| Show j RO NOT NOTi f i I n o TO I Says Nothing Cnn Can or Will tI Drive hint Him Out Oat of or the Presidency of offlie The flie Mutual Life We lu lus Co CoNO CoUO tb NO ACTION AO AGAINST PLU j Cond M Not er What h t Insurance lie He Curried Horrified at ut Thought of 01 lu Judicial 11 n Contribution I Nw w niU Oct 13 A Mr Mi Ic un In in o ut at tim Iho UI m CO company III nT t tho Iho t u to l hut 1 Iia ho hail no went o If t II that ha he ie wi ducted 11 to c until June 1 7 I next mid Ulti that noth In an ii 11 I III drive him him out aoL announced from frol the ill iii j It WH H ollie that no action wot tikI he th tho J that turned user over Ii 10 Ih me attorney yo l diy ay 1 by ty bythe the committee that t It IH companies l g t it II t Insurance lIU CLOS I I one f lit of f th inot week ot of till the Insurance 11 1 I 1 I t II tho Iho ho committed j Jum UiL be tie f Il i hi I J Ii t today Co concluded lic i u tid t th thC tin 1 tv 1 I I t jul of ot III 4 A 11 C ii r C wiLl uh ni Iii tion o of ot 1 a f less few v he lie hei lieI I i i t x ii 1 ph 1 week MI I hUll has WH l mien buen n on th the stand III thi 1 H of 1 part ot IC the d din dI Ut uC Uti IIII i I k il session l mid some oine of 01 hie WIlli hll ILl th Ihl o of ni ill III it 1 has been Ileen adduced e 6 the IlIr I t t II Ill 1111 is testimony III today II I II I IH U YI I iy Y P much U of ut C II n tei anical h It II lU uN of 01 r much value salue to 10 hohs liu ho the Minn in ill Its US lore oik hs ti Ii ti stand tH ott t this hits morning I ng ti It Will to III t UK Ik 1 i ill hIi testimony a nit to lo the he Mu I III IIII U Ut t I uil lI Id Lf connection with LI tiNt com UlU 1 nl I Hut hit Interrupted 1 b by nil RII The Information lIn II I I till jul i 1 i h liv Mi di III t th 1111 thol ii II t I ii t with wh which tl II tip Mm oj l t II R connected M Or r n r I OtIS won lOon utter titter they wei vera verat t dl tk n 11 III up ii hI by the Life Ilfe Two Tl IM I II in III point were lole the 1 1 I fly nt ut N J J 1 vi Ii h i I I t family I Iv Hi Ih L t States Mortgage Trust fill I The form former Is le now con CUI till tillI I u ii I h I At Mutual itil LI Life LIro fe und and it i t I that besides bolus being u Li dh III ll II I I i if r nils t trust trual company he h Is 18 1 a t ti J lug i 11 g no t II und tool would take lake mo it Mock Rk k i K H h hi 10 not got 01 It Th Ih Mutual II 1111 Life Ilfe keeps keep a n balance oft ot of t not t I 1 If i 1111 I n OO with this thin COin corn 1 jam 1111 mi III II It II from 2 to lo I 3 I Ir tier r tent Pili The flip rIi latter hitter rate rIlle hue has been nl P 0 September Mr 11 McCurdy ill ii Ti mil know lOW the of ot the tha other r of or his hili family faintly In III tills thin company In I ii I Mr III Me 4 tj ml ii thai thit he lie l participated notI not nol HIM dt I I t Ii III 10 idi a of if t I ng but to 10 toMI toi i MI 11 in hi 1110 of the tho commission nl at atI I 1 I I t i I bankers M l I v I Il hL las whet what life hire In Inin inh I in U h fI i carried und and he wn t i It if on c but SI II fleck Deck hiM ii r r si il 1 it IL mont show i 1 j i I i i Ih the were sero taken cn out ant antI f I i r vi 1 it and the plan ti Kr r 0 nil all In III th the ii h ii I 11 rd 1 that he lie was nl also niso I 1 i 1 H i tEl I tho t I ti iI t ll I Mutual 11 Tw Ii 11 left hift the Mr McCur McCurn l n I h ho paid haul for or III lila his aw artI art rt I i I I h rOSellor building which I 1 I Ily IA by tho the it i J I 1 i rt II I h n Mr Tr r wa was excused his hlA I f i 1 rt rl II was culled toC lo to C I nip mc 1 for tor traveling ex exi x i 1 i hi i 1 viol lie He said suid ono one of ot his 11 1 t IF I wits was aJ to visit th n gp 1 the country Throe i n I I in I I re e made the expense c of lit h II h 1 11 wl 1 about aboul Mr Mt II MO MC MOI MCi i I while on one ti trip ip ho he 1 1111 by hy his fattier father moth d t maid but hint II l li II in were for fur 1 I I i did not nol Include those ii of ot his family or ori i I lu h jit l 1 a IL fill 11 t te car on one olle onel olleI l I i 01 HM i 11 He could not tell lell wh WIlY why I on UI these trips trIp were lver o 0 ot I t r i Ii 11 he lie would furnish h Ih the 1114 de ile I Mr McCurdy was followed I I v il hard campi of ot the theM I M h hi j H 1111 time thu manner r IIII III In I 1 I w some pro Iro 1 I inn lo loHure lIr Tim I d I until mini next neit I I 0 VOH 1 8 V h Ii for some sonie I 1 l h be produced the tha relatIons C I I I I Insurance u II I on company were i I Mi M that when I I h ii Morristown Truit coin I I n III rM ried ea d to In 18 of ot the company liy hy th nil holdings of ot stock The rue M I f Insurance company now floW T o 1 worth pr par value 1111 t ln ed nt ILL a n hook bool value ot of M lInd UK Ihl company paid tha thai 8 i J ln 2 to ton toI I n It Ill jiu deposits I I V FAMILY IMILY a 1 I 11 t 1 rate ritte woe was 3 t 1 per er cent Mr 1 i I I hp did not nol have the fl I I he hc ic holdings of lit tB the tc itC Cur r 1 n I UK of ot tb tIme the Mu MuL I u un L Ie company In toek n I i Trust Truet company Hn lilt I i r II to IOA when the time Mu Mui ji 11 I i company first be ba beI Tr 1 I In III the I th the willies and inti mem mems I h s flu did not flot own liny e it 1 of ot the tho trust truit r l s l t that li lie hll owned RU Mt 7 I q of ot the i i 1 ii ml he III Is It a director ot or members of ot time the II finance o 0 v r till hip IP Mutual are lire member I i c of nt limo tho t trust or company lie presume that Louis A lii hIli wits I a U stOckholder stock stockholder holder of lit the tue trust company compan The com company pan ho wild paid hield dividends of ot I 18 pem percent er tnt the litt niti ha having VillI Inci t II pur por cent an un annually for years Rr The flue Mutual Life com coin deposits with the thu Morristown Trust company amount to 10 Vm Pot Pota a or OI two Iwo prIor to 1803 1903 the rate of or Interest paid on 00 Mutual Life 1 li po lI lIWOK was WOK 2 I per lieI er cent cellI Other depositors I ere eia paid 8 t lIt per lilt fOr years In lii explanation thou tion Mr Ir raId that the trust t p per r c cent nt to III ml c clUn ous and probably would pay only 2 per cent 1111 to In n II lars laige dp depositor Ollor who might want to tl withdraw raw at lit tiny lillY moment Mr Hughes brought out nut that thai since lince II 11 I 1100 1000 the Mutual deposits deposit In Inthe Inthe the Iho company were wern never Ies than titan and remarked there them wa was not much In to the rear fear thu that the would bt be wl withdrawn h lla wn suddenly W Mr 1 r ns prompted as iii to the tha dates h hy by 1 treasurer of ot the Mutual Ile company whoso hoo answers rl ura 1 fOro taken aa lUll those thuNe of ot Mr r McCurdy Mr III McCurdy nol to 1 a sain sall of ot a u large num number her ber of ot shared ot of trust company stock stockby by the Mutual Life muir Insuring company on D Dec c 31 1901 tind a of 01 III new stock of ot If Ih the tha Iru trust 1 company availing of ot 1 a portion of ot an Increase In stock tolk on Jan 2 1002 II Hy By this he said the Mutual Life Lito company made a profit pron I 0 of Mr McCurdy ald he ha presumed he tue hewa was wa paI paid 3 a per lor er cent on oti his Individual deposit with tho trust company I Ho Ill could not 1101 explain wily why the Mutual de tie deposit posit wa Increased to In Jan Jail January nary uary anti and Mr Ir Heck luck counsel for forthe forthe the Mutual answered for tor him that loans hill had not lIol been bee II to 10 the truit I ru t coln lan S ASS TIM James 11 rn QI assistant l ot of th Ih the Wai we call called 1 to the Ihl stand Iti Uti hm described tilt tho organizatIon and the conduct of ot the thit Wharf harf A Warehouse company of or which the Mu Mutual Life Insurance company took look se e amounting to 10 H It oId 1 n It portion of ot these thelo un und tImId bought new tie Me e of ot the company making n a profit thereon The fhe Brooklyn hn wu was re rl reorganized organized In 1901 because it II wan was not pitying paying Us lis and dividends Alit ami Its 1111 8 were vete taken h by the New NewYork York tork J Dock ock company Mr 11 on nail said the Mutual I still 1111 held about of ot the time stock of ot the tho Now ow York Yok Dock company having In Increased Its Is 10 I per er cent when hen the com coin company pan pany reorganized He lie also niso stated that the participated In the syndi syndicating eating cating ot of the of or the Wash Washington ington Traction frAction ft tv Electric company which was wag RII formed to 10 take over oCr electric lI light hl and In Ill Wash Maeh hll lon I n C This rhia company w was s nf of 1 reorganized tiN the Wash Vasti Hallway ft company The Mutual withdrew of ot stock from the a at 98 93 and Interest Then In June 1903 1993 the Ihl Mutual bought worth of ot the Washington hOll bonds e from Ih the United States I tol Mortgage ft Trust company at al 78 on I Is director and vice ice president of ot the latter company When asked what WhAI liat led the Mutual LIf Life Insurance I company to make this III In Investment vestment l when shen the bonds bond lua hal had fallen 1 IS 18 points within a II year Mr said it II was probably I done ilone lo to average nerle the Mutual down to 10 Mr rr Hughes asked what whal advantage ITe titers there was Willi in lit that except to show 1 a n lower average oat cost said tile Iho they probably thought tIlt tho bonds bonila were ara chean Since SineI Juno June 30 ao last Jul the Mutual sold it Its holdings of ot preferred tind common stork stoCk In the Washington company hut hilt Hill dill hold held these e bonds President A 1 u wag then recalled u Ho lIt Ih thit 1 both holh he stud and the Mutual Life corn com company pany pan hail had shares ouch In ill the Avenue Trust t company that tte Ille Mutual Life tie dl e posits 1011 In It II w wet Ivera r Mr tr 11 ur day dav handed In III time the following list of ot ti n In lii which both Mr le and anti th the Mutual Life Lite Insurance company were Interested r R Syndicate of M ul v Third hIIR A Quincy Quine i Urr ro Oregon Short Line ins 1113 Pennsylvania H n II n 14 5 of ot Cuba S 6 Sper per pr cent int MM o of ot Cuba 6 h syndicate sub Rub 2442 Japanese Is 1st II fl Japanese a fill s 2nd nd series rl 1 t j n Japanese II Cis 1000 1 l N NOrn Orn Short Line 71 Th W nor iwu Southern Is III Jj 5 United States of ot Max Mex Mexico ico ire In Is 1001 on Topeka i Santa nta Fe Ve MOM SOT OE Japan 4 I e Pennsylvania Hall road con cou Mr Ir said laId I took Ih e Pit Pat not with t the Ihl he ld i nf if r IK i log Ing nil bonds from the 1 in ii ob di obtain h tall lain my share ot of tim the commission IU III A Aed ed by lIy Mr hr McCurdy 11 that In the till 1 r of nr III h he Southern Pacific syn ll ate 1111 ti the Mu 1 lw worth of or bonds bool In the iii Ih I iou Inn u 1 ket Now you vou have Mid none notis nf nt j ur pOt fits fila w Wf ro re ever II th Ih tho Mu 1111 thai tUIl In title tills case CRe sur surely lv th Iho Mutual lual to your our M Mild M Mr Ir hr Hughe ii u OUT OLT OJ or Mr Ir replied that hut it 1 ii not hint true trul I n no nn more m milk ki front from the Mutual than Ihan the uld from frOth me We Ve were was on Oil e 11 1111 as Ill ot 01 the held lie hI Mr 11 McCurdy Mid aia that he lie haul 1181 never nevor i j 1 i Lt heard nor 11 tIll did tie lie believe that tiny any If ot of thu thit Mutual Lifo coil euin I puny lany had liati Any n Interest In Ito tho I ties I LIquidatIon PU 1111 ny iii through which the tie Mutual 0 Of It tta meat leal estate hul holding In lit He lie said ault tutu that the hlll of at the tie theU U Hunk flank of or California by hy the Mutual Life Insurance CO PU II was wae Investigated by bythe bythe the committee of ot the Mutual and antI that he lie did iid not hot Lit 1111 any of nr if tIme the Mutual ert much Interested In itt Ui tie bank bunk U He lie said he did not nol be believe lieve that thul the shares H of ot the batik bought liy Iy the Mutual at It a price brice high hillh higher er fir r titan than that paid b by tile the ordinary lInar stock stockholders holders Mr Ir hughes asked Mr 1 McCurdy It If when the Ihl his hili policy he lie was 1 not required to give a bond hond I Is Issued sued Nuell I by hy n a Hurel surety company Mr II t r McCurdy uld he lie never neer had butt hoard of ot I U It The Mutual did not mint have un any uny Interest In All any Huret company nor did lilt all ny of ot ItH ita hut but he lie anti and hIs IH Non HOIl Si nrc re I Interested ii III In the lii disunity y com tuiti company pany of or Mr 1111 MI sill said I Ih h ht i an led about t nt of I lire life I ft I Insurance r rII II ance the lie g greater pan hiatt In lii I In III ii the tile ii I III II 11 HO also suited Minted that tin hits owned a ii I oh Ii I ig t reMt I In ii the thit Na National t I Muro tt ci Ii lt posit company n Has 1105 the tue Mutual Life to In your Know I edge ever evel ut to tl the Cu fund of ot ta candidate 0 for tor I of lIP iii In hue Hie dl city illy of ot Now Nul You oll k 1 Mi All No I 1 cannot conceive such a II thing lo tn be he possible replied Mr Ir Hv HI milled that It II la is l likely hut ho lii hud hail been solicited hy the agents of tit i apolitical a IL political party harty for tor campaign lion bus but hut he hue could coull not nol remember ti by whom shorn Were you for tor a 8 campaign contribution In and auti by what whal par parI party I ty 1 I Zt M My mind Is III 1 a blank as its II to that The Tho ha talk about cut n contributions was Willi ngue and It If I might say n 11 the allI air all airI I cannot remember If It I contributed hut hilt 1 I hilly muy have havn born been lI solicited Mr McCurdy said ho he was not lint present at III tiny meeting of ot insurance at lit which hl h contributions wore vero dis discussed cussed cusI President McCurdy was wait then excused but bernie before he lie I left tt thu stand he lie mud the thu statement that ho he paid haul a 11 year for I Ul hi Ms his In III the thu building which U is owned b by the Mutual Life Insurance company Wh When heri had been ben ex IX hi his lOll Don Hobert H II McCurdy wits called II to te tH au M to 10 the Iho hl Insurance 01 on ill lila Ills I II lf hf f On Oil n C blotter wax found a IL number el of or charges to 10 traveling ex cx expenses Incurred h by Mr Ir McCurdy n as 1111 general One of ot 1500 1100 Mr Mu 11 McCurdy said wan as for 01 a it trip o of 30 Il dayt to the tha south and and alit while the I president of or the company find w wife Ir if and 1111 mother of ot th the witness i hint him the lit amount did nut not Include their expenses expense The Ih was Willi till fur iii the Ihl pin iw I lose of ot visiting the tig III ills t fl fit I lh tier r sel along alOla for tor hut liln hili health while hue hilI I suffering from gout iut Two other trips wen WIIl taken laken l hy by y Mr Mu 11 McCurdy Ic and we u UI nl III 1317 1 1 lIe Hla wife her maid mahl him on all one 1011 o of or thee 1111 trips which along the Ito tithes hike hut Into the von vest It Mr asked h thieo amounts were II go so laige haige und amid tin tho hue wi triP said MaId lie he hind hall nut hot the details lit at hand l LOSSES S William AV W V r of or th Ih the Mutual Life LiC In lowed towed Robert H TI McCurdy Mr III Illch ards Is III In charge of ot the mortgages alit loann and lUll luis 92 Parcels o of property o of which rO fiO or 60 are In NOW New I York under hU his cherge lIe He testified that the building was wan on the of ot the company at III 30 Of It if lh thO hit sale Mile of or the Brooklyn prop eity ii t y he ti the is Liquida Liquidation lion tion company took It II over lIer Thin prop prot property pru erty was IM still sold at al a II Ions hose wItness s 1 ii 1 II M as It rout cost the Mutual Lift Life and andai II ai old for He lie said during the lii hl t 1 i IK U FAill the tho Mutual had churned 1 about to profit and loss I In III i |
