The Holly chieftain., 1905-10-13
LIFE INSURANCE.
PRosEO BY NEW YORK lEGisLA-
TIVE COMMITTEE.
SALARIES IN MUTUAL LIFE
President McCurdy Gets s15o,ooc a
Year-vice Presidents Get Sal
aries Equal TO That of the President
of the United States-Families Get
Ricn Plums.

Ricn Piums.
New York.-ln Friday testimony
before the Legislative insurance inves-
iigation, the sensational development
was when Mr.. Hughes demanded the
uay 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,o00; Two vice pres
idents were paid $4,000 each, second
vice president $17,500, the third vice
president $4,000 and the general man
ager $25, 900, who this year will receive
$50 900, and the treasurer $50,O0o.
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 il 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 on the
stand Mr.. Hughes tried to bring out
why c. II. Raymond & 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
| it was large reward for large
| achievements" and that all businesses
of large magnitude were built upon
| that principle.
During Mr.. McCurdy's testimony it
was brought out that George Raymchd,
brother of Charles H. Raymond, was
the general agent for New Jersey; that
Howard Lewis, the general agent for
northern New York, with an office in
Albany, vas cousin of either the vice
president, Mr.. Granniss, or Mrs. Gran
Mss; that DR.. L. J. Moss. the medical
| director of the Mutual Life, married
sister of the president of the com
pany, and that p. Stuyvesant Pifotte,
an inspector of risks, is a cousin OF
Louis Thebaud son-inlaw 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 niece of Mrs. Gran
Mss, wife of Vice President Granniss.
Witness said that last year The Mu-
tual Life Insurance Company wrote 81
100000 worth of business more than
in the previous year, and the expenses
were reduced at a rate OF two per cent.
The total receipts for 1904 were $751;
O02, 1884, and the total expenses sl6,-
S98,45G. The usual ratio of expense
was estimated at about twenty-five per
cent.
Mr.. McCurdy has testified to the in
crease in the assets of the company
when Assemblyman Rogers asked:
Did the increase in the assets result
| in benefit to the policy holders in the
same proportion as it did to the officers
of the company"
This inquiry provoked laughter
among the audience.