Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-10-07

0NEARTHS
PAYROLL
Mutual Life Pays EnOr.
nous Salaries.
ii
PRESIDENT M'CURDY RECEIVED
$4,000 DURING YEAR 1904
Son Of COmpany'S Executive Says He
Thought There Was No Limit
Set TO EmOIuments Of
His Father.

New York, OOct 6.--Clositg z a week
every day of which has produced a
sensation that has stirred the country.
the special legislative committee in
vestigatng the methods of insurance
companies adjourned today until
| Tuesday of next week, the sessions to
be held Tuesday, Wednesday and
| Thursday, instead of Wednesday,
Thursday and Friday as heretofore.
This change was made because of reg
istration day in this state and mem-
bers of the committee desired to be
present in their various districts.
When the investigation began today
it was expected that the president of
the Mutual Life would be called to the
stand before the day was over. BY
misunderstanding, however, President
McCurdy had left the office OF the Mu-
tual Life before he was called for and
1t is expected that he will be the first
witness on Tuesday.
In today's testimony, the sensational
| development came when Mr.. Hughes
demanded the pay roll of the executive
officers OF the company. This was
produced and showed the salaries of
these officers since 1871 For the year
1904 President MeCurdy received
$3.50 000 two vice presidents were
paid $4,000 each, the second vice
president $4,000 the third vice pres
ident $4,000, and the general mama
ger S25.00O, who this year will re-
eeive 100000, and the treasurer
$50. 900.
Robert II. McCurdy said he never
knew the salary OF his father until to-
day when he heard II read In the COM
nit Ia r1.t
that there should he no limit to the
salary Of such positions, because they
should be In accordance with the ac.
cumulations Of the company. When
asked II II was any benefit to policy
holders to increase the presidents
salary. Mr. McCurdy said he thought
the trustees had considered that when
they increased the presidents salary.
No incrase however. had been consld-
cred, when he was present at the truss
tees meetings.
Earlier In the day when McCurdy
was on the stand Mr.. Hughes tried 10
bring out why G. II. Raymond & co
and partners In that firm received
larger emoluments from the business
than any other agency.
McCurdy said he did not know
what Mn Theabaud received from the
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.
Everybody Is Related.
During McCurdy's testimony It was
brought out that George Raymond.
brother of Charles II. Raymond. was
the general agent for New Jersey;
that Howard Lewis, general agent for
northern New York. with offices In AL
bany was a cousin OF either the vice
president, Mr. Granniss or Mrs. Gran
Miss; that DR.. r. j. Moss, medical di-
rector of the Mutual Life. married
sister Of the president of the company
and that p. Stuyvesant Pillotte in
spector of risks, is cousin Of Louis
Theabaud. son-ln-law of President Nc
Curdy and partner of the Raymond
| firm. c. W. White, secretary OF tho
company. whom McCurdy was asked
about. he said was no relative of any
officer of the company, but that Mrs.
| White was a niece of Mrs. Grannis.
wife of Vice President Granniss.
| At one point I'm the days testimony
much interest was manifested when
the expenditures OF the company we're
taken up.
| The auditor OF the Mutual Life, Z.
A. Preller. was on the stand. and he
was asked as to the method of re-
cofdlng expenditures.
It was gathered that these were
passed upon by the expenditure COM
mittee. Of which Robert Oliphant
was chairman. Three entries on the
hooks OF payments to Oliphant OF $25.-
600 each were looked into, but no In
formation could be CLEANED. Mr.. Prel-
Ter was asked about the campaign con-
ltrlbution TO the republican congress
sional campaign committee. which was
disclosed yesterday, but he said none
had come under his observation.
The $4,000 to the congressional COM
mlttee was looked for when the ledg-
ers were produced. but up to adjourn
ment this afternoon this had not been
found.