The Springfield herald., 1905-10-20
THE MUTUAL LIFE
OFFICERS TESTIFY BEFORE LEG.
IsLATIvE COMMITTEE.
SOME OF ITS BIG EXPENSES
Contributions to Republican Campaign
Fund ~ Heavy Legal Expenses
Cost of Luneheons-Printins Bills
nom In

Fund - Heavy Legal Expenses
Loom Up.
New lork.-Toward the close of to-
days session of the Legislative COM
mittee's insurance investigation, Pres
ident McCurdy of the Mutual Life Ill
surance Company made the startling
statement that an insurance company
was not an institution founded to make
money for the policy holders, but was,
or should be, great philanthropic en-
terprise founded to increase and
spread its benefits over the entire
earth.
There has been great mistake
made" he said, about the real prov
ince of life insurance companies in
these later years. People have been
led to believe that the main purpose
was to make money for its policy hold
ers. In my view that is not the pur-
pose of such companies. They are
| eleesmosynary. When man insures
in company he should take into con
sideration the fact that he has entered
great philanthropic concern that Is
in duty bound to spread, itself, even
though this growth prevents him from
realizing as much as he expected
The sessions of the insurance inves-
| tigating committee were terminated Tor
the week at the adjournment to-day De-
cause of the death of S. Fred Nixon,
speaker of the Assembly of the Legis-
Iature of New York, at his home in
| Westtield.
| Richard A. McCurdy, president of the
Mutual Insurance Company; Robert
| Olypnant, one of the trustees and
chairman of the committee on expendi-
| lures; Walter r. Gillette. first vice
president and formerly general man
ager, and Robert Grannis, second vice
president. were called as witnesses
during the day and revealed these
facts:
In the years 19O3-19O4 the Mutual set
aside 100000 in four regular pay
ments of $4,000 each year for the
confidential fund" which was used
for the purpose of influencing legisla-
tion and for campaign purposes. Out
of this fund the payments to the Ma
tional Republican campaign committee
We're made.
The Mutual contributed 100000 to
the Republican campaigns of 1904, 1900
and 1896. This much was admitted.
How much more has been contributed
can only be guessed. AS in the New
-penditures were booked. and nowhere
is there to be found line or curve to
tell of the use of dollar of the $780,
600 turned over 10 E. l.. Short, ostensi-
bly, for disbursement.
The legal expenses of the Mutual
were s347, 900 in 1898, 100000 in eN-
cess of 1902. when they were $12G,OOO.
For 1904 they were $l94,5O In 1901
they were s471 500. In these four years
the legal expenses" OF the Mutual
amounted to s1,265,00O.
Last year the Mutual paid $4,000 in
committee fees. This in addition to
the magnificent salary paid to the exec.
utives who attended these committee
| meetings.
The Mutual paid s74.99i.20 in 1908
for ''luncheons" for its employees. In
| 1904 this item cost the policy holders
S72,SGi.19.
These were few of the additional
eXtravagances discovered today. a
strong effort was made to discover the
manner in which the Mutual came to
pay s601, ,l01.29 last year for printing.
| stationery and office supplies. The bal
ance of the expenditure of $l,13i,O00
for advertising, printing. stationery
and postage" also remained a mystery
to-day, and Mr.. Hughes attempt to
learn of these strange items caused
lively verbal bout between Mr.. Hughes
and the busy Mr.. Best, who is Mr.. Nc
Curdy's lawyer.