The Birmingham age-herald., 1905-11-17
Cuts Down His Own Salary
 from $15O,OOO
IMPEACHMENT THE SLOGAN
Investigating Committee Says 1t Flnd' Affairs In the Mutual "Loose, e Unsound and Open to .O's
 sS 2 Criticism"

meeting of the board of trustees or the Mutual Life Insurance company in this city, at which a preliminary report of the recently appointed special investiga- | tion committee was submitted President Richard A. McCurdy caused stir by an- nouncing that at his own request his salary had been cut in half from Sl6O,ooo to s75,0O0 year. This action was taken at meeting of the finance committee and MT. McCurdy said this was the first step in reducing the expenses of the com pany
 Salaries of the other executive officers of the company also have been reduced, the saving amounting in all to between s145,OOO and sl50,oO0 per annum.
 Mir. McCurdy's statement to the direc- tors preceded the submission of the in- vestigating committees first report. This committee, which was named to examine into the affairs of the company, made significant request for broadening or US powers, and recommended changes in practices by the company which on their very face are loose unsound and open to criticism" The committee recom- l the executive officers adopt immediately policy of retrenchment. The preliminary report was adopted together with the resolution increasing the powers of the committee fin continuing it's investigations. The directors ordered that full publicity be given to the report as well to the statement made by President McCurdy.
 Policy of Retrenchment.
 President McCurdy, in his address to the trustees, outlined a policy of retrench- ment the executive officers had decided upon. He declared he did not know what was contained in the report of the special Investigating committee. and he did not desire to forestall anything the committee might do, for he would abide by the de- cision.
 The Investigating committee consists Of William H. Truesdale, chairman; John w. | Auchincloss and Stuyvesant Fish.
 One of the most interesting revelations contained in the report, is the subject of salaries of officers. In this connection the committee quotes letter 1t received from President Richard A. McCurdy of the Mutual, in which that official says:
 .'The President desires to call the at | tention of the committee to the matter of salary The increase to it's present amount was made in 1901 without his re- quest While he considers that 1t has been earned. and that it is justified by the responsibilities of his position, he recognizes that in the judgment of some policy holders it is too large. He desires the committee to recommend that amount at which it may be fixed for the future with the assurance on his part that hf will continue at such compensation as may be decided upon to devote to the service of the company his best abilities that have been so employed for forty-five years past"
 The comment follows:
 Must Understand All the Facts.
 Your committee early reached the con clusion that any action taken at this time in changing the scale of compensa- tion and determining 1t for the future, involves both reformation of the past, a position fraught with possible compli- cations to the company and its trustees; and the future question of the committal of the company to the continuance of the | personnel of the present management. Your committee therefore was, and re- mains, unwilling to prejudice the situa- ton in either particular without obtain ing the precedent authority of the board of trustees. taken with a full under standing of all the facts and possibli- ties"
 The committee recommends that pend- ing further inquiry into the agency con tracts of c. H. Raymond & Co.,, Louis Thebaud and Robert H. McCurdy, which were the subject of extended injury on the part of the legislative Investigating committee, all payments be held up with out prejudice, however. to the agents. Letters from Raymond & Co. from MT Thebaud and from MT. McCurdy asking that their contracts with the Mutual be inouired Into are quoted. All claim thex existing contracts were justified by busi- ness conditions, but agree to accept any correction or reasonable change the com- mttee may make. MT. McCurdy says he realizes his contract has been the subject of widespread and adverse criti- cism.
 Be Put on Salary Basis.
 The committee recommends that at the end of the present calendar year, all commission agencies be changed to sal ary basis. It criticizes the manner in which many agency contracts have been made in the past.
 The committee recommends as one matter requiring immediate attention, the establishment which has been maintained in Albany N. Y. and the work that An drew C. Fields and his associates have there been engaged in, be closed and end ed and that all expense of whatever na- ture connected herewith the company forthwith be discontinued. and It's repeti- tion be prohibited.
 The committee asks that MT. Fields, if still in the employ of the company. be commanded to return to New York and appear before the Armstrong investigat- ing committee.
 In asking that it's powers be broadened -@o$z l.aa n1x-An 1xr 7 ployed James B. Dill as counsel and has engaged a firm of accountants. Permis- sion Is requested for authority to employ additional accountants and other persons The committee asks to be empowered and directed Ito make such audit of the com pany's accounts and affairs as if shall see fit and for that and any other purpose the committee Is empowered and author ized to have access to and take under It's control any and all things, records, pa pers. documents and memoranda belong ing to the company.
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