The state herald., 1905-10-20
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,

@SSb SPs
New York.-Toward the close Of TO-
days session of the Legislative com
mittee's insurance investigation, Pres
ident McCurdy of the Mutual Life III
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, great philanthropic en-
terprise founded to increase and
spread It's benefits over the entire
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 company he should take into con
sideration 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'
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 II. 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 19O3-19O4 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 legisla-
tion and for campaign purposes. Out
of this fund the payments to the Ma
tional Republican campaign comDittec
were made.
The Mutual contributed 100000 TO
the Republican campaigns of 1901, 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 were booked, and nowhere
is there TO be found line or curve TO
tell of the use of n dollar of the $780,
900 turned over to Il. l.. Short, ostensi.
bly, for disbursement.
The legal expenses of the Mutual
were s3i7,O00 In 1898. SlS0.000 in cx-
cess of 1902, when they were Sl2G,000.
they were si7T50o. In these four years
the legal expenses" of the Mutual
amounted TO sl.2G5.00O.
Last year the Mutual paid $4,000 In
committee fees. This in addition to
the magnificent salary paid 10 the exec.
utiyes who attended these committee
meetings.
The Mutual paid s7i,99i.20 In 1908
for "luncheons" for its employees. In
1904 this item cost the policy holders
s72.sGl.l9.
These were few of the additional
extravagances discovered today. A
strong effort was made to discover the
manner In which the Mutual came To
pay sG0i. .l0l.29 last year for printing,
stationery and Office supplies. The bal
ance OF the expenditure Of sl,l3i.000
for advertising. printing. stationery
and postage" also remained mystery
to-day. and Mr.. Hughes attempt to
learn Of these strange items caused n
lively verbal bout between Mr.. Hughes
and the busy MIR. Best. who is Mr., Nc
GurlN's lnwy,r