The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-10-15
M'CURDY'S PLEDGE RECALLED.
UNITED TICKET MANAGERS PUB
LISH LETTER TO AGENT
written In I0OS-The President said Trus-
tees Would stand or Fail by Results
OF Inquiry rs 10 Honesty OF COmpany's
Administrator They Hold On Now.

v - Db@ W. 1919
tees Would stand or Fail by Results
Of Inquiry rs 20 Honesty OF COmpany's
: AdmInIstraiIOn They Hold On Now.
The managers OF the united ticket cam
paign for the election OF new trustees OF the
Mutual Life Insurance Company made
public yesterday a letter that was written
by Richard A. McCurdy in 1905 before
the Armstrong committee investigation.
In making the letter public the managers
say they hope to throw some light on the
reliability of some of the statements that
are being made by the administration
trustees, who we're tho-o under the McCurdy
regime and who are fighting desperately
to retain their places on the board.
Mr.. McCurdy's letter was. written to 3. &.
Galloway, an agent at Dallas, Tex. 1t
was written at the former presidents home
in Morristo wn, N. j. 1t reads;
The Office has sent me here your letter
addressed TO me officially and dated July 80.
1t is evidently 40 sincere that ! answer II at
once without much time for reflection or
arrangement OF points, to relieve your mind.
as | hope to do. without delay. ! brush
away assertions made without evidence TO
sustain them, differences deduced from non
existent conditions. conclusions dra wn from
supposit. t.cus premises and come directly 10
the underlying question which aSitates your
mind and the minds Of those you represent
and which is. in brief. is the Mutual Life
Insurance Company honestly managed?"
That is all there il 70 answer. Plans,
policies, methods will accommo late then =
selves TO changed conditions If change should
be found desirable. There are debatable
questions about the wisdom of auXililry
corporations. deferred dividends, Limitation
of CuTtailment of business
ali fbaaa bn "a haap discussed with mlrn
heat and little knowledge in the public press,
but they all resolve themselves in the ultimate
analysis into questions Of differing business
judgment and do not Affect the real issue.
which is what | have stated. To that issue
| com s1uarely. and. without hesitation or
qualification, | assert that II Is.
The Mutual Life il an institution com :
/ poSed Of human beings for the benefit OF
| human beings and managed by human beings.
To claim that it IL perfect would be 10 claim
! for it more than human attributes. But |
do claim and ! do assert that 1t embodies
in it's makeup the best there is of specialized
learning. of technical skill and OF devotion
ID an ideal and that it ia as nearly perfect as
any human concern Of its kind can be. More
| over, | do not believe that any human institu-
ton of it's age, magnitude and compleXity
of organization has ever existed which has
been conducted with a greater sense OF
| responsibility to trust imposed and exercised.
/ with nlHneT AIMS OF VT kltdNCi iulNg VI
purpose.
The trustees and officers represent and will
represent so far as ascertainable the average
Judgment of their constituents. The ex-
animation now in progress will disclose no
syndicates of officers and trustees to make a
profit out OF the company and no such profit
made. 1t will reveal no culpable use of its
! funds and no violation OF law or OF an acute
sense of honor.
1t is perhaps too much to expect entire
freedom from criticism at a period Of such
abnormal popular excitement. but that any
designations of officers or trustees will be de-
minded. any resolutions found to be due
! from any official, any suits brou ghr for penal
ties Of any kind or anything suggested imply
ing unfaithfulnoss Is impossible. On the
contrary, | do most firmly believe and predict
that after the ave Of popular excitement
(which | admit TO be fully Justified has sub
sided the reputation Of the company will
remain untarnishcd as it ever has been.
You. say. These are but assertions; there
is no proof that they are true" What else
but assertions can there be at present.? The
proof ia now being accumulated by legal
! process and will be produced when completed.
The officers and trustees are content to await
the result and to stand or fall by it. | would
! help you further il l could; but in present
circumstances and, after all. when you look
Mt IL. in the very nature Of things this is all
that you or I or any one elsa can say TO your
| friends and others whose minds are quite
naturally perturbed by recent disclosures.
and every other Officer Of the company
and as mlny Of the trustees as the superin-
tendent wishes TO examine will be put on
oath.
When the result ia published you can COM
pare it With this letter and see how nearly
right | am.
The managers Of the opposition to the
present management say that the state
ment made by Mr.. McCurdy To the effect
that the trustees were willing to stand or
fall Upon the result of the investigation il
particularly interesting al thist time in vie W
Of the actions and statements OF the present
trustees.
Albert s. Bard, the attorney for the
fusion forces in the insurance campaign,
came out with a statement yesterday in
which he charged that the New York Life
is using the mpa funds in paying agents
10 travel through the country and work
for the success of the administrator ticket.
Among other things, Mr.. Bard says:
have this afternoon received reliable
Information from Michigan that Michigan
Manager spence is offering to paw 10 the
agents Of the company, who are working on
commissions, their expenses while they are
out of town soliciting b OTIS and proxies for
the administration ticket. This means that
an agent is paid his expenses while on the
road and he is at liberty TO solicit for in
surance at the same time that he asks for
votes for the administration ticket. II he
writes any insurance he is paid for his services
with the company's money. He is paid his
exp enses in any event. apparently, out Of the
| comDanv's nancy