New-York tribune., 1905-11-17
M'CURDY CUTS HIS SALARY
HIS IT MADE S75 900.
Investigators Report Orders House
of Mirth Closed Fields Sent For.

fnCeStlgdtOfS Report OfdefS III OuSe
of Mrth Closed Fields Sent For.
At the special meeting of the board of trus-
tees of the Mutual Life Insurance Company
held yesterday. at which preliminary report
of the special investigating committee demand
ing drastic reforms adopted, President
request his salary had been cut in half-from
s150,000 to $4,000 year. This action was
taken at a meeting of the finance committee,
and Nj McCurdy said it was the first step in
reducing the expenses of the company. Cuts in
the salaries of other executive officers ordered
by the finance committee made total saving
of between s145, 900 and s150.000 year.
The report of the committee made public
last night. Andrew C. Fields and any of his
sociates in the companys service, ordered,
pain of dismissal, to return forthwith to this
city and appear before the legislative committee
An immediate and thorough reorganization is to
be made of the company's department of sup
plies and printing.
The Mutuars House of Mrth" at Albany, is
/. ordered to be forthwith abolished. The practice
of making contracts with agents through the
executive without reference TO the agency COM
mittee, is to cease at once Agencies now con-
Quoted on a commission basis are to be changed
to a salary basis as soon as practicable. All
further payments by the Mutual under contracts
with Charles H. Raymond & Co. are TO be de-
ferred pending further investigation by the
internal committee. All Legislative questions
hereafter are to be handled exclusively by the
law department.
The bylaws of the company are 30 be so
amended that no trustee officer shall act as
committeeman vote at board meeting on
the approval of any purchaser from, or sale to,
the company, in which the trustee or officer has
an interest. No trustee officer or other en-
ploye shall receive any compensation for OBJ
tanning such loans sales, etc. The control of
the general solicitor of the company shall in
cIude all legislative business. Printing contracts
shall be made lhencefcrward competitive
basis
The committee on expenditures shall not ap-
prove the payment of any money except on
touchers describing fully the nature of the pay
ment.
McURDY MUST ECoNoMIzE.
The internal committee. pending the compile
tion of the investigation, commends TO President
McCurdy and his officers the putting into i'm
mediate effect of measures of sound economy
and curtaiimeiIt of mortgages" The report en-
todies a letter from President McCurdy under
date If October 80 asking the internal commit
tee to fix his future salIry, IS his present sal
ary "he recognizes, in the Judgment Oh some
policyholders, is too large
Robert H McCurdy. President McCurdy's son
and the general manager of the company, agrees
TO abide by any Just concession" the commit
tee NAV ask as to his contractual relations with
the company and Raymond & Co make sub
stantially the same offer.
The report is signed by William H. Truesdale
fchairman) John w Auchincloss and Stuyves-
ant Fish Gin place of Efingham b. Morris, who
declined to serve). 1t states that James B. Diel
has been retained as counsel, and tells OF the
meetings of the committee.
The report In part, continues:
Certain of the practices and methods disclosed are
date attention and correction by those more or less
suits of long, exhaustive examination
NO SALARY RECOMMENDATIONS
On the subject of salaries the committee
makes no recommendations because of the con-
involved. and asks for fuller authority
from the trustees 1t gives the following letter
from President McCurdy
to the matter his salary The increase
s present amount Was made IN @ o sa n
and that it is justified by the responsibilities of his
rpoeyhoders it is too large He desires the com
mittee to recommend that amount at which it may /
part that he viii continue at such compensation
may 9e 6s Best btes that II have BEEN 80
ployed for the last forty-five years
on matters pertaining TO legislation the re-
port. with its striking reference TO Fields, reads
rt4 committee ig of the opinion that ALL matters
10 legislation national State, affecting
he 'cou1pany should be handled solely and ex
,it,IsIyeiy hS the department In its name.
pIf fIlt responsibility resting te head of that
Tor each aud every transact on, and
!, the name or through the medium. colorado. or
ltfleTyxtse OF any other department branch OF
he conIpany's service
Your committee therefore recommends that inn
action be taken by the trustees TO prevent
rent of any business foreign to the purposes for
n the bylaws. That all legislative and legal mat
iarfnlent exclusively and that the head of the law
department. be held strictly responsible and ac-
ountahe for each and every ac1. and each and
II ery expenditure relative thereto.
That the law department be required keep and
urnfs 10 president full and detailed statements
f each and every action relating thereto SO thai
lie president may whenever called upon, report
hereon the board of trustees. +
Your cornnittee further recommends. Ia connec-
ion Herewith. that the estabi slment which has
'sen maintained i'm Albany and the work thai
.ndren q. Fields and his associates have been ell
aged in closed and ended. and that all expense
4 whateyer nature connected Herewith On the part
A 4