Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-11-17
McCURDY POWER ENDED.
Mutual Life Trustees Make Drastic
Recommendations

The death-knell of McCurdyism in the
Mutual Life Insurance Company was
sounded yesterday when the special COM
mIttee, composed of Stuyvesant Fish, VIII
liam H. Truesdale and John w. Auchin-
Gloss, appointed to investigate the evils In
the management of the corporation, made
a preliminary report at a special meeting
OF the board of trustees in New York city.
1t was attended by twenty-four trustees,
with President McCurdy in the chair
Since Stuyvesant Fish became a member
OF the committee and since James B. Dill
became its counsel 1t has made immense
progress in It's investigation, and its pre-
limnary report provides for radical changes
which deprive President McCurdy of nearly
all Of the dictatorial powers he has exer-
cised in the company for many years.
The report of the committee contained
three communications of peculiar interest.
One was from President McCurdy saying
that II his salary of $4,000 was too large,
IN the opinion of the committee. he would
willingly accept any reduction 1t might see
fit to make.
The second communication was from
President McCurdy's son, Robert III. Nc
Curdy, general manager of the company,
IN which he told the committee that If 1t
considered his commissions on the foreign
business too large he would accept any
reduction it saw fit 10 make.
The third was from Charles NJ. Raymond
&, Co. of which Louis a. Thebaud, son-in-
law of President MCCurdy, Is the dominant
partner. Thebaud received $4,000 in 1904
as his share of the high commissions given
Raymond & Co, and the firm wrote the
committee that they would agree to accept
any reasonable change in their contract
that the committee might see fit to make.
Tho committee directed President Nc
Curdy TO summon to this city Andrew &.
Fields, legislative agent of the Mutual. who
spent such immense sums of the policy
holders money without giving any detailed
statement of the disbursement or any eX-
PLANTATION that would show why the ex-
peudltures were made. 1t also directed that
the legislative house maintained at Al
bany for the use of Fields be at once aban-
doned, and that the whole management OF
the supply department OF which Fields Is
the head be reorganized and Its personnel
changed.
Not only was every recommendation OF
the committee adopted, but President Nc
Curdy voluntarily cut his salary of $4,000
a year in half, reducing 1t to $4,000 lie
also announced that other reductions in the
salaries of the principal executive officers
had been made, which with his would
amount in all to $4,000 or s150,0O0 a year.
The meeting OF the trustees developed
phase which caused the gravest concern to
the special committee and the conservative
men on the board, who are sincerely anx-
ious for genuine reform within the COM
pany.
They regarded the McCurdy menace as
practically disposed OF. Whenever they
deem 1t expedient so to do they are conf
dent of their ability to Gust from the COM
pany President McCurdy and all of the off,
GERS identified with the McCurdyism in the
Mutual.
The one great problem that now confronts
them. they declare. is to prevent the Mu-
tual Life, when the time comes to GUST Nc
Curdy. from falling into the control OF
Thomas F. Ryan and James Stilman, presi-
dent of the National City Bank and the
chief fnaucier of the Standard Oil group
of capitalists.
Henry H. Rogers of the Standard OIL
group, was one OF the trustees at yester-
days meeting. He was one of six men who
voted against the report of the committee
being made public. Eighteen of the trus-
tees voted in favor of publicity.