The Elbert County tribune., 1905-10-12
LIFE INSURANCE.
PRo6ED BY NEW YORK LEcIsLA.
TIVE COMMITTEE.
SALARIES IN MUTUAL LIFE
President Mecurdy Gets $4,000
Xear-vice Presidents Get Sal
aries Equal to That of the President
of the United states-FsmiIies Get
Rich PIums.


Rich Piums.
New York.-In Fridays testimony
before the legislative insurance inyes-
tgation, the sensational development
was when Mr.. Hughes demanded the
pay roll of the executive offices of the
company. This was produced and
showed the salaries of these officers
since 1877.
For the year 1904 President Nc
Curdy receiver s150.000; two vice pres
idents were paid $4,000 each, second
vice president $17 500, the third vice
president $4,000 and the general man
ager 5000, who this year will receive
$4,000, and the treasurer $4,000.
Robert H. McCurdy said he never
knew the salary of his father until he
heard 1t read in the committee room.
He thought. however, that there
should be no limit to the salaries of
such positions, because they should be
in accordance with the accumulations
Oh the company.
When asked If it was any benefit to
Ne policy holders TO increase the pres
Szent's salary, Mr.. McCurdy said he
thought the trustees had considered
that when they increased the presi-
dents salary. No increase, however,
had ever been considered when he was
present at the trustees meetings.
When Robert McCurdy was on the
stand Mr.. Hughes tried to bring out
why c. II. Raymond & Co., and the
partners in that firm received larger
emoluments from the business than
any othei agency.
Mr.. McCurdy said he did not know
what Mr.. Thiebaud received from the
business and had never talked with
him about his personal affairs. He said
1t was a large reward for large
achievements" and that all businesses
of large magnitude were built upon
that principle.
During Mr.. McCurdy's testimony it
was brought out that George Raymond,
a brother of Charles II. Raymond, was
the general agent for New Jersey; that
Howard Lewis, the general agent for
northern New York, with an office in
Albany, was a cousin of either the vice
president, Mr.. Granniss, or Mrs. Gran
Mss; that DIR. Il. j. Moss. the medical
director of the Mutual Life, married
a sister of the president of the com
pany, and that p. Stuyvesant Pilotte,
an inspector of risks, is a cousin of
Louis Thebaud, son-in-law of President
McCurdy and partner of the Raymond
firm. G. w. White, secretary of the
company. whom Mr.. McCurdy was
asked about he said was no relative
of any officer of the company, but that
Mrs. White was niece of Mrs. Gran
Miss, wife of Vice President Granniss.
Witness said that last year the Mu-
tual Life Insurance Company wrote 81
100000 worth of business more than
in the previous year, and the expenses
were reduced at rate of two per cent.
The total receipts for 1904 were $751;
002, 1884, and the total expenses S16,-
S9S,456. The usual ratio of expense
was estimated at about twenty-five per
cent
Mr.. McCurdy has testified TO the in
crease in the assets of the company
when Assemblyman Rogers asked:
did the increase in the assets result
in benefit to the policy holders in the
same proportion as it did to the officers
of the company"
This inquiry provoked laughter
among the audience.