The Glenwood post., 1905-10-14
The MUTUAL LIFE
OFFICERS TESTIFY BEFORE LEG
IsLATIvE COMMITTEE.
SOME OF ITS BIG EXPENSES
Contributions to Republican Campaign
Fund Heavy Legal Expenses
Cost of MISUNDERSTANDING Bills
Loom Up


Cost of MISUNDERSTANDING Bills
Loom Up.
New 1ork.-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 Tor the policy holders, but was,
or should be, a great phi!anthropic en-
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 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
in duty bound to spread itself, even
though this growth prevents him from
realizing as much as he expected"
The sessions of the insurance iuves-
tigating committee were terminated for
the week at the adjournment today be
cause of the death of S. Fred Nixon,
speaker of the Assembly of the LcSis-
lature of New York, al 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 X. Gillette first vice
president and formerly general man
ager and Robert Grannis, second vice
president, were called as Witnesses
during the day and revealed these
facts:
In the years l903-19O4 the Mutual set
aside 100000 in four regular pay
ments of $4,000 each year for the
confidential fund" which was used
for the purpose OF influencing le2isla-
tion and for campaign purposes, Ont
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
How much more has been contributed
can only be guessed. AS in the New
York Life company. none of these eS-
penditures were booked, and nowhere
is there 10 be found line or curve to
tell of the use of a dollar of the $500,
coo turned over to II. l.. Short, osteusi-
bly, for disbursement
The legal expenses OF the Mutual
were $3i7OOO in 1893, 100000 in ex-
cess of lSu2. when they We're Sl2G,00O-
For 1904 lhoy We're $l9i. 800. In 1901
they Were $l11 500. In these -four years
the legal expenses" of the Mutual
amounted 10 Sl,2G5 900.
Last year the Mutual paid s35 900 IN
committee fees. This in addition to
the magnificent salary paid to the exec
ntiyes who attended these committee
meetings,
The Mutual paid s74,994.2O in 1903
for ''nncheons" for its employees. In
1904 this item cost the policy holders
72,SG1.19.
These were a few Of the additional
eNtravaganccs discovered today. a
strong effort was made TO discover the
manner III which the Mutual came TO
pay $GOl ,lOl.29 last year for printing
stationery and office supplies. The bal
ance of the expenditure of 81 ,134 .O00
for advertising, printing. stationery
and postage" also remained a mystery
to-day. and Mr.. Hughes attempt to
learn of these strange items caused a
lively verbal bout between Mr.. Hughes
CuTdy's lawyer.