Alma record. (Alma, Mich.) 1878-1928, 1905-10-13
Is Life Insurance Business, According
to President Mccurdy.
NOT MONEY-MAkING SCHEME
Policy Holder, He Declares, Should
Understand He is Doing Missionary
Work, Not Trying to Enrich His
Own Purse.

New York, Oct. 1.-THE sessions OF
the insurance investigating COMMITTEES
were terminated for the week at tho
adjournment because of the death of
5. Fred Nixon, speaker of the assem-
bly, of the legislature of New York. at
his home in Westfeld.
The features Tuesday were the pres
ence as witnesses of the executive OF
fcers of the Mutual Life Insurance
Co. These were President Richard \
McCurdy and Vice-Presdents Gran
Miss and Gillette.
While II had been limited last week
that some expenditures charged to
legal expenses might have been con-
tributions to campaign committees, it
was announced definitely by DR.. Gill
lette that the Mutual Life Insurance
Co. contributed $4,000 10 the republi-
can national committee last fall, that
in 1900 $4,000 was contributed, and
in 1896 $4,000 was given for cam
paign purposes.
Never Requested Salary Increase.
President McCurdy was on tho
stand all of the afternoon session. He
detailed the manner of his entrance
into the insurance business Witness
said on the matter of salaries that he
never requested that his salary be
raised and all such increases he took
90 complimentary to his management
of the business They were always
made by the committee on salaries Of
their own volition.
Towards the close of the session Mr..
McCurdy made the startling Statement
that an insurance company was no.
an institution founded 10 make money
for the policy holders. but was. or
should be, great philanthropic enter
Prise founded TO increase and spread
its benefits over the entire earth.
Asked if he thought life insurance
should be extended at the expense OF
the policy holders, President r. A.
McCurdy replied:
81 do. Life insurance is an obliga-
ton every man ought 10 understand
because ne is participating in move
ment for the benefit of humanity
II have always held that opinion
The purpose Of the Mutual Life is no.
moneymaking or declaring dividends
to those who pay premiums. II was
organized as a great beneficient and
missionary institution.
Benefits For Dead
ITS purpose was to extend the bene-
fits OF life insurance and its object
was not the declaration of dividends,
which could be spent for cigars or
playing billiards. It's purpose was not
to pay one cent during the lifetime ~
the insured but at death. IL was
based on the conviction that every
man ought TO carry life insurance for
the benefit of his family and the COM
munity II was started in the spirit
OF pure philanthropy and as a mission
airy enterprise This was its object
II have heard a great deal OF criti-
cism on the ground that a life insur-
snce company should not be an elee-
mosynary concern. Now IL is my be.
lief that a life insurance company
should be an eleemosynary concern TO
great degree.
There has been great mistake
made about the real province OF life
insurance companies in these latter
years People have been led TO be-
lieve that the main purpose was 10
make money for it's policy holders In
my view. that is not the purpose OF
such companies"