The Montgomery advertiser., 1905-11-17
CONSCIENCE
 OF McCURDY Causes Him to Reduce
 His Salary. PAY IS CUT IN HALF Thinks, However, He is Worth
 SIS. .oOO a Year. Mutual Life Iasurance Investigating Cemmiftee Make. some HadicaI Recommenaations in Its Pre-
 IimInary Report.

the Mutual Life Insurance Company in this city, at which a preliminary report of the recently appointed special in- vestigating committed was submitted. President Richard A McCurdy caused a stir by announcing that at his own request his salary had been cut In half. from sI50.o00 to s75.0e0 . year. This action was taken at meeting of the Finance Committee and MT. McCurdy said was the first step in reducing the expenses of the company.
 Salaries of the other executive ofi- cers of tho company also have been re- duced. the saving amounting in all to between s145.oo6 and s15o,ooo per an- num-
 MT. Mccurdy,s statement to the di- rectors preceded the submission of the Investigating committees first report. This committee, which was named to examine into the affairs of the conn pany, made significant request for a broadening of it's powers and reconn- mended changes in practices by the company which on their very face are loose, unsound and open to criticism"
 The committee recommended that pending it's further inquiry the execu- tive officers adopted immediately a poll icy of retrenchment. The preliminary report was adopted. together with tho resolution increasing the powers of the committee in continuing its invessswa- tions. The directors ordered that fuii publicity be given to the report as well as to the statement made by President McCurdy
 Policy of Refrenchnent.
 President McCurdy in his address to the trustees outlined policy of res trenchment the executive officers had decided upon. He declared he did not know what was con ntained in the rec port of the special Investigating com fnittee and he did not desire to fore stall anything the company might do for he would abide by the decision
 The ipvsstisati committes consists Jofin " Atidkincioke and stuyveka.is Fish.
 One of the most Interesting conciu- lsIons con tsiy1ed in the report Is the subject of salaries of officers, In this connection the committee quotes a iet- ter it received from President Richard A. McCurdy of the Mutual in which that official says:
 ''rhe President desires to cali the att tention of the committee to the matter of salary. The increase to it's present amount was made in 1901, without his request While he considers that it has been earned and that 1t Is Justified by the responsibilities of his position, he recognizes that in the judgment of some policyholders it is too large. He de- sires the committee to recommend that amount at which 1t may be fixed for the future with the assurance on his part that he will continue at such compen- sation as may be decided upon to devote to the service of the company his best abilities that have been so employed for forty-five years past.
 The comment flows:
 Wants More Authority.
 Your committee early reached the conclusion that any action taken at this time in changing the scale of com pensation and determining it for the future involved both a ratification of the past, a situation fraught with pos sibIe complications to the company and its trustees. and the future question of the commital of the company to the continuance of the personnel of the present management. Your committee therefore was and remains unwilling to prejudice the situation in either partic- ular. without obtaining the precedent authority of the Board of Trustees. taken with full understanding of all the facts and possibilities.
 The committee recommends that pend ing further inquiry into the agency contracts of c. H. Raymond & Co, Louis Thebaud and Robert H. McCurdy,
 
 quiry on the part of the legislative in- vestigating committee. all payments be held up, without prejudice, however, to the agents. Letters from Raymond & Co.,. from Mir. Thebaud and from Mir. McCurdy asking that their contracts with the Mutual be inquired into are quoted All claim their existing con- tracts were justified by business con- ditions, but agree to accept any modifi- cation or reasonable change the com nfttee may make. MT. McCurdy says he realizes his contract has been the subject of widespread and adverse crit icism.
 Salaries for Agents.
 The committee recommends that at the end of the present calendar year all commission agencies be changed to a salary basis. It criticizes the manner in which many agency contracts have been made in the past.
 The committee recommends as one matter requiring immediate attention the establishment of which has been maintained in Albany. N. T.. and the work that Andrew C. Fields and his associates have there been engaged in pSnse of whatever nature connected herewith on the part of the company be forthwith discontinued and it's rep etition prohibited.
 The committee asks that Fields, if still in the employ of the company, be commanded to return to New York and appear before the Armstrong investi. gating committee.
 In asking that it's powers be broad aned. the committee states it has lready employed James B. Dill as counsel and has engaged a firm of &C., countants. Permission is requested for authority to employ additional account ants and other persons.
 The committee asks to be empowered and directed "to make such audit of the company's accounts and affairs as 1t shall sec Al and for that and any other purpose the committee is empowered and authorized to have access to take under it's control any and an things. all records, papers. the documents and memoranda belonging to the company. $
 If asks power to call the officers of me company and 10 tnterrogate them roneerufng any transactions with which they may have been. connected, or of which they may have knowledge.
 Explaining that the present report is ht,t preliminary. tho committee save: The revelation of the past few