Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-11-17
President of, Mutual Life Has
His Salary Cut From $780,
600 to $4,000
DONE At HIS OWN REQUEST
Says This is Only Beginning Of q Poi.
10y Of Retrenohment and Reform in
tho Management Of tho company's
Afairs-Dirsotors Hold . Nesting
General News.

meeting OF the board of trustees OF the
Mutual Life Insurance company In
this city. at which a preliminary re-
port OF the recently appointed special
investigation committee was submitted
President McCurdy caused q stir by
announcing that at hds own request
his salary had been cut In half, from
$4,000 to $4,000 year, This ac--
ton was taken at q meeting Of the
finance committee and Mr.. McCurdy
said It was the first step in reducing
the expenses OF the company.
Salaries Of the other executive off,
GERS Of the company also have been
reduced. the saving amounting in all
to between $4,000 and $4,000 per
arlnum.
Mr.. McCur1y's statement to the d.
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 q significant request Tor Q
broadening OF Its powers and recon-
nended changes in practices by the
company, which, ON their very face,
are loose. u1rsound, and open to crtti-
cism."
Tho COMMITTEES recommended that
pending It's further inquiry, the execu-z
tive officers adopt Immediately a pol
Icy OF retirement. The preliminary re-.
port was adopted, together with the
resolution increasing the powers OF the
committee IN confirming the tnvestiga-
ton. The directors ordered that full
publicity be given to the report 40 wen
as to the statement made by Presi-
dent McCurdy.
President McClrdy. In ads address to
the trustees, outlined policy Of re-
tireanent the executive officers had de-
ctded upon. He declared he did not
know what was contained In the re-
port of the special Investigating conn
mittee, and he did not desire to fore
stall anything the committee might do,
for he would abide by its decision.
Mr. McCurdy said that during the
forty five years he had been In the
service OF the Mutual the company had
grown until It stands alnrfvaled for tho
magnitude OF its assets. Whatever cri-
ticisn may have been made Of the
features Of It's administration, he de-
clared the fact remains that no policy
holder Of the company need ever enter
tain the shadow Of doubt that his
policy. with all accretions, Will be paid
IN full when due.
Mr. McCurdy said the merit In the
coanpany's upbuiiding was not his
alone. All the officers had labored to-
gether. He was aware, ne said, that
the management had been subjected to
severe criticism and that the com
panyss business had suffered to q great
extent.
Il am far from admitting" he con-
tinued, "that all criticism which has
been made is just or deserved, but on
the other hand / ann not so blind to
know that q public opinion unfavorable
to the administration mad been created
and that its persistence must continue
to work harm to the business OF the
company"
The principal reforrn demanded was
the reduction In the cost OF insurance.
He had set an example in retrench-
me4lt by asking that his salary be cut
In half. Commission agencies will be
changed to q salary basis, and legis-
lative expenses will be done away
with, policy holders protective agen-
cies taking the places OF salaried de-
gal agents President McCurdy's
plans call. for reduction of expense
IN every branch OF the business In
conclusion he said:
"Of one thine, feel certain that no
officer or trustee of this company has
o,,da or,, a1n0a ,s,%ti1 o,rnff ont ~ hia
office"