Rocky Ford enterprise., 1905-10-13
LIFE INSURANCE
PRoego ~ NEW YORK LEoisLA,
TIVE COMMITTEE.
SALARIES IN muTuAL LIFE

President Mecurdy Gets S'So.ooo a
vssr-vies Presidents Get SAL
aries Equal to That Of the President
Of the United Stsses-Fsmiiies Get
Rich Pivms.
New Y0rk.-in Fridays testimony
before the legislative insurance inves'
ligation. the sensational development
Was when Mr.. Hughes demanded the
pay roll OF the executive ofiiess OF the
company. This was produced and
showed the salaries OF these officers
since 1877.
For the year isot PTesIien, Me
Curdy receiver si50. 900: two vice pres
id.nts were paid s5o.coo each. a second
vice president sis 300. the third Vic"
president sic.voo and IN. general man
aseT s.5.0 900. who this year will receive
So. 900, and the treasurer sS"."o".
Robert II. Mecurdy said he never
knew tho salary Of his father nntil "a"
heard II read In IN. comini'is. room
lie thought. however. that there
should be no limit to the salaries OF
such positions. because they should b"
In accordance with the accommodations
q. the company.
When asked II IL was any benefit to
the policy holders to Increase IN. pres
id.nt's halary. MIR. MccuEdy .aid u.
thought, the trustees had considered
that when they Increased the pT"ti'
dcrt's raiary. No incrrasr. however.
had ever been considered when h" WAS
pTcKsn, nj the trustees m-vtinsH.
whca Robert Mecurdy Was on inc
stand Air. Hughes tried Ia bEins on,
why e. II. Raymond Il Co. anu thr
partners In that irm received larger
cmoiun,cntH from the business thar
any o,hci agency.
Mr.. Mecuriy said he diL no, knov
wha, Mr.. Thicbaud received from the
business and Ind never talked with
him about his personal affairs. He said
Il was n large reward for large
achievements and that all bunin"Asch
of large magnitude were built upon
that principle.
During Mr.. McCuriy's Testimony "
was brought ont that George Raymond
n brother of Charles II. RAYMOND, was
the general agent for New Jersey; That
Howard Lewis. the general agent Tor
northern New York. with an oihcc IN
Albany, vas u cousin of either the vice
president. Mr.. GranniEs. or Mrs. Gran,
Miss: that DIR. =. J. Moss. the medical
director OF the Mutual Life. married
sister OF the president of the conf
pany. and tha, =. Stuyv.sant Piloitc.
nm Inspector OF risks. IL cousin OF
Louis Thcbnud. son.in.law Of Prcsidcn,
McCurdy and partner Of the Raymond
nrm. q. ". White. a secretary OF the
, company, whom Mr.. McCurdy was
asked about. he said wnH no relative
OF any officer of the company. but that
Mrs. White was niece OF Mrs. Gran
Miss. wife of Vice PrcSidcn, Cranniss.
Witness said that last year the Mu'
tnnl Life Insurance Company wrote 81
OO0. 900 worth of buslncss more than
In tho previous year. and the expenses
were reduced Mt rate of two per cent.
The total receipts for 1904 were SSH
O0s. .esi. and the total expenses s16.'
S9s.i5G. The usual ratio of expense
was estimated mt 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 rs II did to the officers
Of the company"
This inquiry provoked laughter
among the audience.