Arizona republican., 1905-11-17
MUTUAL LIFE
REFORM PLANS
The First Thing. MCCurdy'S
Salary Divided
Reduction in the Emolumsnts OF
Other Officers - No Commission
Asencies- No More Legal Agents.

New York. Nov. I6.-At n special
meeting of the board of trustees OF
the Mutual Life Insurance company
in the city today at which a prelim-
mary report of the recently appointed
special investigating committee was
Curdy caused a stir by announcing
that at his own request his salary
had been cut in half, from Sl5O.0O
to $4,000 a year. This action was
taken at a meeting OF the finance
committee. and, Mr.. McCurdy said.
was the first step in reducing the ex-
penses of the company. The salaries
of the old executive officers OF the
company had also been reduced. the
saving amounting in all To between
S145,OO0 and $15O.O0O per annum.
Mr.. McCurdy's statements 10 the
directors preceded the submission %
the investigating committees first re-
port. This committee. which was
named to examine into the affairs os
the company, made n significant He-
quest for a broadening OF its power.
and recommended changes In prac-
tices by the company which on thetr
very face are loose, unsound and opcn
to criticism" the committee recoFti-
mended that, pending its further in
quiry. the executive officers adapt
Immediately a policy OF retrenchmenf.
The preliminary report was adopted.
together with the resolution Increasing
the powers of the committee in con-
tinuing its Investigations. The direr-
tors ordered that full publicity be Civ
en- to the report. as well as To the
statement made by President No
Curdy.
President McCurdy in his address O.
the trustees outlined a policy Of ~
trenchment the executive offices had
decided upon. He declared he did not
know what was contained IN the repoit
of the special investigating committee
and he did not desire TO forestzll any
thing the committee might do. for h
would abide by its decision.
Mr.. McCurdy said that during tbs
forty five years he has been in the ser
vice of the Mutual. the company had
grown until ii stands unrivaled for Ia
magnitude of its assets. Whatever cFi-
ticism may have been made OF fe8-
lures Of its administration. hs declav-
ed, the fact remains that no pOlicyhold-
er of the company need ever entertais
the shadow of a doubt that his policy.
with all its accretiOns viii be paid Ia
full when due.
Mr.. McCurdy said the merit I'm the
company's upbuilding was not his alone
All the officers labored together.
He was aware. he says. that the
management had been subjected 10 Sc
we're criticism. and that the company's
business had suffered n great deal
Lam far from admitting" he con-
tinued, that all criticism which had
been made is just or deserved. but on
the other hand. l am not so blind as
not to know that a public opinion un-
favorable to the administration has
been created. and that its persistence
must continue to work a hardship 10
the business of the company.
The principal reform demanded was
a reduction in the cost of Insurance.
He had set an example in retrenchmcuI
by asking that his salary be cut In half
to a salary basis. and the legislative
expenses will be done away with. pol
icyholders protective committees TAX
ing the place of salaried legal agents
President McCurdy's plan calls for a
reduction of expenses i'm every branch
of the business. In conclusion he said;
'Of this l feel certain. that no officer %.
trustee of this company has made any
unlawful profit out OF his Office.