The Minneapolis journal., 1905-11-27
NJ CURDY FAMILY
IS FORCED OUT
Head of Mutual Life, His Son, and
His Son-in-Law, Resign
Their Positions.
designations Follow Exposures
Which Result in House
Cleaning by Trustees.
Journal Special Service.

Journal Special Service.
New York, Nov. 27.-Richard A. Nc
Curdy, president Of the Mutual Life
Insurance company, has resigned. The
date of his resignation depends only
on the time required by the trustees to
find his successor. J..
The investigating committee did not
accept Mr.. McCurdy's offer to cut his
salary in half, because such acceptance
would have pledged them to continu-
ance of the McCurdy regime.
Quickly following the retirement Of
President McCurdy, his son, Robert II.
McCurdy, general manager OF the Mu-
tual. and his son-in-law, Louis A. The
baud, the favored general agent for
New York, have resigned. Each OF
these three men has been drawing ap-
proXimately $150,00O year in salaries
and commissions from the company, be-
sides their indirect profits in financial
transactions with Mutual money.
A tentative offer to head the company
of the First National Bank of Chicago,
who once was an Equitabl director. His
bank is one of the leading financial in
stitutions in the middle west. Mr..
Forgan declined to consider the offer.
Exposure Was Late.
Thruout the long preliminary expo
sure of Equitable corruption, the Nc
Curdys kept aloof from fro , the : Insurance
mittee got after the venerable president
was the worst condition existing in the
Mutual brought to light. Then it was
shown: ..E..
That President McCurdy, his son, his
sOn-in- law and numerous relatives had
drawn enormous sums in salaries and
| commissions from the company, aggre-
eating millions Of dollars.
That house and costly establishment
Of the Mutual's lobbyists influencing
| legislation.
| That contributions Of $4,000 were
made every four years to the national
republican committee.
4 ! That $4,000 was given to Senator
Platt for each state campaign despite
| the sworn statement of cCurdy that
he never paid such money. 49,,
That private graft was made out OF
syndicates and trust companies with
policyholders money, and expenses fo1
luxurious travelling were paid out of the
| treasury.
That the testimony given by Presi
dent McCurdy was impeached in numer
Gus instances.
Probe from Within.
On Oct. 25, closely following upor
/ these revelations, the trustees Of. the
! ing committee Of three g,nf- their-2ow1
number to- examine into the organiZa
tion and management Of affairs, ani
to report recommendations. The trus
tees named were William H. Trues
dale, president Of the Delaware, Lack
awanna & Western railroad company
John w. Auchincloss, a New York mer
~ c1@, 10 10
ident of the Girard Trust company o
Philadelphia. Mr.. Morris was unabl
to serve, and in mis- place was selecte!
Stuyvesant Fish, president of the Hi
nois Central railroad. James B. Dill
= was, chosen counsel to the committee.
On Nov. l6, the committee. made !:
preliminary report recommending radi
cal managerial changes in the interes
of economy, the closing of the Alban.
i abolition of legislative bribery thruou
the country, taking away the autocrati
powers of the president to make ia
vored contracts, cut off the enormou
commissions of Son Robert and Son-in
:, Law Thebaud, and, finally, let Presi
dent McCurdy voluntarily cut his salar,
from $l50,000 to $4,000, but Withou
: guarantee of retaining him in office.
Trustees Cleaning House.
, Expert accountants employed
Z Messrs. Truesdale, Auchincloss an
, Fish are diving into every fnancis
transaction of the McCurdy's regim
l High officers are being summoned b.
q fore the committee to explain the sy
. tenn of using. policyholders' money fc
i private advantage. The trustees al
= cleaning house.
Like President Alexander of tn
Equitable, McCurdy has retired to b.
home-ill and suffering from his exp,