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Show Stock Yielded $100,000 More ' H Than Its Face to Mutual TREASURER CROMWELL H GIVES MORE INSIDE FACTS Impossible, He Says, to Buy Railroad Stocks Direct From Companies. NEW YORK, Sept. 11. When the spe- VM clal legislative committee probing life In-surance. In-surance. companies' methods adjourned to-day. to-day. Chief Consul Hughes had liniahed for the present the examination into the Mutual Life Insurance company, and the Metropolitan Life Insurance company wao started on when Silas B. Dutcher, a dl- rector and a member of the linance com- IH mlttce, wns called to the stand. IH Can't Remember Salaries. jH Mr. Dutcher was questioned regarding the securities held by the Metropolitan and as to the syndicate' operations of his company. He was asked the salaries of 1 tho company's ofllccrs. but could not re- member them. Ho will present the list J of officers' salaries to the committee to-morrow. to-morrow. Mr. Dutcher was still on tho stand when tho committee adjourned. 1 Profit Is Enormous. Earlier In tho day Treasurer Cromwell had taken the stand lo continue his ex- H planatlon of the Mutual Life's syndicate H operations. In explaining the relations of H tho Mutual with trust companies Mr. jl Cromwell stated the Interesting fact that on the purchase of $1,12Q.0C0 worth of shares of J.he Guarantee Title and Trust company the Mutual had received In divl- 1 dends $1,220,000, making these shares cost IH nothing and realizing a profit. Mr. Crom- H well stated these shared were now selling ll at over COO. Couldn't Buy Bends Direct. In tho advantage of dealing through syndicates in preference to buying rati- H road bonds direct. Mr. Cromwell said ho IH had actually tried to buy bonds directly IH from a railroad company. Ho went to H his friend. Stuyvcsnnt Fish, president of tho Illinois, Central, and Mr. Fish told him that ho could not afford to sell tho bonds to tho Mutual. H Purchase of Bank Stock. jH In hid testimony after the recess cx- H plaining a matter of a purchase of Bank H of California stock. Mr. Cromwell said tho Issue price of tho new stock was 350. Mr. H Cromwell hoped to get tho shares at this H figure, but In the end the shareholders, tt H whom, under Iho California law, tin- H rights to tho new Iscsuo belonged, held H out, nnd the Mutual obtained its 5"C0 H shares at an nvorngo price of 3S0S-10. H Left to Mr. Bnbcock. jH The sale was onUrely by Individuals, H and there was no syndicate. The transae- IH tlon was left entirely to William Bab- cock, with absolute conlidence that ho H was dealing fairly with the Mutual. H Mr. Hughes asked how the Increases IB or decreases of bank balances was cou- jH "I control them," said Mr. Cromwell. H But finally he added that the finance IH committee must approve all his actions, H for all the hank balances were serial- H nlzcd by the committee every week. His B own power of regulation, therefore, was H temporary, and anything he might do H could be revoked within a week. H Mr. Cromwell wns asked whether hn H Increased or decreased his holdings In tho H debentures of the United States Mori- gngo and Trust company to assist the H trust company. He replied: H To Help Clientele. "Not entirely so; It is partly to help our jH whole AVestern clientele to know that H through one of our companies they can H get monev on bond and mortgage." IH "The advertising, printing, stationery H and poslngo accounts of the Mutual Is H $1,134,834; nf the New York Life, $351,255; H for tho Equitable. S772,I5.50." H "How are advances mado to agents by H tho Mutual?" H Advances to Agents. "It Is done through tho general agents H of the departments, but I understand tho H amounts are not lorsre." H "You hnve un account with the Anted- H can Exchange bank?" H "Wo havo had it for nearly a genera- H "You do not receive any Interest?" IH "None whatever; Its president Is ono of H our trustees, nnd he tells us frnnkly If IH we want Interest wo must go elsewhere. H but we have not thought It gracious to H close our account." H It wns at this point that Mr. Dutcher H was called. H Mr. Dutcher Is Called. The list of stock nnd securities held by the Metropolitan on January 1, 1905, was H marked for identification; also the lists H of purchases and sales of securities and M syndlcnto participations In the last ten H years wcro produced and put in as ovl- H Of $75,000,000 of tho securities held by tho H Metropolitan, about $65,000,0(0 wcro pur- H chased from Vcrmllyo t Co. and W. A. H Rold & Co. All Deft to President. Mr. Dutcher said the nresldcnt usually jH Old the purchasing of securities for the H Metropolitan. H It appeared from tho questioning thnt H Iho president of the Metropolitan had H solo discretion In which banks nnd trust H companies' deposits should he kept. H |