Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1905-11-23
CUTHISSALARYHALF
President Mutual Life Insurance
Company LoAeS s7s.OOo Yearly.
as RESULT Of COMMITTEE REPORT


s...s ti.a
n.o,,,,,.
new iorh' Nos, .. :, Tho
nary report 70 lne ,uu .'..'s. - :
Mutual Lie insulsnce .oA ~, w,,,,,.
special meeting NERO ~ tn,s ol.' ~
day, the committes appoln.eu 49,,
board on octoper 20 70 eAn. 49, !
the anairs Oh me COMPANY ss..,,r
Significant request ior INC u,oAue
OF Its powers ana recomnena a' SaaAe ~
IN practices py tne COMPANY 49, "a -
their very race are loose' unsounN 49,
open 70 criticism ING Oo M. w.
indicates tnat us work 10 pu' Juss
gun and says u VIII contipue 'le ~
quiry with due dlngence' Mans
further reports ana recommendation, -
from time to time as results maA9 ~
seem desirable 70 90 so.
The committee recommends as one
OF the matters recurring immeala'e az
IGNITION that the estaDhsnment wn.Cu
has been maintained IN Albany ~. -
and the work tnat Andrew W rteiu'
and his associates nave tnere peel.
engaged In, be closed ana ehueo anu
that all expense OF Whatever nature
connected Herewith on the part q tne
company be forthwith oiscontinqed
and it's repetition proniDited- inc
committee asks that Fields, u stiii IN
the employ OF the company, % com
manded to return to New YORK ana
appear before the Armstrong investi!
eating committee.
Explaining that the present report
is but preliminary, the committee
says:
"The revelations Of the past few
months, involving several Of the lead
ing insurance companies Of this city
among them this company, have deep
ly impressed the people of the whole
country and created among them a
feeling Of grave distrust and alarm as
to the management Of these great
trusts.
Certain Of the practices and meth
DDS disclosed are so palpably loose and
unsound as to call for immediate at
tention and correction by those more
or less directly responsible therefor
without waiting the results of a long
exhaustive avamination
HTbIs renort therefore IN great
mart deals with ana recommend
changes IN nract,cea NV tbis COMPANY
which on tbeir verv face are loose
nrso,,r,1 ana oman N crltIc,sr -
Ala snec,al meeting AZ the board Of
trustees Of the Mutual Life insurance
cor,nanv at which n preliminary re-
MORT ~ the recently appoiuted special
investigating COMMITTEES was submitted
president R,chard A McCurdv caused
a stir Inv announcing that at his own
reouest his salary had been cut in half
from Si60 Ooo IN s7E 600 a wear. This
action was taken at a meeting of the
finance committee and Mr. McCurdy
sa,d was the flrst stem in reducing the
eynensea ~ the companv
Salaries Of the other executive on.
cers ~ tbe comnanv also have been
reduced the SAVING amounting In ell
to between Srl5,0UU ana $16U,UUU per
anuum.
Mr.. McCurdy's statement to the d.
rectors preceded the submission of the
investigating committees first report
Former Gov. BENJAMIN B. Odell, jr.,
and United States Senator G. M. Depew
AZ witness before the Armstrong leg
islatiye insurance investigation COM
mittee Thursday denied parts of the
testimony Of James H. Hyde. in which
their names were used. Mr.. odell in
The course Of his testimony called Mr.,
Hyde's statements "base calumny."
ana when he was asked whether be
directly or Indirectly had made threats
N have the charter Of the Mercantile
Trust company revoked. his face flush.
Cd and striking the arm of the witness
chair With his fist he exclaimed:
.NThere "a no truth in that statement;
40 helD. me Cod"
Mr. odeIl was the first witness of the
dav. He said no political pressure
wss hronght II hear in the settlement
~ bIs suit against the Mercantile
T,rust comneny and that II was set
,lad The same AZ suits brought by
othars