Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1905-10-07
MUTUAL LIFE IS
GOOD PAYMASTER
PRESIDENT M'CURDY GETS
HIS $4,000
Examination of Salary List Causes a
Sensation, Coupled With Proofs of
Nepotism Among Leading
Officials
BY Associated Press.

NEW YORK, Oct. 6.-Closing a week,
every day of which has produced a
sensation that has stirred the country,
the special legislative committee inveS-
tigating the methods of insurance COM
panies. adjourned today until Tuesday
of next week.
When the investigation opened today
it was expected that the president of
the Mutual Life would be called to the
stand before the day was over. BY a
misunderstanding, however, President
McCurdy had left the office of the Mu-
tual Life before he was called for, and
it is expected that he will be the first
witness on Tuesday.
In today's testimony sensational de-
velopments were brought out when Mr..
Hughes demanded the pay roll of the
executive officers of the company. This
was produced and showed the various
salaries of these officers since 1877. For
the year 1904 President McCurdy re-
ceived $150,000; two vice presidents
were paid $4,000 each; a second vice
president $4,000, the third vice presi-
dent $4,000 and the general manager
$4,000. This year he is to receive $780,
600 and the treasurer $4,000.
Robert McCurdy 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 be no limit to the salary
of such positions, because they should
be in accordance with the accumula-
lions of the company.
When asked if it was any benefit to
the policy holder to increase the presi-
dents salary Mr. McCurdy said he
thought the trustees had considered
that when they had increased the
presidents salary. No increase, how
ever. had been considered when he was
present at the trustees meeting.
Defends Principle of Large Rewards
Earlier in the week, when Mr.. Nc
Curdy was on the stand. Mr.. Hughes
tried to bring out why c. H. Raymond
& Co. and their partners received larg-
er emoluments from the business than
any other agency.
Mr.. McCurdy said he did not know
what Mr. Thebaud received from the
business and had never talked to him
about his personal affairs. He said it
was "a large reward for large achieve
ments," and that all businesses of
large magnitude were built upon that
principle.
In Mr.. McCurdys testimony it was
brought out that George Raymond, a
brother of Charles H. 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.
Granniss; that DIR. E. ]. Moss, the
medical director of the Mutual Life,
married a sister of the president of the
company; and that P. Stuyvesant Pill
lot, an inspector of risks, is a cousin
of Louis Thebaud, son-in-law of Presi-
dent McCurdy and partner of the Ray
mond firm.
Much interest was manifested when
the expenditures of the company were
taken up. An auditor of the Mutual
Life c. A. Preller, was on the stand,
and he was asked as to the method of
recording the expenditures. 1t was
gathered that these were passed upon
by an expenditure committee. of which
Robert ELEPHANT was chairman. Three
entries on the book of payments to Mr..
Olyphant of $4,000 each were looked
into, but no connection could be
cleaned. Mr.. Preller was asked about
the campaign contribution to the Re
publican congressional committee,
which was disclosed yesterday, but he
said none had come under his observa-
ton.
The $4,000 contribution to the con-
gressional committee was looked for
when the ledgers were produced, but up
to adjournment this afternoon this had
not been found.