Show METROPOLITAN NOW ON THE RACK Director Dutcher but her Before Before the Legisla Legislative tive Committee i POWER OF THE PRESIDENT SOLE DISCRETION IN THE MAT MATTER MATTER TER OF DEPOSITS II EV V YORK Sept Sapt 14 When the NEW N special 1 l legislative committee prObing life Ufe insurance companies methods adjourned today Chief Coun Counsel lei eel HuSh Hughe had finished for tr f r the pros pies ent cut Ute the examination into the Mutual Life Lite Insurance company and the Me Metropolitan Metropolitan Ie Life Insurance company was started on when Silas B Dutcher a director and a member of the tha finance committee was wis called to the stand Mr Mt Dutcher was questioned regard legard mg lag in the securities held by the Metro Metropolitan politan and as is to the syndicate opera opeia lions of ot his company com pan He was wa asked the salaries of the officers but could not remember them He lie will wilt present the list of salaries to the committee tomorrow Mr 1111 Dutcher was a still on the stand when the com corn committee committee adjourned Money More Than Doubled Earlier in the day Treasurer Crom wet welt had ta n the stand to continue his hs explanation of the Mutual Lifes Lites syndicate operations In explaining the relations relation of the Mutual with trust corn com companies Mr Cromwell stated the inter interesting interesting esting eating fact tact that on the purchase of 1 worth of shares ot of the Guaran Guarantee tee Title Trust frust company the Mutual hId received r in dividends making makinI these thee shares cost nothing and realIzing realising a profit Mr Mi Cromwell stated that these shares were now selling at over In the advantage of dealing through syndicates in preference to buying i rail rull railroad nil toad road bonds direct Mi Mr 11 Cromwell said baid he had lied actually tried to buy bonds di directly directly from a railroad company compan He went to lila his friend Stuyvesant Fish Fiah president of the IllinoIs Central and Mr Fish told him that he be could not to sell the bonds to the Mutual California Bank Purchase In his testimony te after fter the recess s ex X a matter of a purchase of Bank of California stock Mr Cromwell said atel the isue price pIce of the new stock was Mr Cromwell hoped to get the sharon shares at this figure but In the I end the shareholders to whom under the California C law the rights to the new issue belonged held beld out and the Mutual obtained Its it 0 shares at an average price of o The sale was entirely by individuals and there was no syndicate The transaction was vas left lett entirely to William Babcock with absolute confidence that he was deal dealIng lug Ing fairly with the Mutual Controls the t e Balances Mr dr Hushes Hu asked ed how hO the th increases or I decreases decrease cleere of or bank balances were non eon trolled I control them said Mr Ir Cromwell But finally h M he added the finance com corn committee must approve proe a all an his actions for I all the bank balances were ware scrutinized by bythe bythe the committee every weak HI Uli Bis own power of ot regulation therefore tb WitS was tim tehi I ix DOrar r r and he mi ht do could be revoked within a week Mr Cromwell was asked whether he in m inc c ed or decreased his holdings s in the I debentures of the United States Mortgage Mort age Trust company to assist the tha trust com corn company I pany panr He replied Not eo so it is Ia pertly parti to help our whole western clientele to know that through one of or our companies they can cant I gt t money on bond and ald mortgage e The advertising printing stationery stationer i and postage Recounts accounts of the Mutual are of th the t New York Life Lire 98 l for tor Cue ile Equitable e Advances to Agents How are advances made to agents by the Mutual I It is hi done e through the general grouts agents onta of ot the tile departments but I understand td the amounts amount are not large larg lit litI I You have an account a lItt with the Amer American Amerlean I ican lean bank I We have had it for nearly a genera lion tion You Vou do not receive any Interest None whatever its Uti president is fa one of or our trustees tru tees and he tells us is frankly if It we want interest we must go KO elsewhere but hut we Wt hav have not thought it gracious to close cloae our account Metropolitan Company It was wu at this that Mr Dutcher was w called caned The list of oC stock and ami held by the Metropolitan on en Jan 1 was marked for or identification also al lO the lists of oC purchases pur and sales of or securities anti and syndicate par in ht the last ten years were produced and ami put in as evi 01 done dence Of of the securities held by the About bout were nur Dur rha ed from Vermilye Co and W T TId A Held Id A Co CoI Mr 11 Dutcher said eaid the th president Dt usually did the tha of securities for the tho I Metropolitan It appeared ap from the that th h president of at the Metropolitan had solO sole fOl fOlI discretion in which j and ami trust com corn companies I panl should be kept |