The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1909-03-06
WCURDY is SUED BY
THE MUTUAL LIFE
FOR MONEY IMPROPERLY EX-
PENDED OR INADEQUATE
LY ACCOUNTED FOR.

/ NEW YORK. March S.~~Prcsidenl
Charles A, Peabody Of the Mutual
Life Insurance Company which has
settled suits aggregating nearly &,.
00.O00 brought against Its former
president, Richard A. McCurdy, and
Others. makes the following state
ment with reference to the settle.
ment:
Proposals looking to the ADJUST
ment Of iitiga,ions pending against
the Mutual Life Insurance Company
and certain Of It's former officers and
others have been in negotiation or sew
eral months, They were referred by
the board OF trustees some time ago
to committee which carefully ex-
amined the situation and decided that
in the situation and conditions II
would be wise to settle the eontro-
yersy on the terms decided. This de-
cision OF the committee was APPROX
ed by Joseph H. Choase, the com
pany' special counsel in the litigation,
and BY James MeKeen. general coun.
sci OF the company ana was duly re.
ported to the board and approved
| rThe result Of the settlement Is
that all Of the claims in dispute by
and against the company have been
settled and released, and the com.
pany has received the equivalent in
value Of the sum Of SSis,000"
II Is understood that $Sls.O00,
which the Mutual has accepted, was
paid in cash 10 the extent Of S7s0.000
The balance was represented by
claim against the company for sup
plies delivered TO Il amounting 10
triae over S6s,Oo0. The company
acknowledged this as d valid claim
and only held up its payment on ac
count Of counter claims against those
TO whom il was due.
The suits included actions against
Former President Mecurdy, his son,
Robert II, McCurdy, son-in-law, l..
A. Thebaud and Charles II. Ray
mond, who with Mr. Thebaud, formed
the firm OF Charles H. Raymond &
Co, metropolitan agents for the Mu-
tual Actions were also begun against
vice presidents under the old re-
gime, Robert A. Grannis and Dr.
Walter r. Gillette, and L. w. Law
renee, the stationer. who for long
years supplied the company with sta
tionery and supplies.
The members Of the committee on
expenditures also were sued, actions
being brought against Robert Oily
phant, James c. Holden, Charles +.
Miller and the executrix OF Jacob
Hobart Herrick.
The Suits were brought for the re-
covery OF moneys alleged to have
been obtained improperly by the de-
iendant or improperly expended by
them. The largest Of the claims
against any one individual were those
against Mr., McCurdy, from whom
the Mutual sought to collect $3,Hi,-
34i. This included claims for addi-
tional salary Of $4,000 year paid to
the president 1901 to 1905, with
knowledge, it is alleged, Of only two
of the trustees Of the company.
Joseph H. Choate, who has approx
ed the settlement, was retained in
1906 as the special counsel Of the
Truesdale committee, upon whose
report these suits were begun. This
committee was named by the trus-
tees Of the Mutual in October, 1905,
following the investigation Of the
life insurance companies by the Arm
strong committee. while Richard A.
McCurdy was still president of the
Mutual. 1t consisted OF W. H. Trucs;
dale, president OF the Delaware,
Lackawanna & Western; Efingham
B. Morris, president Of the Cirard
Trust Company of Philadelphia, and
John w. Auchincloss. Stuyyesant
Fish, then president Of the Illinois
Central, was added TO the committee
later, but he resigned in February,
1906, before the filing Of the commit
tees final report, as did Mr.. Morris.