New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-10
MCURDY STILL SILENT.
COMMITTEE IN SESSION.
Many Reforms Said To Be Under
Wag in Mutual Life Compar1y.

Richard a. Macurdy. ex-nresident of the Mutual
Life Insurance Company. did not appear before
the Truesdale housekeeping committee, which was
in session several hours yesterday. The commit
tee spent it's time digestng the information sup
piled by expert accountants and deciding on future
policies The members of the committee present
William H. Truesdale, StuyEesant Fish and
John W. Auohincloss, and they advised by
James b. Dill chief counsel ard d. Cady Herriek
and cambridge Colby, associate counsel.
1t is said that strong pressure is being brought
to bear on BIr. McCurdy to change his mind about
telling the Truesdale committee what he knows
His spokesman Is the executive official OF a trust
company, in way connected with the insurance
scandals. The message which this Official has con-
yeyed to those who have been fighting the Mo-
Curdys is that the attempts to make them the
sole scapegeats must cease. the elder Meeurdy
will come forward with statement which will
spare
The Truesdale committee is now preparing to
draft its final report The two sets Of accountants
who have been at work on the Mutual hooks
about through with their work The committee
sits every day, except Saturday and Sunday. TAX
Ing testimony and receiving reports.
The main features of the REFORM according to
member of the committee, include the oustng of
the McCurdys and the election of President Pea
body with annual saving OF salary OF s1ooen
Corresponding reductions have been made in the
salaries of other officials and the company has got
rid Of dead wood in every department Andrew
&. Fields and his House of Mirth' at Albany have
passed from the Mutual horizon. The head OF the
law committee has been directed to take immediate
charge of all matters pertaining to legislation and
to make no extraordinary expenditures without the
consent and approval of the board after the pur-
pose of the expenditure has been explained in de-
tail 1t has absolutely prohibited political ex
pendture for campaign other purposes. In the
future SUPPLIES 6s are to be from the lowest
Certain cuts, this member says. have been or
ch ea Ea9e Is saving "a Is of
a sn d Waeh VIII ultimately save from 10000 TO
abolished and the number of salaried general
e Creased many od n additon to this special
Curdy $115,000 year have been cut off.
NO MORE SYNDICATE DEALS
Directors of the Mutual Life must in the future
abstain from participation in syndicates says this
member. New systems of accounting have been
put in and drastic measures have been taken to
stop rebating and twisting" The first year cost
Of insurance has been reduced % per cent conf
plete voucher system has been ordered, through
which the directors will have full details of all big
expenditures. Directors having an interest in Sc
curities handled by the company are prohibited
from fro SerTng as members o such OF secte ~
President McCurdy comes forward with full
eddy be extended several weeks, as new lines OF in
vestg ga W4u b be 0Renea up said
that it was now unlikely that a special meeting
cey NJ Depew. He will remain the board until
the regular meeting at the end of the month. In
December the EQUITABLE paid 230 claims amounting
to $977 Az, 90 per cent of which paid within
twenty hours There were twenty -eight claims
in excess of $1,000 each. The record for the year
shows that IS per cent of all claims were settled
within one day after the receipt Of proofs OF death
Comparison OF the report issued yesterday by
the New-York Life with that Of previous years
shows loss in the amount Of insurance in force
the end of the year Of ,S51, The company's
increase in income in 1904 1903 about per
cent, while the increase of 1905 1904 was but
81 per cent. This loss of S1z per cent is almost
wholly taken up in the receipt of business.
Experts point with significance to the fact that
loans on policies have grown S9,539,194 The state
ment. however. shows that the assets have in
creased while the liabilities have grown only in
due proportion
The suit brought against the Equitable by Her
bert q. TulI, q Philadelphia poIicyholder. to test
the validity OF the title of Thomas +. Ryan to the
stock purchased from James H Hyde and the
validity the acts of the trustees is down for
hearing tomorrow the calendar of Justice
O'Gorman A. Edward Woodruff OF No. Ill Broad
way who will appear for the plaintiff, said yeSter-
day that the suit was to determine the rights of
the polcyholders to the surplus and to restrain the
society from using the surplus. as was threatened
to buy mi the stock at excessive valuation.
The Fowler committee held meeting yesterday
and will meet again after the meeting OF the trus-
tees of the New York Life. 1t is said that the
matter of an accounting from Andy Hamilton will
no ia ken, nm