Arizona republican., 1905-12-01
PHoENIx, ARIZONA, DEC. l, 1905
Resignation of President McCurdy,

The resignation of President Rich ardard McCurdy of the Mutual Life was inevitable, if the company was to regain the confidence of the peo- pie, and so will be the resignation of every important official in this and each of the other two great life in surance companies under investiga- tion. That is one of the conditions precedent to a restoration of confi- dence which even then will be slowly brought about.
 The investigation of the Armstrong committee so far as it has gone has been beneficial to the companies, the policy holders and to those who may become policy holders. Even under the present managements there would never be a recurrence of the scandal lous acts which were disclosed by the quarrel between Hyde and Alexander.
 The arrangements had promised that much, and the state would en- force the promise. MT. Mccall hastily assured the countrp that there would be no more campaign contributions and the McCurdy's and all have prom ised a tearing out of those dark in tricacies so that the people could see the interior of the insurance business. These promises and assurances are admissions of the criminal acts charg- ed and under investigation but which hxy ho r1Iaa hot they were best for the company But this plea has nowhere carried with it the supposition that the policy holders are members of the companies.
 The public, however, having learned through the Armstrong committee something of the insurance business of which it had previously known ab- solutely nothing, deTaanded something more than a reformation of methods. They demanded that others than re- formed managers should be in charge of the reformed companies and a part of the public not content with tho busting of the reformed is demanding their punishment.
 The dispatch announcing the res ignation of President McCurdy in- cludes correspondence which must be regarded as Pickwickian. For in stance, there is the alleged discussion of MT. McCurdy from "severing his connection with the company last June" by "the serious disturbance which mad previously arisen in ;nsur- ance affairs
 It will be recalled that since the be- ginning of the investigation MT. Me Curdy replied with emphasis to the demand of popular sentiment, that he would not resign before the end of his term. Nor could his resignation have been in contemplation a week ago when it was announced that he mad voluntarily cut his salary of s150,000 in two.
 The dissuasion of which MT. Mo- Curdy speaks could not have been of fered by the trustees who unanimously accepted his resignation and congrat uIated him upon, his release from an uncongenial task MT. McCurdy gave among his reasons for wanting to re- sign last June the fact that he was then seventy years of age. It will be agreed that that was valid reason, especially in his case; he had already been in the insurnce business too long.
 When his example has been followed by his chief associates and the man. agements of the other companies, re- gardless of age, life insurance will be- gin to get Cn it's feet again. The Mu tual, now freed of one of the chief obstacles to return of confidence is naturally the first to enter upon the new life which public sentiment has imposed upon all insurance companies which are to live at all.