The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-10-07
GENERAL MANAGER
IGNORANT IT.
The Latter, Presidents Son, Says
There Should Be no
Limit + t. the Salary Of
the President Of An
Insurance Com a5
pany. 2Sst
5(By Associated I,ress.)s

NEW YORK, October CLOSING
"eek' sHH' every day Of which has produced
! a sensation that has stirred the com trv.
the special Legislative committee invss-5
tlgatlng the methods Of Insurance. com \
panies adjourned to-day Until Tuesday
OF next5week. VI a il5s8.g ss53
In to-day's testimony tho sensational
deye4opinent was when Mr. Hughes de- VI
nianded the pay-roll Of the executive offi-
GERS OF the Mutual Life Insurance Com
pany This was produced and showed
the salaries OF these officers since 1877 77.5
For@ the year 1904 tresidenL ALcC Curdy re-a
celyed $lbU,CUO:$ the two wee pres Dents
were paid s5o.0o0 each, a A second vice.
president SIT, ,5tO, the third vice e-president
$1,000. md tho general manag or ss5, COO,
who this year&willf receive $3V,uJO, ana
the treasurer $50, GOO. 5f li55s#
Robert AlcCurdy, the general manager
said he never knew the salary Of his
father8 .tle'l until Until to-day when he heard III
read In the committee room. II II o thought
| however. that there should be no limits
I to Y the salary OF such positions becausoa
they should be In accordance with the
accumulations Of the company. !. M ri llss$ SS$3
AS to Policyhol ders. III VI
When asked IL 1t was any benefit to the I
rollcyholder to- increase the presidents
salary, Mr.. McCurdy said he Thought the
trustees should consider that when they
Increased the presidents $ salary. No i1-S
| crease, however, had ever been consid-8
cred when he was present at the truss
tees meetings. # III 3s Ss F iSy3
Earlier In the day when Mr.. McCurdy8
! was on the stand Mr. Hughes tried ITO 4
| bring out why g. Fl. Raymond ana Com
| pany and the partner In that firm res
|5ceived larger emoluments from the Dilsl-s
ness than any other a gency.
| Mr.. AcCurdy said he did not d know,
what Mr.. Thebaud received from, the
business, and mad never talked with him
about his personal affairs. He said IA Is
was a large reward for large achieve
ments ara taat all businesses of Large
| ma gnitude were built Upon that prnci-3
pie. : l isa i9 VI 55ssB
I It was the impression of the witness \
| that the general agency In Texas received Il
as high compensation as G. H. Raymond \
and Company. Hlgher conmissi ions We're \
allowed In New York and Texas than any
where else. because it cost more to get
| the business. s58 5$$S$88 $$Si$$8
The Banks Services.
Don't you think you could get Mr.;
Thebaud's services for s1o000o?"" Mr.
| Hughes asked. Stst {t$ aR{s{
| II suppose SO, II ho didn't have q con- conn-ss
| tract. t.''4s34
.'Don't YOU think you could get them
! for $50 900 Instead OF STAT, 900 that he re-
3ceived from Raymond and Company last L
yoar?" Mr.. Hughes continued. s
IT am not SO sure of that" witness re-sS re-
piled. @ !, n
f Lawyer Beck, the Mutual's counsel
here stopped forward and said /: II to &be I
related to officers OF an insurance cons Y
pany Is a crime, President Roosevelt VIII
have to modify his raco suicide theory
5',It i not q crime" retorted Senator
Armstrong, chairman OF the lnvestlsat.$ .
Ing Committee sit Is merely r1dlcutouuls.tls &
Asked to explain what conditions "A 9 ot588f
comnetltion permitted the firm OF Ray a
mond ana Company to mako $247, ,0oo last
year, Of which Mr. The5aud received H
A4T 900, witness said the company did not
know what the firm was making out of IL
the business and that, Ike every mel
chant and business man, they We're ~ 81
tho business for what they could get "
out of 1t, n S gl
Mr. Hughes asked: : "Did you inquire OF "
learn in any way what G, Fl. Raymond 3
and Company had been making
mo" # js& 5BSS$
"Ought not general manager to in.#
qure It a general agent - getting more III
The Witness would not discuss ths q q
question. sS&
"A Family Affair.
During Mr.. McCurdy's testimony It
was brought out that George Raymond, ,E5
n brother OF Charles II. Raymond. was FL
the general agent for New Jerseya that
Howard Lewis, the general agent Tor Il
Northern New York. With an Office IN y
Albany, was o. cousin OF either the vice.
r, ,,ts nr NTra1 ~
Mss that Or. r. J. Moss. tho medical
director OF the Mutual Life married . M
sister of tho president Of tho company,
and 2, stuyvesant Pilot, an inspector A
or risks is a cousin OF Louis Thebaud.
son-in-law Of President McCurdy ana
ns ,trrsrS OF the RAYMOND firm, @
e ". White, q secretary of the coln-
nonv. whom Mr.. McCurdy was asked
about said he was no relative OF any n
officer of tho company, but that Mrs.
white was a niece of Mrs. Granniss,
wife Of President Grannlss.' He (
,,naw none OF the salaries OF these offl-
GERS
mat president AlcCurAy would appear
on the stand to-day, but he had LEFT his 4
office before the COMMITTEES had notified q
rim. probably he Will be ono OF the
witnesses on Tuesday, when the ses-
sions are resumed.
AT ono point IN the DAYS tespihony
,,,rb interest was manifested when the
exnenditurcs OF the company We're taken
IN An auditor OF the Mutual Life.
charles A. Preeier was on the stand
ana he was asked az 10 the method OF
r,arSording} the ex expenditures. Il was sat
erred thnt these were passed upon t5Stytle
expenditura toyr,mittee, Of Which Robert
o,yphant Was Chairman. Three sIltrtes "A
an iftl,e books 9t ,paymen''l 70 Mr. Oly-
nhant OF 5000 each We're looked S into.
but no llform& zion coala be g!'lanad-
Mr. preeIer wsss asked about the CAM .81
rona,,n contributor TO the Republleaa con-