New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-11
r. Il. MsCURDY ON STAND,
Defends Big Commissions Paid to
C.. I'll. Raymond 6 Co.

The appearance OF Richard a. Mccurdy. president
ef the Mutual the witness stand yesterday
drew the largest crowd Of spectators since the
ing opened. At the outset OF his testimony Mr.. Nc
Curly admitted age of seventy-one years. and
said that he began his connection with the Mutual
in 1850 as an attorney and became president,
for temporary purposes. in 1866.
But I got the halter around my neck, and I
never could break it, he explained. humorously.
he testified TO previous connection with the Wild
ows' and Orphans Company. counsel. and to the
further fact that C H Raymond. in whose firm his
son and son-in-law hsvs made so much money out
Of Mutual premiums. the last president of this
concern. When Mr. Raymond left this company,
Mr. MoCurdy testified he became partner of his
brother-in-lsw under the name OF Little &. Ray
rnond- This more member of the McCurdy
family who had been connected with this metropoI-
titan agency. After Mr. Littles death Robert H
MoCurdy succeeded in the firm. TO be followed later
by Louis A Thebaud
Were you conversant with the of the con-
tracts with c. H. Raymond & Cor Mr.. Hughes
inquired, presently, after detour TO take In the
presidents powers
az cannot say that ever have been" was the
reply Mr. Hughes then attempted to make the
witness admit that the Raymond contract was far
more favorable than that with any other agency,
but Mr.. McCurdy eluded a direct reply. Inciden-
tally he explained that the Mutual. he found it.
was not a 'tone man power company. Mr.. Nc
Curdy then explained that his work brought him
10 the Office between 8 and 4 o'clock i've days a
week when he devoted all his efforts to the inter
ests of his company.
But this long detour did not battle Ar. Hughes,
who returned TO the question of the profits of the
general agents.
Have you taken any steps to ascertain whether
the general agents are making too much money!"
ne asked
Mr. Mccurdy replied that this was unknown to
officers Of the company, because the agency books
were private.
did you ever ask your son. Robert H McCurdy,
what the profits of c. H Raymond & Co. were7"
7 never did I" Moreover, Mr.. McCurdy added
In reply another question that he did not believe
the firm was making money than ought to be
paid TO It The examination on this point follows;
OIL find from the statement that has been
furnished hare that the net receipts OF z II Ray.
uond s. Co In 1896. after paying sub-agents and
In 1857 to 1888 0O0 in 1898 to SlS5.O00 and in 1899
70 s22s 600 DO you regard it as proper that gem
eEa agency e u5ual life insurance COMPANY n In
ssoo 600 IN the course Of year, Ais thai your
s1s oTorsv vvhefher ona genersi AGENT In the city
Of New-York made 100000 or twenty general
That would be the result of doing the amount
e BUSINESS @ heg E Psla a Gn s as Simply
question, In the first place, Of the amount OF bust
t6ey were paid II they had not got the business
they wouldnt have got the P profits In the second
q what his business cost him. question t on OF what
ing his business. al Of it being governed by the
sagaciy. economy and general knowledge OF the
nay that amount of commission for that amount Of
business eIniRently proper, and it didn't uake
a particle Of difference whom they paid i TO-
NO RIGHT TO INQUIRE
Q-Now, when MIR. Thebaud. your son-in-aw.
wes menber or became member 4d OF that Z, hr q
Raymond & Co. were? Al never did hadn't
0-Why net? Al had no more right to ask
no more legal right 10 ska firm Of general agents
net profits are than have a right to ask you what
your profits ere.
renewal Of a contract with firm Of which your
son-in-law is e member comes up, that you ought
ascertain whether the rate Of interest is higher
than II should be- Al haven't-as told you'll
for twenty. years.
o-Buf it was matter Of which you could have
taken. charge at any moment? A-Provided had
nothing else TO do.
c-Now, then as the custodian and the guardian
of the welfare Of the olcyholders, is 1t not only
your duty but your paramount duty, to inquire
cessiyeiy, whether the agents deriving too
large profits from that business? A.-The first
agents are being paid too much But whether they
arc deriving too large profits or not that is not my
duty.
o-Do you have any idea as TO when new con-
tracts have been made with the firm of which your
son-in-law member? A-Not the slightest.
Q-Raye you ever known what Mr.. Thebaud's in
terest was in c. IL Raymond d coz Al never
o-Have you known how his interest in C. H.
Raymond & Co. has varied or increased? Al
Oft appeezs here In evidence that last year Mr..
Thebauds interest IN that business Melted him in
cash Sz7,09a Was that q surprise to you? Alt
cause I did not know anything about it way or
oEYou had reason TO observe did you not, that