The Dolores star., 1905-10-13
LIFE INSURANCE
PRoeEp ~ NEW YORK LEeIsLA.
TIVE COMMITTEE.
SALARIES IN MUTUAL LIFE
President Mecurdy Gets $15o,ooo a
Year-viee Presidents Get SAL
aries Equal to That Of the President
Of the United States-FamiIies Get
Rich Plums,

Of the United States-FamiIies Get
Rich PIums.
New York-In Fridays testimony
oefore 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 $50, 900: 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, 1000, who this year will receive
! $50 0.0O0. and the treasurer $4,000.
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 II it 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
II was a 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,
a brother of Charles H. Raymond, was
the general agent for New Jersey; that
Howard Lewis, the general agent foi
| northern New York, with an office In
Albany, was cousin of either the vice
| president, Mr.. Granniss. or Mrs. Gran
Miss; that DR.. E ]. Moss. the medical
director of the Mutual Life, married
a sister of the president of the com
pany, and that p Stuyyesant 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, secretary of the
| company, whom Mr.. McCurdy was
i asked about, he said was no relative
of any officer of the company, but that
Mrs. White was niece of Mrs. Gran
Miss, wife of Vice President Granniss
! Witness said that last year the Mu
! tual Life Insurance Company wrote 81,
100000 worth of business more thar
I in the previous year, and the expenses
were reduced at rate of two per cent
The total receipts for 1904 were $S1,
0O2 1884, and the total expenses SIG.
S98,456 The usual ratio of expense
was estimated at about twenty-five pei
| 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 resul,
in benefit to the policy holders in the
same proportion as it did to the officers
F, of the company"
This inquiry provoked laughter
among the audience.