Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-11-17
M'CURDY'S SALARY
Is CHOPPED IN TWO
Mutual's Chief Makes Big Stir by Sacrificing SIS,
900 Per Year on the Altar of Retrenchment.

New York, Nov. 16.-At IA special
meeting of the board of trustees of the
Mutual Eife Insurance company in
this city today, at which preliminary
report of the recently appointed spc-
clal investigating committee was sub
mitted. President Richard A. McCur-
dy caused a stir by announcing that at
his own request his salary had been
cut In half. from S15O,OOO to S75,0OO
year. This action was taken at II
meeting of the finance committee.
and, Mr.. McCurdy said, was the first
step in reducing the expenses of the
company. ......
Salaries of the other executive OFF,
GERS of the company have also been
reduced, the saving amounting In all
TO between $115,OOO and $50, 900 per
annum.
Mr.. McCurdy'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 a significant request for
broadening Of its powers and recon-
mended changes in the practices by
the company. which on their face are
loose, unsound and open to criticism
The committee recommended that
pending its further inquiry the execu-
tive officers adopt Immediately poll
icy of retrenehment.
The preliminary report was adopt
ed, together with the resolution in
creasing the powers of the committee
in continuing its Investigations. The
directors ordered that ndl publicity
be given to the report, as wen as tothe
statement made by President Me-
Curdy.
President McCurdy in his address to
the trustees outlined policy of re-
/ trenchment the executive officers had
decided upon He declared he did not
/ know what was oontaiDed In the re-
I poh of the special investigating COM
mittee, and he did not desire to fore
stall anything the committee might
do for he would abide by its deci-
sion.
Mr.. McCurdy said that during the
IS years he has been in the service
of the Mutual the company had
grownvuntil it stands unrlvaled for the
magnitude of its assets. Whatever
criticism may have been made of the
features of its administration, he de-
clared, the fact remains that no pol
lcyholder of the company need ever
entertain the shadow of a doubt that
his policy with all accretions. will be
paid In full when due.
Doesn't Claim All the Glory.
Mr. McCurdy said the merit in the
y company's upbuilding was not his
alone. All the officers had labored to-
gether.
He was aware, he said, that the
management had been subjected t.
severe criticism and that the com
pany's business had suffered great
deal
II am far from admitting" he con
tlnued. that all the criticism which
has been made Is just or deserved bui
on the other hand, | am not so blind
as not to know that a public opinion
unfavorable to the administration ha'
been created. and that It's persistence
must continue to work harm to the
business OF the company"
The principal reform demanded wa'
reduction In the cost of Insurance
He had set an example In retrench'
ment by asking that his salary be Gu
in half Commission agencies will b,
changed to a salary basis and .legis
latlve expenses will be done ava,
! with. policy holders protective com
I lmittees taking the place of salaried le
gal agents. President McCurdy's plaI