The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-10-10

New York. Oct. 6.-Closing a week,
every day of which has produced a
sensation that has stirred the country
the special Legislative committee in
~Vestigating the methods of insurance
companies adjourned today until Tues
day OF next week.
In today's testimony the sensational
development was when Mr.. Hughes
demanded The pay roll of the executive
officers Of the Mutual Life Insurance
Company. This was produced and
showed the salaries of these officers
since 1877. For the yea 1904 Presi-
den McCurdy received $500 two
vice presidents were paid $4,000 each.
a second vice president S17.500. the
third vice president SO. 900 and the
general $4,000 who this
year will receive 100000 and the
treasurer $4,000.
Robert McCurdy. the general mana
ger said he never knew the salary of
his father until today. when he heard
it read in the committee room. He
thought. however. that there should
ne no ilIIlll 10 tie SdloIy VI ouSl pooI-
tons because they should be in ac-
cordance with communications of the
When asked if it was any benefit to
the policy holder to- increase the Pres
ident'S salary. Mr.. McCurdy said he
thought the trustees should consider
that when they increased the Presi-
dents salary. No increase. however.
had ever been considered when he
was present at the trustees meetings.
- Earlier in the day when Mr.. Nc
Curdy was on the stand Mr.. e
tried to bring out why C. H. Raymond
& Co. and the partners in that firm
received larger emoluments from the
business than any other agency
Mr.. McCurdv said he did not know
what Mr.. Thebaud received from the
business and had never talked with
him about his personal affairs. He
said it was a large reward for large
achievements. and that all businesses
of large magnitude were built upon
that principle.
1t was the impression of the wit
ness that the general agency in Texas
received as high compensation as Z.
H. Raymond e Co. Higher commits
siOns were allowed in New York and
Texas thai anywhere else. because it
cost more to get the business.
Don't YOU think you could get MT
Thebaud's services for $10O,000?" Mr..
Hughes asked.
I suppose so. if he didn't have
a contract"
Don't you think you could get them
for $4,000 instead of S147,000 that
he received from Raymond & Co. last
YEAR," Mr.. Hughes continued.
Il am not SO sure of that" witness
replied.
LAWYER Beck. the Mutual's counsel,
E,oro i, ~ fo,-yCa r1 and said eff tn he
related to officers of an insurance
company is crime. President ROose-
welt will have to modify his race sui
eide theory
1T is not a crime" retorted Senator
Armstrong. chairman of the mvesti-
eating committee 1T is merely ridicu-
lous."
Asked to explain what conditions Of
competition permitted the firm of Ray
none & Co. to make $247,OO0 last
year of which Mr.. Thebaud received
S147. 900. witness said the
did not know what the firm was MAX
ing out of the business. and that like
every merchant and business man
they were in the business for what they
could get out of it.
Mr.. Hughes asked:
Did YOU inquire or earl in n
way what c. H. Raymond & Co. had
been making?"
No"
Ought not a general manager to
inquire if a general agent is getting
more from the than 1t can
affOrd?'
The witness would not discuss the
question.
During Mr.. McCurdy's testimony. it
was brought out that George Ray
mond. a brother of Charles H. Ray
mond. was the general agent for New
Jersey: that Howard Lewis. the gen.
eral agent for Northern New York.
with an office in Albany was a cousin
of either the vice president. Mr.. Gran
Mss or Mrs. Granniss: that DR.. E. j..
Moss. the medical director of the Mu-
tual Life. married a sister OF the
president of the P. Stuyves-
ant Pilot. an inspector of risks is a
cousin of Louis Thebaud. son-in-law
of President McCurdy and partner of
the Raymond firm. C. w. White. a
secretary of the company whom Mr..
McCurdy was asked about. said he
was no relative of any officer OF the
but that Mrs. White was a
niece of Mrs. Granniss. wife of Vice
President Granniss.
He knew none of the salaries Or
these officers. 1t had been expected
nv the committee that President NC
C11rdv would appear on the stand TO-
dav but he had left his office before
the committee had notified him. Prob
ably he will be one of the witnesses
on Tuesday, when the sessions are re-
Sumed.
At one point in the days testimony
much interest was manifested Wneh