The daily morning journal and courier., 1905-11-17
M'CURDY'S SALARY CUT
 S15O,O0O 10 S75,OOO
ACTION TAKEN AT HIS OWN RE- QUEST BY BOARD OF
 TRUSTEES.

First Step in Reducing the Expenses of
 the Mutual Life-SaIaries of Other
 Officials Also Reduced Making Saw
 ing of From S145,OOO to s15O, ,OOO-
 COmpany's Own Investigating Conn
 mittee CrIticises Methods of Business
 Practices Which on Their Face Are
 Loose and UnsOund.
 New York, Nov. 16.-At a special meeting of the board of trustees of the Mutual Life Insurance company in this city to-day, at which a preliminary re- port of the recently appointed special investigation committee was submitted, President Richard A. McCurdy caused a stir by announcing that at his own request his salary had been cut in half, from $150,0OO to s75,OG0 a year. This action was taken at a meeting of the finance committee and MT. McCurdy said it was the first step in reducing the expenses of the company.
 Salaries of the other executive off, cers of the company also have been re- duced, the saving amounting in all to U6LWNel 94tOsVVV anu P4Ou5uVV pSG etAl mum.
 MT. MeCurdy's statement to the di- rectors preceded the submission of the Investigating committees first report. This committee, which was named to examine into the affairs of the com pany made significant request for a broadening of its powers and recom- mended changes in practices by the company, which on their very face are loose unsound and open to criti- that pending it's further inquiry, the executive officers adopt immediately a policy of retrenchment.
 The preliminary report was aopted, together with the resolution increasing the powers of the committee in con- tinuing its Investigations. The direct ors ordered that full publicity be giv- en to the report as we'll as to the state ment made by President McCurdy.
 President McCurdy in his address to the trustees outlined a policy of re- trenchment the executive officers had decided upon. He declared he did not know what was declared in the report of the special Investigating committee, HLuu Nu1 41IO oSnLLE lO 1OL C9 lctIi etllS thing the committee might do, for he would abide by it's decision. Mir Me Curdy said that during the forty-five years that he had been in the service of the Mutual, the company had grown until it stands unrivaled for the mag nitude of it's assets. Whatever criti- cism had been made of features of it's administration he declared the fact re- mains that no policyholder of the com pany need ever entertain the shadow of a doubt that his policy with all it's accretions will be paid in full when due. MT. McCurdy said the merit of the company's upbuilding was not his alone. All the officers had labored to- gather.
 Mir McCurdy said he was aware the management had been subjected to se- were criticism, and that the company's s business had suffered to a great ex- tent.
 "Ii am far from admitting,' he said, f'that all criticism which has been made is just or deserved, but on the other hand I am not so blind as not to know that a public opinion unfa- VorabIe to the administration has been created, and that it's persistence must continue to work harm to the business of the company"
 The principal reform demanded was the reduction of the cost of insurance. He had set an example in retrench- ment by asking that his salary be cut in half. Commission agencies will be changed to a salary basis, and legislat- i've expenses will be done away with, policyho1ders' protective committees taking the place of salaried legal agents. President McCurdy's plans call for a reduction of expenses in ev- cry branch of the business. In conclu- sion he said:
 "Of one thing feel certain, that no officer or trustee of this compony has made any unlawful profit out of his office."