New-York tribune., 1907-06-06
MUTUAL RESERVE CUT.
EXPENSES PRUNED s65 900.
Salaries Reduced $50, 900 and Many
Clerks Dismissed.

IN pursuance Of its new policy of retrenchraent
The Mutual Reserves board OF directors a Trir,,ra
reporter learned reduced the salaries Of the com
psnys three principal officers yesterday to the +,,pa
OF no less than $4,000 BY a reduction in the sizo
Of the home office clerical force p further savp.,
Of $1,000 was effected 1t IS believed that the next
few weeks will see such further retrenchrnents as
viii reduce the expenses by another s65 eco or
totsl home office" economy of $4,000
BY the adoption Of the pruning committees"
preliminary report the presidents salary was cut
n half yesterday, the vice e-presdent's two-tiris
and the counsels salary reduced 10 per cent
The recent removal of the Burnhams possibly ex-
cepted, no more radical changes than those of YES
terday have taken place in this company il is
thought for several years. The comparative BILE
the salaries received by the three former prin-
cipai officers. as sworn before the Armstrong
committee, and the salaries for the same places
agreed on yesterday. is Is follows
President F. A. Burnharn. .......... $40 ooo
Counsel George Burnharn. jr.......... 35 - '3 030
President Haynes. 500 ooo
IeslIenl harper '.'"...-.......... 10000
N -'"e '''''-''- ...-.....-.-- 10000
Total ---.-.......-....---.... 100000
Z will be from this that the heaviest cut
is in the salary of the vice-president place to
which George W Harper. the company's reform
treasurer, was elected recently An interesting
feature OF yesterday is that Mr Harper himself is
chairman Of the pruning committee which made
TIE recommendations, Including the reduction Of the
vce-presidents salary 1t is said. indeed. that
Mr. Harper recommended the reduction of the sal
ary attaching to his place TO an even lower
figure but that the board overrued his dIsinter-
es-ed recommendation.
The other members Of the pruning committee
are Alve Collins the assistant counsel and DR..
James II. Bovden. the company medical director.
The committee recommended. too. that the medical
directors salary be increased from $500 TO 5000
and the salary of the secretary from 50 900 to $500
The board adopted both these recommendations.
Tie committees recommendations dispensing with
the services Of about half dozen lower clerks
whose services it considered UNI ecessary We're also
ADOPTED Not content with this, the reporter
learned. the committee announced that in its final
report il expected to recommend a further pairing
down Of home Office expenses alone 10 the extent
OF between $3.50 and $1,000. making home Office
Te--enchmenJs alone between 500 Co and $50
o. The expenses Of counsel. for instance, out
side Of regular salaries aggregated $4,000 last year
According 10 information which came into the re-
po-ters hands. It Is believed that henceforward
the services of counsel equally efficient # not per
HAS 50 well known be retained. thereby whit
tlins down this bill from $500
In this connection. the reporter learned the com
Pany has Purposely omitted 10 retain the services
well into the thousands last year The company.
ves few nlions q ASSES sat It IS caed Si' on ii in F t:
g e6Ios 81 MAN. s 2oSy49Iae5 geHerSy & TO e9aest
fee ao-e and willing 10 settle without challenge
certain other New York companies
The company is determined nevertheless it is
Sad. 10 reduce these legal bills whenever and
Wherever possible With TO still further
t.e1chInents. the reporter learned. experts have
been asked 10 examine and report the leases and
running expenses of the home office At No. 9cs
Broadway By the Introduction o. rigid system
ot economy, il is believed saving Of between /
fZ}' and $1,000 De effected in these two items
At the compaay's Offices announcement +
made OF the retrenchments- Beyond the statement
that economies involving more than 5000 had
been Effected, officer committeeman could be
found who was willing 70 discuss the matter.
Following closely The Trioune's exclusive an
nounceEnent Of the appointment Of the commtttee
the news Of the first fruits Of the Haynes-Harper
reform regime aroused deep interest in insurance
circles last night, many insurance seeing in
II further indication that the administration
is in