The Idaho Springs siftings-news., 1905-10-14
THE MUTUAL LIFE
OFFICERS TESTIFY BEFORE LEG
ISLATIvE COMMITTEE.
SOME OF ITS BIG EXPENSES
Contri buttons to Republican Campaign
Fund - Heavy Legal Expenses
Cost OF tunoheons-Printtn Bills
Loom Up.

>S''
New Toward the close of to
DAYS session of the legislative con.
mirtee's Insurance Investigation. Pres
ident NcCurdy of the Mutual Life In
surance Company made the startling
statement that an insurance company
vas not an Institution founded to make
money for the policy holders. but Was.
or should be. a great philauthropic en.
tesptise founded TO increase and
spread its benefits over the entire
earth.
Their has been great mistake
made. be- said, about The real prov
iuce 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-
pos, Of such companies They are
,-loesmusyuary When man iusures
IN a company he should take into con
~i4rrati9n the fact that ne has entered
great phiIantAIopic concern that Is
in duty bound 10 spread itself even
though this growth prevents him from
realizing as much rs he expected
The sessions of the insurance lnves-
ifEafiua committee were terminated fer
the week AT the adjournment today he.
cause Of the death OF :. Fred Nixon.
speaker OF the Assembly of the ...z's.
larure Of New Narh. at his home IN
W,stfcld
Richard y. McCurdy. president OF the
Mutual Insurance Company. Robert
Olypnaut. one OF the trustees ana
,eggF.arF4rsYt ~ r3-FFr... an 4NI4aUtl-
lures. Walter Il. Gillette. first vice
president aud formerly general man
aarr and Robert Granuls. second vice
president. were called as witnesses
during Ihe aay and revealed these
facts.
In the years lsng1su4 the Mutual set
aside S-uu.uUp in four regular pay
ments ot S5uuuu each wear for the
confidential fund which was used
for the purpose OF influencing lcgisla-
tion and for campaign purposes. OUT
Of this fund tho payments to the Ma
Iional Republican campaign committee
We're made
The Mutual contributed 100000 to
tho Republican campaigns OF 1904 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 CN-
pyudituTcs were booked. and nowhere
Is there TO ha found line or curve TO
tell of the use OF dollar OF the $500
eco turned over to +. l.. Short, usteusi
bly, for disbursement
The legal expenses Of she Mutual
were s&47 900 in 1898. $4,000 in eN-
cess OF 1892. when they were SIG Qua.
For 1904 they We're Sl9i 500. In 1901
they were s477,5ao, In these -four years
the legal expenses of the Mutual
amounted to s1.265. 200.
Last year the Mutual paid s35.000 in
committee fees This in addition TO
the magnificent salary paid to the exec
uIives who attended these committee
meetings
The Mutual paid sT4,994 20 in 1909
for "lunCheons for its employees. In
1901 this item cost the policy holders
s72,sCll9.
These were a few OF the additional
eNtrayagances discovered today. \
strong effort was made to discover the
manner in which the Mutual came to
pay s6Ul .1o1 - last year for printing
stationery and Office supplies. The bal
anCe of the expenditure of $il3+ .oun
for advertising. printing. stationery
and postage" also remained a mystery
day. and Mr Hughes attempt TO
learn OF these strange items caused g
lively verbal bout between Mr.. Hughes
and the busy Mr.. Best, who is Mr.. Nc
'tu1ay's lawyer.