, that tem-I5
porarily Interrupted the testimony.I
These came when Mr.. Hughes. thet
counsel for the committee, asked Ques-i
tons hat Mr.. McCurdy was reluctant
to answer, or evaded, and We're made
by the crowd that stood at the back OF
the ROOM, which long ago proved inade-i
quate to accommodate the counsel and
witnesses summoned and the crowds OF
spectators that increased with every
hearing. Where this important invest
LEGATION is going to lead, or where ~
will end, has caused no small amount
Of conjecture, n doubtless In some!
quarters anxiety. With the many
threads that have been taken up and
- up LIN AtSASS 0SSAAA ~
lowed to their end in order that some
new lead may be taken up, and with
the additional features h a are dis
closed with almost every days hear
Ing, the interest grows more intense.
New York, Oct. 17.--Richard A. Mel
Curdy, president of the Mutual Life,
was again a witness before the CONF
mittee investigating the insurance bus,
mess today.
Before. he was called James McKeen,,
associate counsel to the committee, putt
In evidence a statement Of the ~assetst
of the Mutual Life and Of the BankSl
Of England, France n Germany.
James M. Beck. counsel for the Mus
tual, claimed before the committee thatt
the assets Of the Mutual Life exeeed-t
ed the combined assets of those banks,
Mckcen said he had ascertained that
the combined assets OF those institu-t
lions were 1926, 575, 900, while thoset
of the Mutual We're $440,978 600. Me-
Keen had found the salary of the pres-I
!dcnt Of the Bank of Germany to be:
100000 per annum and thar of the,
:hief governor of the Bank of England.
$4,000.
Stand Up for Salaries.
When McCurdy was called, Hughes
read a number of letters from stock-i
holders showing the gradual reductions
of dividends on policies in face Of ami
increasing reserve fund, but McCurdyi
positively refused to enter upon a dis
russion concerning dividends, etc, say
Ing such information could be obtained
from the 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, anyway.
said MeCurdy.
In Mr. McCurdy's testimony a feature
entirely new was disclosed, and this
was that the Mutual Life Insurance.
company employed Il literary bureau
to send out to the press of the country
news matter that was of benefit to the
company. This information was elic-I
Tied during the probing of the legal
expenses" account. 1t came out when q.
voucher for the payment OF $3,500 to
Joseph How'd, IT., in 1904, a pro-!
duced. Another voucher for the same.
payable On %denland.' and for pros
fessional services" Mr.. McCurdy had.
viewed the vouchers, and explained
that MI. Howard was a newspaper
correspondent, and that his personal
services consisted III ~syndicating news
stories. Pressed further. Mr.. McGurdy'
said: Is
MIR. Howard was a correspondent for;
the Boston Globe and several other,
papers,"
Mr.. McCurdy further said that he.
paid MIR. Howard about $500 year
for these services, and that the voucher
for May. 1905, was really a loan or an:
advance"
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