Show philanthropy Is object of the mutual company new york oct 10 the sessions of the insurance investigating committee were terminated tor talc week at the adjournment because of the death of S fred nixon speaker of the assembly of the legislature of new york at his home in westfield the testimony today eld not elicit any information of a sensational nature beyond what bad been discounted in the testimony of previous witnesses the feature was ano presence as witnesses of the executive officers of the mutual life insurance company these were president richard A mccurdy and vice president and dr while it had been last week that some expenditures charged to legal expenses might have been contributions to campaign committees it was announced definitely oy dr gallette that the mutual life insurance company contributed to the republican national committee last fall that in 1900 was contributed and in was given tor campaign purposes dr gallette testified that he paid these amounts personally in cash and later in the day mr mccurdy said that while he knew campaign contributions had been made ne did not know the amounts he sala that no contributions bad been made to campaign committees before 1890 and that no contributions to state or municipal campaign had ever been made in thlu or any other state vice president grannis knew little about the to campaign funds but justified them on the same ground as president john A mccall of the new york alsa eliat the free silver plank in the democratic platform was a menace to me interests of the policy holders president mccurdy tris tr is on the stand all of the afternoon session toward the close 0 alic session mr mccurdy made this startling statement that an insurance company was not an institution formed to make money for the policy solder but was or should be a great enterprise founded to increase and spread its benefits over entire earth there has been a great mistake made he said about the real province of life insurance companies in these latter days people have been led to belleve that atte main purpose was to make money tor its policy holders in my view mat it is not the purpose of such companies they are eleemosynary when a man insures in a company he take into consideration the tact that he has entered a great philanthropic concern that Is in duty bound to spread itself even though this growth pro him from realizing as much as ha expected immediately after recess richard A mccurdy president 0 the mutual life insurance company was called he testified that he was 71 years old and a member of the bar having been admitted in he practiced law tor nine years and got into the insurance bus lenss bulto accidentally he ans elected attorney to the mutual in 1880 and served five years A contingency arose and le was elected vice president temporarily ho got the halter around the neck and could not break it he was once connected with the widows and orphans benefit lite insurance company charles H raymond was its president soon after severing ila connection with the widows ana orphans company mr mccurdy testified mr raymond was appointed general agent for the mutual mr little mr raymonds first partner was a brother of mrs mccurdy mr little bcd he was succeeded as mr raymonds part ner by robert H mccurdy eon of the witness witness ont remember abc whose suggestion this partnership was formed sir mccurdy said that all contracts were made without his definite authority tho rity tho contract with C H raymond co be was not conversant with As to the profits made by the raymond firm every other general agency he declared had just as favorable contracts he was not aware that C H raymond co had been receiving a higher rate 0 compensation than any other agency of his own or any other company he had no immediate supervision of any agency since he became president twenty years ago and was therefore unable to give details and rates of commissions he had never asked robert H mccurdy what the firm of C H raymond co waa earning arr had mr mccurdy told him mr hughes recalled the profits made by this firm and asked tae witness it he regarded it proper an agency of the mutual life insurance company to make such a large bum mr mccurdy said it made not the slightest difference to the company the profit represented a certain amount of business and it was eminently proper for agencies that can do the business to get theae profits witness never asked mr thebaud what the profits of his firm were he said e had no right to do so he never kaw what mr interest in the raymond firm was he felt no more responsibility to the policy holders he said because his son in law was paid so large amounts than if somebody elsos son in law had received them mi hughes asked mr mccurdy if he knew any condition of competition that warrants bis company in paying charles H raymond co a rate that enabled them to make SOO a year not after several questions by mr hughes mr mccurdy said 1 I know of no suan condition of competition in new york or anywhere else els e mr mccurdy said ne bad not given particular attention to the matter of salaries in late yeas yea s when his salary was advanced from to if was done oy the committee on salaries he never in hla life made a request for an advance in salary witness took abo advance as a mark of appreciation of his work he would have continued bis services whether his salary was increased or not 1 I certainly did not interpose an objection he said referring to the raise in his salary it was brought out anat the witness and dr gallette held enough proxies of policy hollers to control the board of trustees by electing its members air mccurdy said he understood that the policy holders have sufficient confidence in the mutual to take out policies and leave the management to the officers the same person paya his premiums voluntarily continued mr mccurdy and voluntarily signi a document asking people to vote in his place there is no other way to do it if it were not BO they would bo dis franchised these proxies are good until revoked and replying to mr hughes witness said he never knew of a proxy being revoked on the subject of competition mr mccurdy explained that the high rates were forced by other companies and thi mutual life had to pay enough to keep tho services oj its agents an mr hughes witness said he did not believe mr raymond leave him far any reason in the world the same answer was given a like question regarding mr mccurdy and louis E thebaud mr mccurdy was assed what the local conditions are in new york that made it necessary to pay general agents such commission that after they had met all competition of other companies and paid expenses they had for themselves and hac replied 1 I dont know ane conditions of agents in new york or anywhere else for I 1 am under no to do so reverting again to he salary question assemblyman rogers questioned the witness who in reply said the committee on salaries was appointed by the finance committee from their number and the finance committee was appointed by the trustees attorney beck asked permission for president mccurdy in explanation of alie increase of salary 10 to tell of the growth of of the mutual life insurance company under his management mana gemen doing so the witness said that the assets of the company were in and now they are he said that when he took charge the corn pany was going down and he bad built it up until it now Is ov of the largest insurances in tha country when president mccurdy had run over the figures of the pay taints to policy holders disbursements and new business mr nock was per matted to ask the witness if it was not a fact that the mutual lite Is the largest insurance of its kind in the world with assets greater than tho combined assets of the bank of franco and bank of england mr mccurdy replied in the affirmative and declared that tits salary was increased because of the vast responsibility which the greatness of the company had placed upon him mr beck in a short address to tho committee spoke of mutual alfo as the pride of the country he said also that there are many lawyers and members of the stock exchange in the city who make over a year asked if he thought life insurance should be extended at the expense of the policy holders mr mccurdy replied 1 I do life insurance Is nn obligation every man ought 10 take because he Is participating in toe movement for the benefit of humanity I 1 have always bad that opinion the purpose of the futua lite la not money making or declaring dividends to those who pay premiums it was organized asa great and missionary institution |