New-York tribune., 1905-11-17
N'CURDY CUTS HIS SALARY
Continued from frat page.

.ss company be. forthwith discontinued and It's
fspetiron YOUR committee recommends that
!. trustees take appropriate action to this end and
supSSaih supSS h;n If st1l In this company's employ and
Subject TO ths s0noG no he OF cty W OF and ap %
re- re- before this committee and give such informa-
shsll reeo,e G Fields be ordered to appear he
lhsb Ieeislative comm ittee now in session when
er and required and Il he shall fan to return
ts go ey fhis committee 10 the proper officers of
IoaS sa company he be discharged from the service
- department of Supplies and Printing
,he report says:
The committee also reeomInends that immediate
SD drastic reorganizaton be mace OF ths eon,s
pa its personnei and methods as respects the
10 io5iins Al of such of the company's affairs
hdd IN its charge by Section 81 of the bylaws.
=. 70 contracts with Charles H Raymond &
- and Robert II. McCurdy.'' the report reads:
,,s 6rst meeting communications were submitted
10 20 il, which are as follows:
ntee take up for cons consideration EZRA; ma at an carly carly
date the eShI snbnit " the view hat these con-
lrscts have been justified by the conditions OF
he u1e civ of New-York. and provide for un-
nsS,sl Compensation; but they desire that position
81 sso tbe committee and if its Judgment any cir
samstances exist that should equitably lead 10
u-n,odi6cation of the existing contract for the
s.tJre they agree to accept any reasonable change
in us terms CHARLES H RAYMOND & co.
LOUIS A THEBAUD.
eNew-YoTk. Oct. So 1906
.r7obert H McCurdy respectfully requests the
noi{fee to give Immediate attention to the sub
s ~ his contractual relations with the COMMITTEES
A Is sen 2eas sSe Se q Created nh the foreign
and built up its annual Iii income to TO- the compahTy
has frequently been reduced at his own suggestion
tracts and that for the last TWO years since he has
heen general manager OF the company ne mas had
no lnS +7ea to receive for the next few years com
missions only renewals of premiums on policies
aware that his present contract is the subject of
widespread and adverse criticism, ana althougn ne
perfect knowledge OF the facts. yet in the event
eond;fions demand that should relinquish any of
his legal rights in the interest of the company ne
fairiy required of him. ROBERT H. MCuRDY
''New York, Oct 80, 1870
In view OF these letters the report suggests
that pending further examinations, all pay
-nents under The contracts mentioned be de-
ferred-
In closing and regards retrenchment and
reform the report reads:
Your committee further recommends that pend
g d him nut into immediate effect such measures
~ sound economy and curtailment OF outSo as VIII
dends or otherwise in decrease of the cost of in
surance 10 Dolicyholders
President McCurdy's report showed that he
had anticipated the action o. the committee and
trustees in several particulars. He had ordered
the Albany house closed. had ordered search
for Fields with instructions that he should re-
turn at once and had given orders practically
carrying out the wishes of the committee in re-
gard TO the reorganization of the supply de-
partment and the agencies. and regarding the
requirements for vouchers
The committees report was adopted unani-
mously with resolution increasing the powers
of the committee in continuing its investiga-
lions President McCurdy, in his address to the
trustees outlined policy OF retrenchment the
executive officers had decided on. He declared
he did not know what was contained in the re-
port of the special Investigating committee and
he did not desire TO forestaT anything the COM
mittee might do for he would abide by its de-
cision. He said he was aware that the man
agen1ent- had been subjected to severe criticism
and that the companys business had suffered to
10 a great extent
Il am far from admitting" he said, that all
criticism which has been made is just or de-
served, but on the other hand L am not SO
blind as not to know that public opinion un-
favorable TO the administration has been created,
and that its persistence must continue to work
harm to the business Of the company"
The principal reform demanded was the re-
duction in the cost of insurance He had set
an example in retrenchment by asking that his
salary be cut in half Commission agencies
would be changed to a salary basis, and legis-
iative expenses be done away with, policyhold-
ers' protective committees taking the places of
saIaried legal agents President McCurdy's
plans call for reduction Of expenses in every
branch Of the business. In conclusion he said:
"Of one thing feel certain, that no officer or
trustee of this company has made any unlawful
profit out OF his office"
Regarding his plans for policyholders' pro-
tective committees Mr.. McCurdy said:
Policyholders' protective associations should be
formed in the different States. and to these assocl-
ations acting in cooperation with the trustees,
should be intrusted the work of procuring neces-
measures as may injurious to their interests. If
The pocyholders of the Mutual Lie should asso-
eiate in these organizations with the pohcyholders
In other eomparieg IN the several States they Will
enough to compel proper recognition by the leg
islatures of the various States and all pubic OF
fcials.
President McCurdy in his statement likewise
AYERS the enactment Of laws prohibiting can
didates on campaign committees from asking
or receiving corporation contributions and
corporations from making them.
Mr. McCurdy's declaration that "a messenger
has been DISPATCHED to the Pacific Coast for
Al Fields definitely establishes for the first
time Mr. F1eldss whereabouts