New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-06


to c. H Raymond & Co. on Mutual business
eliminating in letter fixing the status OF 'he
firm for 1904. This letter follows:
! Mr.. Charles H Raymond manager, New-York, -
Dear sir Your appointment ana con naeen,ber
81 1909 and revised and amended for the year l'Oi
In consideration of valuable services heretofore
rendered by you TO this company all renewal COIL
hand and existing contracts with this company and
on business under the contracts heTelndlleL u
until the fun term OF said commissions without e
deduction Of any kind for cost OF COLLECTION OF L0s
any other cost or occasion whatsoever, Sh3H nave
gStag The first years a m The s same as
| under Your exIsIine Contract
| An amount Of $4,000 will be allowed you to cover
present paid by the company TO be charged in
monthly instruments Of 81. s16 81 each .,o,+t =
sum sufficient to bring the total cost up to 50 per
Ave- ten i fteen and tWety year distribution class
ten or more payments on applications proenred 9y
OF insurance is established the allowance each
q shall be sqeh as to bFne se6 e as oa bo G0sJ po up
| vided- On the renewal premiums OF the slI'W9y0
in the year 1897 the company win pay sOe SIX r s
newsis OF per cent IqsIea9 d o S o On t6e re-
newa ms that are Rad LOT in ne the yea
1905, the company will pay you six renewals at
In consideration of an expenditure by the com
pany during the year 1904 through your agency
of an amount within the discretion Of the com
be required in the establishment OF branch
earned by you from bonuses on the new premiums T ms
OF insurance above mentioned are TO De returned
TO the company .,,.,.
of least seventeen millions (S170o0.O1O OF new
Insurance business written in the year 1901 that
any loss that may be sustained by you through the
ions C$l7CO0Oo0 OF new Insurance within the year
1904 and to pay to you six renewal commissions OF
per cent on the premiums equivalent OF the t Ge,
fciency based the same ratio OF lapses as the
The provisions and requirements Of the above
contract shall govern the year 1873 also will he
conducted under the firm name and style OF & H.
R9ymf9nd & Co. Managers ds.4 49, ,,it+a-.vra, from
the agency it is hereby mutually understood and
agreed that this appointment shall continue and
its business shall be conducted by yogr partner and
truly tiyS-''''9 '--''e-'- 1--' ROBERT H McTRDY.
General Manager.
I hereby accept the foregoing appointment and
t fG9nSt co %5h the G 5IRf2ss aRd
New-York, December. 1908. Manager.
Mr.. Hughes then resumed:
your agency. which were deducted or charged ,g7d
against the renewal eommissi9ns received b by your
ut cut" of its eommssions ali the expenses Of its
Q,-Under the system that IN force prior to
December 1903, the entire metropolitan distric
and all the sub-agency oices within that district
we're manned and equipped by you' were they notT
EMPLOYED ALI. LOCAL AGENTS
Odd you employ all the. persons that were
employed to write insurance for the MUTUAL LIE
Q.-Ard did you employ all the clerks and per
sons who were engaged in the clerical work incl
dent to the BUSINESS Of your main o Office b anf t e
ception. Of tie branch offices, there may be also
o-Now did the firm of c. H Raymond &c;
pay all the expenses prior to December 1893 Of all
the branch eees within the n ctr poll district?
Q-Who paid the rent other than what you PAID o.
oWh nat amount R aid the Mutual Life in 1898
ceS G to me 6v M Bel that When Mr. Thebaud
Co in 1858 there were outstanding certain leases OF
metTopolitan district the rents accrung upon which
We're paid by the company and not oy :. o a Eay
pe2fs Of $50 g ooS and 100; that after Mr. Thebaud
me snes Of te TIE 9F omP "a equring add
tional Offices and additional expense 6y way OF
mona & Co? A.IThat was the case.
than # had he pT M8t1a been oae upon
under these three leases that haze been fan mentioned
$50 that down to December. 1903 SO far as the
item of rent is concerned it was included IN the
d-Thet you have not furnished me here which II
c. H. Raymond & Co; leaving the pF0htS t1a'
oGNow. is that also true OF the other expenses
incident 70 the branch Offices and to the main main
persons? A.-The company made no allowances Tor
you got nothing from the company? A
Nc s5F, -a,s - xonr-.,f and had plenty of money
to pay it with and realize the profit that has been
mentioned? (Hot answered. .o,, A.. .,,o
Q.-Now, then, at the end Of 1905. or At the tlne
this contract IS made. under date OF December !.
+s0 mss 1t seems Hr Hughes the company
assumed to take my contract out OF my hands and
make a new one for me.
NEW CONTRACTS UNAsKED.
Oft wasn't at your instance? Alt was not
o.-You were well satisfied with the situation as
4Vbo bHonFht IN the matter of changing the
contract? At CAME through the official channels
o C-S What were their names? A-The de-
partment of domestic agents W., .,.
Q-Who IS at the hsaa OF tha A. danarfnsnt the
general manager. Mr. McCgrdy
Q.-And he signifed to you that the existing con-
tract should be ended? A.-Yes. sir.
Q-Now. will you state practically what the
effect of these changes was traAsating the formal
cnpate Statement? AEThe effect of the changes
was to take from me that contract which 1. you
reduce the time Of my service and naturally OF
ch5rse Of the suba gencies out of my far
as the payment of their expenses was concerned,
exfent and number Of sub-agents and the extent
and number of offices the number of men in them.
a n at tbat thew were doing But the company in
sisted upon doing these things. and It offered me
a sIr of money to limited extent. which you have
read there of winch a certain portion was con-
sumed by my Office and accounts made to the COM
Dauy for all those expenses.
ON other words they allowed you, that is. the
p Ti ~ cover rents and that was charged in the
account? A-Cover the rents and expenses OF the
Q|Now, as this is explained TO me by Mr.. Bell.
# comes to this: that after beginning January
out Of the first years commissions-that is OF
rev business. Of Sc per cent of the premiums. A
o.0up to the the first a7.cooOoo of Insurance? A