The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-10-08
For His uncIes, His Cous :
ms and His Aunts.
GOLD! GOLD! GOLD!
A Sort OF Family Affair With Relatives
OF the Officers Reaping a Yellow
Harvest is the Mutual Life,
According to Yesterdays
Developments.
Developments.
(By the Associated Press. )

New York Oct. 6.-Closing a week,
every day of which has produced a
sensation that has stirred the country,
the special legislative committee in
vestigating the methods of insurance
companies adjourned today until Tues
day of next week.
In today's testimony, the sensational
development was when Mr.. Hughes
demanded the payroll of the execu-
tive officers of the Mutual Life In
surance Company. This was produced
and showed the salaries of these Off
GERS since 1871 For the year 1904
President McCurdy received $150,000;
two vice-presidents were paid $4,000
each, a second vice-president $17,500,
the third vice-president $4,000 and
the general managers $4,000. This
year the latter will receive 100000 and
the treasurer $4,000.
Robert McCurdy, the general man
ager. said he never knew the salary of
his father until today, when he heard
1t read in the committee room. He
thought. however, that there should
be no limit to the salary of such posi-
tons because they should be in ac-
cordaDce with the accommodations of
the company.
When asked if it was any benefit to
the policyholder to increase the presi-
dents salary Mr.. McCurdy said he
thought the trustees should consider
that when they increased the presi-
dents salary. No increase, however.
had ever been considered when he
was present at the trustees meetings.
A Favored Firm.
Earlier in the day when Mr.. Nc
GNVN,-I -
tried to bring out why c. H. Raymond
and Company 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.. Thebaud 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 magnitudewe built up on
that principle"
1t was the impression of the wit
ness that the general agency in Texas
received as high compensation as c.
H. Raymond and Company. Higher
commissions were allowed in New
York and Texas than any where else.
because 1t cost more to get the bust
nesc
Don't you think you could get Mr..
Thebaud's services for s10O,000?" Mr..
Hughes asked.
Il suppose SO if he did not have
contract"
Don't you think you could get them
for $4,000 instead of $147,000 that
he received from Raymond and Com
pany last year," Mr.. Hughes con-
tinued.
II am not SO sure of that" witness
replied.
Lawyer Beck, the Mutual's counsel,
here stepped forward and said:
IF to be related to officers of an
insurance company is a crime Presi-
dent Roosevelt will have to modify
his race suicide theory"
1T is not crime retorted Sena-
tor Armstrong, chairman of the In
vestigating committee, lit is merely
ridiculous"
A Witness Tied Up.
Asked to explain what conditions
of competition permitted the firm of
Raymond and Company to make s247,-
600 last year of which Mr.. Thebaud
received $147.000, witness said the
company did not know what the firm
was making out of the business and
that, like every merchant and bust
ness man. they were i'll the business
for what they could get out of il.
Mr.. Hughes asked: did you in
1uire or learn in any way what C.. II.
Raymond and Company hao been
mai n.?'
10"
Ought not general manager to
ir.iuire If general agelt is getting
more from, the company than it can
a1crt.?"
The witness would not discuss the
question:.
During Mr.. McCurdy's testimony it
was brought out that George Ray
mond, brother of Charles II. hay
mond. was the general agent for lew
Jersey; that Howard Lewis, the gen.
eral agent for northern New York,
with an office in Albany, was cousin
of either the yice-presiGent, Mr.. Gram
mis-. or Mrs. firannis, that Dr. Z. j.
Moss, the medical director of the
Mutual Life married a sister of the
president of the company, and that
risks is a cousin of Louis Thebaud,
son-in-law of President McCurdy and
partner of the Raymond firm.
Not Related by Blood.
G.. W. White. secretary of the
company. whom Mr.. McCurdy was
asked about, said he was no relative
of any officer of the company but
that Mrs. White was a niece of Mrs.
Grannis. wife of Vice-President Gran
MIS- He knew none of the salaries
of these officers. 1t had been expected
by the committee that President Nc