The Grit-advocate., 1905-10-13
The MUTUAL LIFE
OFFICERS TESTIFY sEFoRE LEG.
IsLATtvE COMMITTEE.
SOME OF ITS BIG EXPENSES

Contributions to Republican Campaign
Fund - Heavy Legal expenses-
Cost Of Lunehsons-Printins Bills
Loom Up.
days session of the legislative com
mittee's insurance investigation, Pres
ident McCu.dy Of the Mutual Life In
surance Company made the startling
statement that an insurance company
was not an institution founded to make
money tor the policy holders, but was
OF should be. "a great philanthrOpic ell
terprise founded to increase and
spread its benefits over the entire
earth.
There has been a 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 10 make money for its policy hold
ers In my view that is not the puI
pose of such companies They arc
eleesmosynary. When man insures
in company he should take into con
s;deration the fact that he has entered
"a 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-
tisalins committee were terminated for
the week at the adjournment to-day be
cause of the death OF S. Fred Nixon,
speaker of the Assembly OF the Legis-
lature of New York, at his home in
Wesllield.
Richard A.. McCurdy, president OF the
Mutual Insurance Company; Robert
Olypuant, one of the trustees and
chairman of the committee on expendi,
lures: Walter r. Gillette. first vics
president and formerly general man.
aser. aud Robert Grannis. second vice
president, were called as witnesses
during the day and revealed lhest
facts:
In the years 1903-1904 the Mutual set
aside $2G0,OO0 in four regular pay.
ments of $4,000 each year for The
confidential fund" which was used
for the purpose of influencing legisla.
ton 2nd for campaign purposes. Ou;
of this fund the payments to the Ma
tional Republican campaign committee
were 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
York Life company, none Of these eN-
penditures were booked, and nowhere
is there to be found line or curve to
tell of the use of a dollar OF the 5000.
900 turned over to L. L., Short, ostensi
bly, for disbursement.
The legal expenses of the Mutual
were s347,OO0 in 1898, sl30,OO0 in ex
cess of 1902, when they were $12G,000.
For 1904 they were $194.500. In 1901
they We're $477.5OO. In these four years
the legal expenses" of the Mutual
amounted to S1,265.O0O.
Last year the Mutual paid $335, 600 in
committee fees. This In addition to
the magnificent salary paid to the exec
utives who attended these committee
meetings
The Mutual paid $74,s94.20 in 100;
for "luncheons" for it's employees. In
1904 this item cost the policy holders
$72,S61.l9.
These were a few OF the additional
extravagances discovered today. A
strong effort was made to discover the
manner in which the Mutual came to
pay $6O1 .t0l.s9 last year for printing.
stationery and Office supplies The bal
ance of the expenditure of $1,134 900
for advertising, printing. stationery
and postage" also remained mystery
to-day, and Mr.. Hughes attempt to
learn of these strange items caused a
lively verbal bout between Mr.. Hughes
and the busy Mr.. Best. who is MIR. Me.
Cardy's lawyer.