The Lamar register., 1905-10-11
LIFE INSURANCE.
PRoeED BY NEW YORK LEGiSLA.
TIVE COMMITTEE.
SALARIES IN MUTUAL LIFE
President. Mccurdy Gets s15o,ooo a
Year-Vice Presidents Get Sal
aries Equal to That of the President
of the United States-FamiIies Get
Rirb PIIIfroS

Rich Plums.
New York.-In Fridays testimony
before 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 Sl50,00O; two vice pres
idents were paid 100000 each. second
vice president $17,50O. the third vice
president $4,000 and the general man
ager $25 900, who this year viii! receive
$50 700, and the treasurer $5O,aoO.
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 oil
such positions. because they should be
in accordance with the Accommodations
o, the company.
When asked If 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-
dent & salary. No HCiedSt' ho" 'N''
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 a 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 Raymond,
a brother of Charles II. Raymond, was
the general agent for New Jersey; tnat
Howard Lewis. the general agent Tor
northern New York, with an office IN
Albany, was cousin of either the vice
president. Mr.. Granniss, or Mrs. Gran
Mss; that DIR. L. j. Moss. the medical
director of the Mutual Life. married
a sister of the president of the COM
papy, and that p. Stuyvesant Pilotte,
an Inspector of risks, is a cousin OF
Louis Thebaud, son-in-law of President
McCurdy and partner of the Raymond
firm Il. w. White. secretary OF the
company. whom Mr.. McCurdy was
asked about, he said was no relative
of any officer of the company, but tha'
Mrs. White was niece of Mrs. Gran
Hiss, wife of Vice President Granniss.
Witness said that last year the Mu-
tual Life Insurance Company wrote ~
600, 900 worth of business more than
in the previous year, and the expenses
were reduced at rate of two per cent
The total receipts for 1904 were $751;
OO2 1854. and the total expenses $lO,-
S9S.456. 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
wien Assemblyman Rogers asked:
did TIE increase in the assets result
in benefit to the policy holders in tile
same proportion as it did to the Offices
of the company
This inquiry provoked laughter
among the audience.