The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1905-10-11
BY AN ACCIDENT.
Richard A. McCurdy Got Into
the Mutual Life.
It Is the Greatest Business Com
Germ In the World.
WITH HALF A BILLION
Assets Greater Than Those of
the Bank of France
Joined to the Wealth of the
Bank of England.
WITH HALF A BILLION

New York. Oct. 1.-THE sessions or
the insurance investigating committee
were terminated for the week, because
of the death of S. Fred Nixon, speaker
Of the assembly of the legislature of
New York, at his home in Westfeld.
Richard A. McCurdy, president of
the Mutual Life Insurance company, |
was the last witness called. He testi- |
fed that he was II years old and a
member of the bar, having been ad-
mitted in 1856. He practiced law for
nine years and got into the insurance
business quite accidentally He was
elected attorney to the Mutual in 1850
and served five years. A contingency
arose and he was elected vice presi- |
dent temporarily. He got the halter
around the neck and could not break
it" He was once connected with the
Widows and Orphans Benefit Life IN
surance company. Charles h Ray
mond was its president.
Soon after severing his connection
with the Widows and orphans com
pany AIr. CcCurdy testified Mr.. ray
mond was appointed general agent for
the Mutual. Mr.. Little, Mr.. Raymond
first partner, was brother Of MRS eae-
Curdy. When Mr.. Little died he was
succeeded as Mr.. Raymond's partner
by. Robert H. NIcCurdy, son of the wit
ness. Witness could not remember at
whose suggestion this partnership was
formed.
Mr.. McCurdy said that all contracts
were made without his definite author
ity. The contract with c. H. Raymond
& Co. he was not -conVerSant win AS
to the profits made by the Raymond
firm every other general agency, ne de-
clared had just as favorable contracts
He was not aware that G.. H 3ayn ond
& Co. had been receiving a higher rate
of compensation than any other
agency OF his own or any other COM
pany He had no immediate super
vision of any agencies since ne became
president twenty years ago and was
therefore unable to give details ana
asked Robert H. McCurdy what the
firm of C. H. Raymond & Co. were
earning nor had Mr.. McCurdy told him.
Doesn't Care What Agents Make.
Mr. Hughes recalled the pronts
made by this firm and asked the VII
ness if he regarded it proper for an
agency of the Mutual Life Insurance
| company to make such a large sum.
Mr.. McCurdy said It made not tIle
/ SLIGHTEST difference to the company.
/ The profit represented a certain
amount Of business and It was emil
/ nertly proper for agencies IhaL car. 90
the amount OF business g gsL I 11ts
! profts Witness never asked Mr. Inc
/ baud what the profits of his 11rm We're
/ He said he had no right 70 90 So ne
never knew what Mr.. Ihehaud's IN
/ tprPst in the Raymond uTfl Was. A4S
| felt no more responsibility to the
/ poIicyholders he said, because MS SON
/ in-law was paid so large amounts than
if ANYBODY else's son-in-law had re-
! cefved them -.z 20
| he knew Of any condition or competi-
ton that warranted his company IN
| having Charles H Raymond & 20. d
rate that enabled them TO MAKE $zUV,-
600 year net. After several ques-
| lions by Mr. Hughes, Mr.. McCurdy
II know of no such condition of
] competition in New FORK or anywhere
Wr. McCurdy said he had not given
! particular attention to the matter OF
II salaries in late years. When his salary
was advanced from 100000 to $l5O.OOO II
wac done by the committee on salaries
re never in his life made a request for
an advance in salary. witness to9e
the advance as 2 mark OF appreclatloIl
of his work. He would nave continued
his services whether his salary was IN
creased or not. 81 certainly did not in
terpose an objection he added, refer
ring to the raise in his salary.
It was brought out that the witness
| and Dr. Gillette held enough proxies
/ of policyholders to control the beard OF
/ trustees by electing its members
Mr.. McCurdy said he Understood that
/ the poIfcyhOlders have sufficient conf
dence in the Mutual to take out policies
. ! and leave the management 10 the OIL
GERS. THE same person pays the prem
: iuns voluntarily" continued Mr.. Nc
Curdy, "and voluntarily signs docu-
| ment asking people to vote in his place
There is no other way to do it. if il
were not so they would be disfran-
, ehised.'' These proxies are good unit
! revoked. and replying to Mr.. Hughes
witness said he never knew Of proxy
being revoked.
on the subject of competition, Mr.
McCurdy explained that the high rates
were forced by other companies and th'
Z Mutual Life had to pay enough to keeI
the services of its agents. Answering
Mr. Hughes, witness said he did no
believe c. H. Raymond would leave hin
3 for any reason in the world. The same
answer was given q like question re
garding Robert II. AIcCurdy and Louis
A. Thebaud.
o Justiies His Huge Salary.
Il Reverting again to the salary ques
S ton, AssemblYman Rogers questioned
the witness, who. in reply, said the com
?. nittee on salaries was appointed b.
the trustees. Attorney Beck asked per
:, mission for President McCurdy. in esr
PLANTATION Of the increase Of his salar,
|, to $4,000, to tell of the growth Of tn