Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-10-06
Two Members Of the McCurdy
Family Have Received Over
S2,6OO,00O Commissions
HYDE WILL NOT BE FAVORED
Assurance is Given That No Discrim-
ination in Favor of MIR. Hyde in His
Examination Before the Legislative
Committee Will Be kIade-DetaiIs of
the Testimony.

| founding total OF more than $2,6UO,UO0
has been paid as commissions by the
Mutual Life Insurance Company to two
McCurdy, president >of the company,
and the promise of District Attorney
Jerome that insurance scandals GER
tainly will be submitted later to an ex-
traordinary grand jury, were sensa-
tional developments in the insurance
| situation.
| 1t was brought out by the testimony
before the legislative Insurance COM
mittee that Robert H. NIcCurdy, son
of Richard A. McCurdy, has received
as commissions on foreign business
81, 163,S29 and on dom sstic business
$541,S52, and that Louis, A. Thebaud,
som in-law of Richard A. McCurdy, has
received an aggregate of $920,113 In
commissions from the company. 1t was
also brought out that Robert H. Nc
Curdy expected his income this year
would be about $4,000.
Another incident of tie days devel-
opment was the publication of letter
legislative committee, to Samuel I'M,
termyer, counsel for James III. Hyde,
the former controlling stockholder of
the Equitable Life Insu rance Society,
in which Mr.. Hughes sa the commit
tee would make no dis elimination in
favor of Mr. Hyde in h S examination
before the committee.
McCurdy's Profits immense.
The most startling pa TT of Mr.. Nc
Curdy's testimony was made just be-
fore the recess, when lie submitted a.
statement Of his profits, or the revenue
from his contracts, or the foreign busi-
ness of the company. From 1886 to
1902, while he was a rlember of the
firm Of G. Fl. Raymond s. Co., the met
tropolitan agents of ths Mutual Life
Insurance Company, his profits were
s209.123. Under his cor tract with the
firm he paid one-half, or $104,561 to Mr..
Raymond, and from 1884, when he 1eft
the firm, down to August 81, 1905, his
commissions We're. $1,05s ,267, making a
total personal revenue fl ON the foreign
business from 1886 to 1875 of $1,163,S2S.
During the period of his connection
with the firm of G.. e.. Raymond &
Co., Mr. McCurdy, accor ling to his own
testimony, was receiving his share Of
the profits on the business of the Mu-
tual Life Insurance Company, written
by his firm as the metropolitan agents.
This sum Mr.. McCurdy was unable to
give any estimate upon, and later in the
day, when Mr.. Raymond was called. it
was brought out that taese profits to
Mr.. McCurdy amounted to $541, S42 net,
after his share Of the expenses of the
firms profits had been deducted. This
made a total Of $1,705,681 that Mr.. Nc
Curdy received in commissions.
In 1893 when Mr.. McCurdy retired
from the firm of C.. II Raymond &
Co., he was succeeded by Louis A. The
baud, a son-in-law of President Rich
ard A. McCurdy of the Mutual Life In
surance Company. He was practically
under the same contract as Robert
McCurdy, and from 1893 down to 1904
he received in commi ssions on first
premiums and renewals the sum Of
s920,113. All these amounts were In
addition to salaries pail Mr.. McCurdy
and Mr. Thebaud.
Commissions to Agents.
Charles II. Raymond. who was call
ed to the stand to supply the figures OF
profits that Mr.. McCurdy was unable
to produce, occupied the stand for the
remainder of the session. He was ex-i
amined as to the scope and territory
of his business, and the amount of
commissions he received from the Mu-
tual Life Insurance Company, as well
as the amount his firm paid subagents,
was closely inquired into. Mr. Ray
mond's examination was not finished
when the committee adjourned for the
day.