The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1905-10-10
MILLIONS FOR MGCURDYS
Family Got S4, 100000 From Mu-
tual in Twenty Years.
REVELATIONS ASTOuND HEARERS

Young Robert Tells How he Advanced
From $1,000 Year salary il 1881 TO
$4,000 Year unconscious A.
Thebaud, President Mccurdy's SON
in-Law, Had Rich Pickings.
New York City.-In an examination
replete in details 50 surprising as to
astound even the hitherto imperturba-
bic Mr.. Hughes, it was shown before
the legislative Insurance commission
that the stupendous sum of So, 1922
93l.30 had been received by two mem
bers of the McCurdy family, Robert H.,
= son of the President, and Louis A.
Thebaud, a son-in-law. from the BIu-
tual Life in less than twenty years,
and information in the hands of the
committee shows that the President
himself, Richard H. ATcCurdy. received
IN salaries alone approximately 81 .5O0-
900 IN the same period The vast
sums received by the younger members
OF the family were mainly through
commissions for foreign and domestic
insurance, as well as for salary. and
the net income of the three members
Of the family from the Mutual Life
III 1904 approximated 1920, 900.
The progress of Robert H. McCurdy
from a minor clerkship to a position
with an income far in excess of that
of the President of the United States
made a story the main feature of
which was the almost fabulous d.
mansions of the sums received. En-
terlng the firm of G. H. Raymond,
general agent Of the Mutual, at TWEEN
ty-twO years old, fresh from college.
at salary of $1,000, Mr. McCurdy tes-
titled that in the first ten years Of his
connection with the Mutual his income
from it amounted to more than $780,
600, that ten years after his entrance
he received in a single year commits
sions on foreign and domestic business
aggregating $4,000 and that in that
year he was receiving one-half the
profits of the firm. which he entered
one year after he began life in
surance work. In 1886 he went abroad
to organize the foreign agency of the
Mutual, and from that time until re-
Gently he received vast commissions
on all renewal business, commissions
so stupendous, in fact, that he had vol
UNFAIRLY asked that they be reduced.
How stupendous they really were may
be gathered from the fact that his re-
eeipts from this source alone in 1908.
when he had Just been made general
manager at salary of 10000, amount
ed to $4,000 and he was still drawing
income from insurance written while
he was member of G. H. Raymond &
Co., although in this year the amount
had become insignificant.
Amazing as was this revelation.
dwarhng the remarkable exploits Of
even George w. Perkins in the realm
of insurance revenues, the deyelon
ments that followed regarding Louis A.
Ihebaud, Mr.. McCurdy's brother-in-
law, were even more startling. In 1892
Mr.. MeCurdy left the firm of G. II,
Raymond & Co., still drawing there
from commissions on renewals, and the
next year Mr.. Thebaud entered the
trm. His progress in the firm estab- |
lished new records in insurance rapid
transit Up to 1896 he had a quarter
interest, to 1902 half, to 1908 two
thirds, and at the present time three |
quarters. In 1902 this netted $4,000
and last year it was upward of S148.- |
being 1892, 600. The figures for this
income Of Thebaud were supplied by
U Fl. Raymond himself. Moreover, to |
this firm of G. H. Raymond & Co. the |
Mutual allowed ninety six per cent. on
first year premiums of insurance in the |
New York district. and guaranteed this
On a business OF $17,000,O00 written
annually, agreeing to pay on this basis
without regard to the possibility of the
actual amount written falling below
this.
Mr. Hughes finally obtained from
the company's counsel a transcript of
the cashiers payroll, which showed
that since 1901 Richard A. McCurdy
as president of the Mutual, had been
receiving $150,00O a year, sum three
times greater than that paid to the
President of the United States.
The final figures show that Richard
A. McCurdy, his son, Robert Fl. Nc
Curdy, and his son-in-law. Louis A.
Thebaud since their official connection
with the Mutual Life Insurance Com
pany have Jointly drawn from the
treasury of that organization in the
form of salary and commissions an ag-
gregate of $4,534 1000 as their per-
sonal emoluments