The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1905-10-19
EXISTS FOR PUBLIC.
MuTuAL's PRESIDENT CALLS
TRUST A CHARITY.
McCurdy Says Insurance Is Not for
Benefit of Assured Helping Mankind
the Aim-Thinks He's Worth SALARY
of $1BO,OOO.

According to President Richard A.
McCurdy, of the Mutual of New York,
an insurance company is great,
beneicent missionary insttution--a
phllanthroplcal enterprise---not organ.
lied for the profit Of the policyholders
but for the good of mankind in gen.
eral. Its duties, he declared, were to
increase and spread Its benefits over
the entire earth.
There has been great mistake
made" he said to the legislative in
vestlgating committee "about the real
province of life Insurance companies
these later years. People have been
led to believe that the main purpose
was to make money for Its policyhold-
ers. In my view that is not the pur-
pose Of such companies. They are
eleemosynary. When q man insures in
company he should take into consid-
GRAFTON the fact that he has entered a
great philanthropic concern that is in
duty bound to spread itself, even
though this growth prevents him from
realizing as much rs he expected"
Mr.. McCurdy said he was connected
ut one time with the Widows and Or
phans' Life Insurance Company, of
which Charles G. Raymond, the pres
ent head of G. II. Raymond & Co., the
Mutual's general agents, was presi-
dent. Mr.. McCurdy could not name
any general agent of any other life
insurance company in New York City
that received compensation equal to
that got by Raymond & Co. President
McCurdy said 1t was his conviction
with regard to all the agents that they
were making more money than they
should.
Mr.. McCurdy would not admit that
the terms of compensation which al
lowed the Metropolitan agency to clear
more than 100000 in a year were ex-
cessive. He said that the Mutual had
to pay high commissions in order to
hold its agents.
Mr.. Hughes wanted to know wheth-
er Mr.. McCurdy knew of any condi-
tions in the New York agency that
warranted the paying Of such large
commissions.
II don't know of the conditions
which exist with regard to the agency
business in New York or anywhere
else," said Mr.. McCurdy, impatiently.
II never" he added, "have tried to
find out, because 1t never came within
the obligations devolving upon me that
l should do it."
Mr.. Hughes wanted to know what
| steps had been taken to increase Pres
ident McCurdy's salary from 100000
to $150,000 in 1900, and whether he
himself had suggested the increase.
Mr.. McCurdy replied that he never
had requested an increase of his sal
ary in all his life; that the matter was
entirely in the hands of the committee
on salary.
"You would have continued to rem
der your services at $1OO,OOO?" sug-
gested Mr.. Hughes. II would have
continued to render my services no
matter what they paid me-" said Mr..
McCurdy. "Did you interpose any re-
monstrance against the increase?" ask
ed Mr.. Hughes. II certainly did not.
I was not called upon to do So"
Mr.. McCurdy said he accepted It as
n recognition for what he believed the
trustees valued his services.
Mr.. Hughes wanted to know wheth-
er there had been any unusual in
crease in his duties that warranted the
advance in his salary. Mr.. McCurdy
replied that all such services are
cumulative until physical or mental
indrmity overtakes one. The result of
past efforts, he said, was fair thing
to be considered as well as acquired
familiarity, experience and thrift.
Mr.. Hughes asked whether the men
who voted the raise in Mr.. McCurdy's
salary weren't actually controlled by
him so far as their seats on the board
of trustees We're concerned through
the power which he welded in having
the policyhOldcrs' proxy. Mr.. Nc
Curdy said that the election of these
men was not absolutely in his power.