Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1877-04-09
LIFE INSURANCE sALARrr.

Life insurance certainly has proven to
b most excellent arrangement in very
many instances, and Its advantages are
not to ~ disputed. The profits. how
ever. 70 the companies must be very
great. judging from the enormous sala-
riss paid to their officers, psrquisitss to
agents, etc. The New York Lssisla-
turs has been investigating the matter
recently and . correspondent furnishes
some Of the results Al follows:
1T IL shown that some Of the comps-
nies pay their Presidents such salaries a.
x37. 500 per year. medical examiners FROM
$4,000 10 $4,000. and the legal advisers
Of the companies have an equally soft
thing Of II. the public 10 exercised about
10. and IL 10 not TO be wondered ct. esps-
ciAliy - the officers vote themselves these
salaries. On the other hand II should Be-
borne In mind that . man capable Of
keeping proper care Of such enormous In
terests. IL worth about all that can 30 paid
him. The public don't caro- u much
about the salaries ~ they do about the
other work some Of the officers have done.
For instance. one President wa paid
SS3o.000 for wrecking another company.
The Investigation shows that 10 has been .
regular thing for two companies to com
panies 10 combine, and o out men to
weaken confidence In one Of them, that .
majority Of its policies might BE- bought
mp for little or nothing. those who refused
10 Be 20 swindled bang reinsurcd In the
surviving company. II ws . very neat
speculation II . company could DO dis
credited that is policies could DO bought
up at ten osnts ON the dollar Of thsir value.
The searching inquiry now being made Ia
Q good thing. Tho shysters In the busi-
nsss will Be made known. tho weak COM
panies will be wseded out, and those en-
| titled TO Conscience will DO msdo all the
stronger and better"
The San Francisco Stock Erchangs
gives the following on the subject:
And now comes President Winston Of
/ the New York Life Insurance Company
| with some additional information respect
| ing salaries and ~perquisites enjoyed BY the
| officers Of New York insurance companies.
| The New York Life occupies among ill.,
sursnce companies about the same relative
position thai tho California or Consoli-
| dated Virginia does among tho mining
companies. Its receipts last year were
SIS, 0OO, 900 from all sources. The Prvsi-
Dent SAYS he received q stated annual sal
ary Of $50, 900 the Vice President $4,000:
the second Vice President $4,000 T; the
Actuary and Treasurer $20.0 ; tho Sec.
rotary $1,000 and Assistant Secretary
$1,000. The Assistant Secretary 10 the son
Of the President, and another son 10 =
clerk in the ONCE at $1,000. Tho son-in-
Law Of the President IL the General West
ern Agent OF the Company. His SOM
missions are allowed " equal but not To
exceed $20, 900 q year. Compare this e.
~travagance and nepotism with the man.
agement VI tho Consolidated Virginia
Mining Company. and the showing Is
rather In favor VI the latter. The re-
ceipts of the latter for the year were
SIC, 600, 900. Tho President receives
$1,000 per year ; the Vice President, NO
salary ; tho Secretary. $1,000 year and
the Trustees $40 each for every timo they
meet, viz about once o month. The
Superintendent 10 the only salaried sficial
Of any. and no is paid but $500 . month,
or 5000 . year.
The following from the San Francisco
Chronicle gives q few moro interesting
items on the subject.
A common trick IL for the Directors TO
| perpstuAte the term Of their Office. This
Is easy. The stockholders. or policy hold.
ers, are distributed all over the country.
| Nobody knows where they are or who they
arc but the officers, and these are all either
elected from or are the pets OF the Direc-
tors. Tho voting Is necessarily by proxy,
and only such proxies As can be relied on
30 vote the right way are called for. Thus
the election IL always . put up Job, u the
old set Of officers. from President down
arc retained from year TO year. The
salaries which they manage ~ have them.
selves paid will fully explain the motive OF
the trick. The President Of the New York
Mutual gets $50. 900 n year First Vice
President. $4,000; Second vice-Presi-
dent, si2,i 400; Actuary. $4,000; Assist
ant Actuary, $500; Second Assistant,
1850; Secretary. s 5000; Assistant Sec
Rotary. $500 ; Solicitor. sii.iO0. aud lle
clerks. sl9l .i63. The payroll IL the
Equitable Is still more astonishing.
| One n. Is. Hyde Ia it, President.
at . salary Of $J7,Joo q year. aud
at the same time he receives
$40. 200 . year a. agent Of another
company. His duties occupy him two
hours . day. The salary Of the Chief Med.
ical Examiner Of this company IL Sl6.-
500; Of other medical men, $47,273;
counsel fees, So. e9j. All the policy hold.
en In mutual life insurance companies
- 40 h.v. !. canal urs. ruin in