The Colorado statesman., 1905-10-14
The MUTUAL LIFE
OFFICERS TESTIFY BEFORE LEG
ISLATWE COMMITTEE.
SOME OF ITS BIG EXPENSES
Contributions to Republican Campaign
Fund = Heavy Legal Expenses
Cost of Luncheons-Printing Bills
Loom Up

Funu - 1eaVy Legal EXPENSES
Cost of Luncheons-Printing Bills
Loom Up.
New York.-Toward the close of to-
days session of the legislative COM
mittee's insurance investigation, Pres
ident McCurdy of the Mutual Life In
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, a great philanthropic en-
terprise founded to increase and
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 a man insures
in a company he should take into con-
sideration the fact that he has entered
great philanthropic concern that is
though this growth prevents him from
realizing as much as he expected
The sessions of the insurance inves-
tigating 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
Westfield.
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 ard revealed these
facts:
In the years 1903-19O4 the Mutual SCI
aside 5000 900 in four regular pay
ments of $4,000 each year for the
confidential fund" which was used
for the purpose of influencing leg1sla-
tion and for campaign purposes. Out
of this fund the payments to the Ma
tional Republican campaign COMMITTEES
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 eX-
penditures we're booked, and nowhere
is there to be found a line or curve to
tell of the use of dollar of the $780,
900 turned over to E. l.. Short, ostensi-
bly, for disbursement.
The legal expenses of the Mutual
were S347 900 in 1898, $130,000 in ex
cess of 1902, when they were S126,O0O
For 1904 they were $194,500. In 1901
they were SAT- 500. In these four years
the legal expenses" of the Mutua
amounted to S1,265,000.
Last year the Mutual paid $4,000 il
committee fees. This in addition tc
the magnificent salary paid to the exec
utives who attended these committee
meetings.
The Mutual paid $74,994.20 in 100;
for "luncheons" for it's employees. II
1904 this item cost the policy holder:
$72,S61.19.
These were a few of the additiona
extravagances discovered today.
strong effort was made to discover the
manner in which the Mutual came t.
pay $601, ,101.29 last year for printing
stationery and office supplies. The bal
ance of the expenditure of $1,134 ,00t
for advertising, printing, stationer,
and postage" also remained myster,
to-day, and Mr.. Hughes attempt t.
learn of these strange items caused ;
lively verbal bout between Mr.. Hughe;
and the busy Mr. Best, who is Mr.. Nc
Cuvdy's lawyer