Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1905-10-07
Young MCurdy Thinks
There Should be None
MUTUAL INVESTIGATION
1t Was Disclosed That the Accumu-
lations Were Generously DistribuG-
ed Among the Higher OheiaIs and
Their Relatives.

New York. Oct 6.-Closing a week
every day of whicn has produced q
sensation that has stirred the country.
the special legislative committee in-
vesugating the methods Of Insurance
companies adjourned today until Tues
day Of next week, sessions 10 be held
on Tuesday, Wednesday and Thurs
day instead of Wednesday. Thursday
and Friday as heretofore This change
was made because Of registration day
in this state and tne members OF the
committee desired 10 be present In thei-
various district.
When the investigation was begun
today it was expected that the presi-
dent of the Mutual Life would be call
ed TO the stand before the day Was
over. BY a misunderstanding. how
ever. President McCurdy had left the
Office of the Mutual Life before he was
called for and it is expected that lie
will be the first witness on Tuesday
In tOday's testimony a sensational
development came when Mr.. Hughes
demanded the pay roll Of the executive
officers of the company. This was
produced and showed the salaries Of
these officers since 1917. For the year
1904 President McCurdy received
S150,O00; two vice presidents were paid
$4,000 each; the second vice president.
$4,000; the third vice president $40
600, and the general manager $4,000.
who this year will receive $4,000. ard
the treasurer, $4,000.
Robert H. McCurdy said he never
knew the salary of his father until to-
day, wnen he heard il read In the
committee room. He thought. how
ever, that there should be no limit to
the salary of such positions. because.
rfsaV~ cf,r. Z H.
accumulations Of the company. When
asked if it was any benefit 70 policy
holders to increase the presidents sal
airy, Mr.. McCurdy said ne thought tine
trustees had considered that when they
increased the presidents salary. 30
increase, however, had ever been con-
sidered when he was present at Jhe
trustees meeting.
Earlier in the day when Mr NIcCurdy
was on the stand Mr.. Hughes tried u
bring out why c. H. Raymond and
company, and the partners in tnat firm
received larger emOluments from the
business than any other agency. A.
McCurdy said he did not know what
Mr. Theabaud received from the busI-
ness and had never talked with him
about his personal affairs. He said il
''was a large reward for large achieve
ments,' and that all businesses OF a
large magnitude was built upon thar
principle.
During Mr.. McCurdy's testimony. IL
was brought out that GeOrse Ray
mond, brother of Charles H. Raymond.
was the general agent for New jersey
that Howard Lewis. general agent for
northern New York with an office in
Albany, was a cousin OF either Vice
President Mr. Graniss or Mrs. Graniss.
~ Nv
Of the Mutual Life. married a sister
of the president Of the company. and
that P. Stuyvesant Pinotte. inspector
OF risks, is a cousin Of Louis Thea
baud, son-in-law Of President Nc
Curdy and a partner Of the Raymond
firm. 9. w. White Of the company.
whom McCurdy was asked about. he
said was no relative Of any officer OF
the company, but that Mrs. White was
a niece of Mrs. Graniss, Wife Of Vice
President Graniss.
At one point in the days testimony
much interest was manifested wher the
expenditures of the company were
taken up. The auditor of the Mutual
Life, c. A. Preller. was on the stand
and he was asked as to the method OF
recording the expenditures II was
gathered that these were passed upon
by the expenditure committee Of which
Robert Ohphant was chairman. Three
entries on the books Of payments to
OHphant of s25.OOO eacn were looked
into, but no information could be
cleaned. Mr.. PrelIer was asked about
the campaign contribution 10 the re-
publican congressional campaign COM
mittee, which was disclosed yesterday.
but he said none had come under his
observation. The 81. 500 10 the con-
gressional committee was looked for
when the ledgers were produced. but
up to the adjournment this afternoon.
this had not been found