Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-10-11
Declares Life Insurance
Should be Philanthropy.
POLICY HOLDERS SHOULD
NOT EXPECT ANY PROFITS
President of Mutual Has Queer Views
About Uses to be Made of
Other Peoples
Money.

New York, Oct 10.--The sessions -
the insurance investigating committee
were terminated for the week at adj
iournment today because of the death
" $. Fred Nixon. speaker of the ass
sembly Of the legislature of New York,
ut his home in westheld.
The testimony today did not elicit
any information Of sensational ma
ture beyond what had been discovered
in the testimony of previous witnesses
The feature was the presence as witt
nesscs of the executive officers of the
Mutual Life Insurance company. These
we're President Richard A. McCurdy
and Vice Presidents Granniss and Gill
lette.
While II had been limited last week
that some expenditures charged to ie-
gal expenses might have been contri-
buttons to campaign committees, it
was announced definitely by DIR. Gil
leItc Chat the Mutual Life contributed
$4,000 to the republican national
committee last falI, that in 1900 $685.
600 was contributed and In 1896 Sf5,-
600 was given for campaign purposes.
DR.. Gillette testified that he paid
these amounts personally In cash, and
later in the day McCurdy said that
while he knew campaign contributions
| had been made he dld not know the
amounts He said that no contribu-
| ions had been made TO campaign COM
mittees before 1895 ana thar no con-
tribution to state or municipal cam
| oaigns have ever been made in this or
any other state.
President Granniss knew little about
he contribution TO campaign funds,
but justified them on the same grounds
rs President Mccall. Of the New York
| lie that the free silver plank In the
| democratic platform was menace to
The interests Of the policyhoiders'
PRESIDENT MCURDY WAS ON
THE STAND ALL or THE AFTER
NOON sFSsIoN. TOWARD THE
cIosE or THE SESSION MCURDY
MADE THE STARTLING STATE
MENT THAT AN INSURANCE COM
PANY WAS NOT AN INSTITUTION
FOUNDED TO MAKE MONEY FOR
THE POLICY HOLDERS. BUT WAS.
)R SHOULD NE. 4 GREAT PHILAN-
rHROPIC ENTERPRISE FOUNDED
10 INCREASE AND SPREAD FITS
BENEFITS OVER THE ENTIRE
EARTH.
There has been great mistake
Imade," he said, about the real prov
ince of life Insurance companies In
these later years. People have been
led to believe that the main purpose
was to make money for its policy hold
ars In my view that Is not the pur-
pose Of such companies. They are
| eleemosynary. When a man insures In
, company he should take into consid-
| aration the fact that he has entered a
great phlanthropic concern that is In
| duty bound TO spread itself, even
| though this growth prevents him from
realizing as much as he expected"
Big Bill for Lunch.
Gillette testified IN t the Mutual
company paid s72,Sfl last year for
luncheons for Its Gle ,cal force In this
city This WIS at the rate OF almost
$3.50 a day
No Limit To Expense Fund.
From the testimony elicited today,
it appeared that there is no limit to
the money the Mutuars committee on
expenditures may authorize to be
paid out General Solicitor Gillette
admitted he could get $4,000 when
eever he pleased. without disclosing
he purpose for which IT was = he
used The MAtual's legal expenses I
1904 we're 1894 600. while those of the
New York Life were SiT40O0. and
those of the Equitable s204000 The
Mutuars expenses IN 1909 were
ls6.47S.g3a. In 1903 were S6,T2l,3S5,
md in 1904 $7.199.5S0.