The state herald., 1905-10-13
life INSURANCE.
PRosEp BY NEW YORK LEoIsLA.
TIVE COMMITTEE.
SALARIES IN MUTUAL LIFE

president McCurdy Gets $1oV,uVU
Year-viee Presidents Get Sal
aries Equal to That Of the President
Of the United states-FamiIies Get
Rich Piums.
New York.-In Fridays testimony
before the Legislative insurance inves-
tigation, the sensational development
was when Mr.. Hughes demanded the
pay roll of the executive offices of the
company. This was produced and
showed the salaries of these officers
since 1877.
For the year 1904 President Nc
Curdy receiver $l50,000; two vice pres
idents were paid 100000 each, a second
vice president $l7,50O, the third vice
president $4,000 and the general man
ager $25 900. who this year Will receive
100000, and the treasurer $5O,oOO.
Robert ii. McCurdy said he never
knew the salary Of his father until he
heard 1t read In the committee room.
He thought, however, that there
should be no limit to the salaries OF
such positions, because they should be
In accordance with the accumulations
o, the company.
When asked If 1t was any benefit to
the policy holders to increase the pres
ident's salary, Mr.. McCurdy said he
thought the trustees had considered
that when they increased the presi'
dents salary. No increase, however,
had ever been considered when he was
present at the trustees meetings.
When Robert McCurdy was Oh the
stand Nh. Hughes tried to bring out
why c. H. Raymond L. Co.. and the
partners in that firm received larger
emoluments from the business than
any Other agency.
Mr.. McCurdy said he did not know
what Mr.. Thiebaud received from the
business and had never talked with
him about his personal affairs. He said
II was large reward for large
achievements" and that all businesses
of large magnitude were built upon
that principle.
During Mr.. McCurdy's testimony II
was brought out that George Raymond
brother of Charles II. Raymond. was
the general agent for New Jersey; that
Howard Lewis. the general agent Tor
northern New York, with an Office In
Albany, was cousin of either the vice
president. Mr.. Granniss, or Mrs. Gran
Mss. that DIR. L. ]. Moss, the medical
director of the Mutual Life. married
sister of the president of the com
pany, and that p. Stuyvesant Pilotte
an inspector Of risks. Is cousin oi
Louis Thebaud, son.in'law OF President
McCurdy and partner OF the Raymond
firm. g. w. White, a secretary OF the
company. whom Mr.. McCurdy was
asked about. he said was no relative
OF any officer of the company, but that
Mrs. White was a niece of Mrs. Gran
Miss, wife of Vice President Granniss
Witness said that last year the Mu
tual Life Insurance Company wrote 81,
600, 900 worth of business more thar
In the previous year. and the expenses
were reduced at a rate of two per cent
| The total receipts for 1904 were $sl.
! O02. .9Si, and the total expenses SIG,
| S9S. .i56. The usual ratio OF expense
was estimated ut about twenty-five pei
cent.
Mr.. McCurdy has testified 10 the In
crease In the assets OF the compan,
when Assemblyman Rogers asked:
did tie increase In the assets result
In benefit TO the policy holders In the
same proportion as II did TO the oiiicer'
OF the company"
This inquiry provoked laughter
among the audience.