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New-York tribune. (New York [N.Y.]) 1866-1924, February 23, 1906, Image 2

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tie r.andlins; of tn<llr funds 1* to Invest them with
St. conservatism, ro the end that they may &•
Ibl, to o!sohar«e their obligation. If In this man-
Sir tfcty rhoulj make less money they would also
less Hkt'.v to court disaster.
Tfcey »toufd not a.tfempt, and should not be per-
Jm3 to attempt, to undertake by indirection that
which m«v not be dor dlrecUy under the provisions
«f their charter. No tendency in modern financial
condition* has credited more widespread spprenen
•ioa th«« the tendency to vast combinations 01
•?^w*Tll fn"thtc.se of railroad, and (»«»£££
these va#t amounts art ipo«tly fixed In l*™^ 1
productive activities, th* larger part of •"A RJ «•
accumulations of lifo Insurance companies WW«
et assets readily convertible into money ana sus
c«ptlbl« cf application to varied uses.
Jt is tHis fact which ha« placed the ofrioers
and membtr* of finance committees of life in
surance companies in positions of conspicuous
financial power and has pointed the necessity of
Ouardlng against abuses by the requirement of
conservative and durable investments. .
Investments in stocks should be prohibited.
They are fundamentally objectionable as ths
corporation, instead of holding a secured ooiiga
tlen. acquires a proprietary interest in pother
business, with rights subject to all •n de "edneM
which may b« created in the conduct of it and
often direct liabilities as stockholders.
Loan, secured by flrst mortgage on Improved
real property situated in other Siatea of the United
6tat£s. where the property Is worto *t least w per
cent more than tho imoub of the loan should be
pwmitted without any lesirlcUon haying reference
to the security of poiicyholders within a particular
-unsdictio^ It to draw any »aU«ractory line with
rr-rerence to investment* in negotiable 'bonds. It
SfflS laabl« to restrict e f a me ll m c arer a
a the same manner as
'- JPon this sublet, the oom
nutte* 1» of opinioj that no satisfactory line can
be drawn with reftjence to Investments In bonds.
ether than collateral trust bond*, without hamper- |
me the companies in th« enjoyment of that lea
•onable frwioni of Investment necessary to insure
the return upon wji. h the calrulatlons of their
risks are based. Investments in collateral trust
boeds. »here the rr«eter p*rt of the security con
eiftt of the. hypothecated stocks of corporaUons.
eho-uld not be yermlired.
Th»» buslnefs of the company should be tr»ns.
acted under th« direct « :?e~viFion of the trustees,
end no opportunity ssould be afforded for a con
flict betweea theu" personal Interest and their offi
cial duty
It Is entirely Indefensible to permit one to act as
the trustee cf an Insurance corporation In a ans
ectlon In which he may benefit, apart from his In
terest In the corporation, by the exercise of hie
discretion.
Foreipn companies should not be entitled to trans
ect bjpir.ess within this State less their Invest
mersts are oj the same character as those required
rf domestic corporations.
' STOCKS MUTUAL SHOULD SELL.
f Rat* of
>!«-.-• <H*'l
pr:c«. Amount. <s*nd.
>me.-tc«n Exrh*, N.rx link. $250 <•" ««!-{*2{s 110
r^ nk ::: ::::::: 288 7<j,GrtoOO |
« ....... rwnwt 2>
J 4-" - -
;..- O> JWtMJOOOO 80
r-h.jnl.TU Ns.ior.al Bank 4AOOO **«•«**? JBO
Cr.nm^r-!.il Trast Co. of N. J. 3lK)O> ; ..... i>> 12
rifth Aviiue Trust Company.. *><"*) <W 1.26«.<«10 «•» 12
rim National 8ank. ......... «.; ". hi BVi 000 00 20
iiU'SST'ii Natjfral Back . ■ • *••'•• Sn.i,OJOOO 12
050 00 OftU.OOOW 20
<Juaronty Tru« Company KM) 09 4.756.400 00 20
rftSt roir.)-«r.y. f>6 "<> 1.4T7.i1* si JO
MetWo'-ftiß Truet ObW- gftJO |^00000 :n
-Morri«t>«-a Trust Company ra<»i MS.7SOOO 18
Morton Trust Comi-ny 700 00 l.J").^ m 2»>
XutttM -\Jli*r.c« Trust OsiWy. 20-XW .►,OO —
s?»tior.*l K*n« c' Commerce.. a» 09 7 2:: (too 00 8
•nt',# Outrctt*.* A- Trait Co.. 5T5 «• 2.575,«X»00 16
?• « v'rt & Tru.t Co 400 00 4 2!'H 00 »
Sar.k f'f CtIUTP!* . . 3SON» 1.U04.018 79 1«
MS 874.783 BO
RAILROAD HOLDINGS. Kttkti
Market
?To «f P»r Valu» Valu»,
Share*. • I<«t.
1 . B.OOft *500.000 00 $1,200.000 00
F^ft^J^SS"** 21.WM> 2.150.000 08 8.870.000 00
%SS*^S/™^ 20.000 1000.000 00 1, 0PT. 700 00
J(» ff cs?&lP!.?! UN 453.00000 1.569.000 00
'bl^rr Pnrrr---- i. 1 ** 4 ioo.wooo rr.o.t»x)oo
SUinoie Cen-rt! RaJir<»ad. 6.4VM fiVt.OOO ....
Ma£st»:pr. V»Jley R'rM EW 85.(KJi»0O 63.00J 00
ilcrrt* & E»ex Ra'Uoad
Co. 'V U&. T\". eu»r.) IMM 500.000 00 825,000 00
SCew York Central &
Hufison TJver R 11..I 1 ..- 6/K« mo.«s»M 700.000 00
Sw Yort f Htr. R. R. Jy.twi) COO.OOO -' I.Way.OOOuO
>>* York. New Havea
A Hartford fcai'.r 1 To. 85.6W S.M4.O<C>OA «.94a.^0000
yeai\«ylvaoU liiilrd Co. lt»l.(«.O &,UK).GoO00 6.(*oo,(<Oi> CO
yitlsburg, Fcrt tV«y»«
- A Ctlcai-o Reilv.ay
■ I«r.:. gu»r.) „ «.«» «00.000 00 l.(« 2.000 00
sl»nn*Belß«r A P»rau>£«.
B. B. (D. tU- , _r „ 8.000 800.000 00 1.600.00000
The Mutual owns a majority of the stock of
the United States Mortgage and Trust Company,
and in effect controls the Guaranty Trust Com
pany, its officers and members of its finance
committee have considerable interests in several
of the banks and trust companies in which the
Mutual is interested, end its deposits have been
largely used to promote the success of these
companies.
6TOCKS TEE METROPOLITAN SHOULD
SELL.
Cott and book
Par value. value.
SefetJoßfj Stn» «rS Leather Batik. J'-N.'tVKiO $1,159.044 23
K*crojieli:«n bur** fTS.OOOCK) 4T9.151 60
Central Trust Company 14.W0 00 2»57,&<» 43
XairopMiisn Trutt Contrary 14^.1(«Kfl fcH4,227 £g
ÜBttM fc'at** Tr«»t Company . 7,B'A»<X> 7>;.7^6 00
Imeraattoaal Kar.kir.e Cinw
lien - ■'-:•■ ■•> 71.623 09
Hsn.Utoa Trun Comicrv. Drook
!yn IQO.OOOOO 211.42.'. 00
ymnklin Trust Comptry. Br>ck
lyn . 60.00000 146/J&S.V)
J^-orlt'a Truft O^rripany. Brook
lyn 2.00 A 00 6.015 00
IVdgrs! Tru»; Cotrianv, SV«ark. «o,fcoo 0!> ll&.Ui 23
JIo»ar1 "-^;. .!..■: Haik, Burl;ng
'on. V« J0.70000 28.ifi700
f-tm» F>i> Ir.r j Pir.k. Eniroii.
Mirh 1011000 00 210.000 00
9C«Ucoa] liciuii. ct 'omnieri'-.
K&n; 0 « dry lfeS.ooo Oft 6J3.85000
Th* Mctroj>o!:tr)n rcntrol"! the National Shoe and
J-<eatf,«-r Bank ia<A the Metropolitan Bank. The last
gamed hanK bas 31.O0Q.OW capital arj fIU>,W) Eurplus.
President Hfg'.raan holds li<-} siiart-t, Vice-PresJdent
Ftsk« 3N Kbaiw*, :i:id otfcpr officers a pmall amount
or i*s Heads of dfpartmen:s and clerks hav<s
i*-«t. Interested in it. Jt has pnm.-d Bucoesaful
♦ammg itwut 1 p*r efSt a montii.
Pavor* huve l«-»n shown t« eo:a« of the iaetltu
t!ons Ui penDtttme conxidcnibl* balances to remain
without interest. la the National Shoe and Leather
Kur.k H00,«u6 par* no Interest. Addltlr.r.al sums
T>ear inr»r<r:H «t the rate of J per cent. Th« Hamil
ton Trust rompany, of which Mr. Dutcher Is presl
<j£tu. baa tod RIOO.OM on deposu trom December 30.
3!»X». to April 1. liOo. without interest. On other
deposits k paji 2 V er c cr.t. The Metropolitan Bank
l.fi'J iaW.«O free pf interest from May J, U<»s. wfcer.
it tjfgtn biEiness. to August 86.
MAY BUY HERALD SQUARE BLOCK.
Overture* bare t-.«en made by the United Cigar
Gtores Company to buy the block front on the
vest fide of Lroadway, from J>."uh to 30th ■&
r ISB3— . > r- . ISPS. » , 1005. ,
Whol* hit*. RiiVjw- whol« JL.Ue. En4©Tr- VIT-.ol* Life. Endow-
Tttr» in fore*, life. 20 p. n\«r.t,3o. life- 80 P. merit. 20. lif*. 20 p. mcnt. 20.
1 J3H 13 70 149J $3:8 *»!» 14 12 12 «1 »2 81 13 80
2 ... 424 460 671 47 8M 4 72 2 70 2 70 444
3 4 M 4 «O «S3 377 8 Vi 6 88 SOS 8 08 6 07
« . 4b9 584 6« *&» 395 C 44 347 847 670
* 81« C 74 T 62 422 4 27 «<V» 8 R5 885 6 34
« 6 4T «25 %SO 4 «T «MI « 72 4 24 4 24 6 97
T ■ it 111 801 4 67 4*7 7 3.-. 6 07 6 07 8 85
8 . • •■: 7 13 »TO 630 5 20 8 02 B Sr. ft S3 SSI
» . 6Jit TH 1041 6 «O 6 M 670 .•> ft* 6 61 8 28
I' 1 •• ip 6'rt 1114 66S 567 0 3S» lit 692 » 74
J> >..... «*8 Im lit* l «£* «1O 100 a «20 (l») 10 20
12 7 Oft &*•> 1272 9 58 53 10 71 ii« 6 48 10 67
J* 7 44 PiS 1382 «77 7 «2 1182 6 74 « 78 1113
1* 7-7 — 1472 708 8 08 1104 «StJ fl %8 1183
J* . 6i« 10r.3 1573 784 84« 125» 7J4 714 1178
'5 ... 846 — 16 75* TM» 869 IS 28 748 743 12 25
27, t*sl — I««P 7 84 »84 13 »7 7 71 7 71 12 72
J* «W — — 11l 60 14 72 fil 7 I'd 13 19
>» ■ ■• . . 1027 — — S3« 1024 1848 SV* $2* jam
20 v> as - — «2 1077 1827 8 a« a m 14 13
If they ar* fiirr^sefui the H«rald Square Thea
tre v. ;r. cease to exist In •'„■ near future, and a
Mr building will be erected on the pita. The
is assessed by the city at nearly
COFFEE v*. COLLEGE.
Kludrul iU<l (• Oil* Vp Coffee.
■•«*■■<• people ar« apparently immune to coffee
pcißonir.g— if you are not. Nature will tell you bo
In the ailments -..«- sends as warnings. An<l when
you gei a w arning. heed it or you get hurt, sura.
A young college student writes from New York;
"I liad been told frequently that coffee was In
jurious to me. si. if I had not teen told, the al
most cor-staiit headaches with which 1 began to
suffer when using It lor several years, the state
of lethargic mentality which gradually came
upon me to hinder me in my studies, the general
laesituds and indisposition to any sort of effort
which possessed me, ought to have been sutil
dent warning. But I dlsrerarded them till my
physician told me a few months ago thai I must
five up coffee or quit college. I could hesitate
no longer* and at once abandoned coffee.
"Ob the advice of a friend I began to drink
Postum Food Coff«*». and rejoice to tell you that
with the drug of eo!Te« removed and the health
ful propertiM of Tostum in Its place 1 was Boon
relieved of a.! ::iy aliments. Th« headaches and
ntnoiinwM disappeared entirely, strength came
back to me, and toy complexion, which had been
very, very bad. cleared up beautifully. Better
then all. my mental faculties v.ere toned up, and
b*cune more vigorous than ever, and I now fed
that no coutw* cf study woull be too difficult for
me." Name ijlven by turn C«. Battle- Creek.
KSeh.
There'« a reason. Read the little book. "The
Road to Weihllle," In j-kga.
THROW OT'T THE LOBBI.
PLEA TO LEGISLATURE.
Names arid Pay of Legislative
Agents Should Be Reported.
The committee not only calls for the enact
ment of a law which shall make the Insurance
companies fl!e with the Superintendent of In
r:ra:.ce the names and pay of all their legis
lative agents and the character of their ser
rtoea. but pleads with the legislature to purge
Itself and free itself from the suspicion brought
on it by the activities of lobbyist*. In propos
ing legislation which shall do away with
' Judse" Hamilton and "Andy" Fields, the re
port says:
Nothing disclosed by the Investigation deserves
more serious attention than the systematic efioru
of the large Insurance companies to control a i* r f»
part of th« legislation of the State. They have
been organic Into an offensive and defensive aw
ance to procure or to prevent the passage of laws
affecting not only Insurance, but a treat variety or
Important Interests to which, through subsidiary
companies or through the connections of their om
c«r», they have become related. Their operations
have extended beyond the State, and the country
has been divided "into districts, so that each pom
panv might perform conveniently Its •hare or trie
work.
Enormous sums have been expended In a sur
reptitious manner. Irregular accounts have been
kept to conceal the payments for which proper
vouchers havo not been required. This course
of conduct ha« created a widespread conviction
that large portions of this money hava been dis
honestly used.
Andrew C. Fields, who represented both the
Mutual and the Equitable In legislative matters,
and was in control of the supply department of the
former company, remained beyond the Jurisdiction
during the sessions of the committee. The gen
eral solicitor of th* Mutual, to whom the chairman
of the committee on expenditures Intrusted large
sums, died Just before the beginning of the In
vestigation end apparently left no account as to
how the money had been spent.
Andrew Hamilton, who within ten years, re
ceived upward of $1,000,000 from the New- York Life
on the warrant of Its president, in connection with
Its bureau of legislation and taxation, has re
mained abroad and has failed to render any proper
account showing the disposition of the money. The
officers of the company say that they have no
knowledge of the uses to which it was put. The
officers of the Equitable, from whom light might
have been expected on the disbursements of their
company, either have remained out of the Jurisdic
tion or have been disabled by Illness.
On account of the absence of the necessary
witnesses and the lack of proper vouchers, the
committee has been unable to trace the moneys
said to have been disbursed In connection with
legislation. But while it is sufficiently evident
that large sums have been disbursed for im
proper purposes, It is also clear that payments
for confidential outlays exempt from audit have
furnished abundant opportunities for misappro
priations.
They suggest th« necessity of requiring a strict
accounting from those who are responsible for the
payments as well as from the agents who nave re
ceived the moneys.
A very large proportion of the voters of the State
hold policies of life Insurance. It Is easy for the
company to apprise them of hostile legislative
measures, and in addition a department of the
Btate government exists for their protection, whose
recommendations have rarely failed to receive prop
er consideration In the legislature. The employ
ment of agents to disburse large sums, and of
clandestine methods to defeat legislation it wholly
Inexcusable.
The pernicious activities of corporate agents
in matters of legislation demand that the present
freedom of lobbying should be restricted. They
have brought suspicion upon important pro
ceedings of the legislature, and have exposed
Its members to consequent assault.
The legislature owes it to itself, so far as
possible, to stop the practice of the lavish ex
penditure of moneys ostensibly for services in
connection with the support of or opposition to
bills, and generally believed to be used for cor
rupt purposes. The legislature should free itself
from the stigma which now attaches to the
progress of measures affecting important in
terests.
The l*ws against bribery and corruption, offences
which are difficult of proof, are sufficiently strin
gent, but an effort should be made to strike at the
root of the evil by requiring, under proper penal
ties, full publicity with regard to moneys expended
In connection with matters before th« legislature.
Corporation* should be required to keep accounts
and vouchers In which ail such payments should
be fully detailed and receipted for. and an adequate
statement regarding them should form a part of
such report* as may be required.
In the case of insurance corporations the remedy
lies first, generally, in the requirement of a proper
authorization of all expenditures and vouchers,
stating In detail the purposes for which moneys
f>aid for legal expenses or In connection with legis
lative matters have been expended. And. further,
the company should be compelled to set forth in
its annual statement to the Superintendent of In
surant all sums so disbursed, giving the names of
the payees. th« amounts paid and the specific pur
pose of the payment.
The committee recommends that the legislative
law be «so amended that every person retained or
employed for compensation as counsel or agent to
promote or oppose the passage of bills or resolutions
by either house or executive approval of euch
measures shall, before entering upon the service,
file In the office of the Secretary of State & writing
Etatins the name or names of his employer, to
gether frith a brief description of the legislative
matter with reference to which the service Is to be
rendered.
The Secretary of State ehould be required to
provide a docket, to be known as the "Docket of
Legislative Appearances," with appropriate blanks
and Indices, In which the. r.ames of counsel and
ag-e-nt may be properly entered. Fees contingent
upon legislative action should be prohibited. It
should alto be made tha duty of every corporation
and association doing business In the State within
two months after the adjournment of the legis
lature to file with the Secretary of State an Itemized
statement, duly verified, showing: In tail all ex
penses pnld or incurred in connection with legisla
tion pending at the last session, including all dis
bursements or compensation paid or payable to
counsel or agents. •
Violation of the lew ihould be made a misde
meanor and the failure to file the statements re
quired ehouM subject the offender to appropriate
penalties.
DIMINUTION IN RETURNS TO NEW
YORK LITE POLICYHOLDERS.
The large diminution In the returns to policyhold
er» which has taken place notwithstanding the very
large growth and apparent prosperity of the New-
York Uf© 1» Illustrated, by the following statement
us to til* annual dlvlden'l* paid in 1885, UK and 1905:
AGE. PORTT-^JUiOUJJT. $1,000.
The apportionments made on the deferred divi
dend policies show poor!}' In comparison with tho
estimates furnished by the company. Th* fol
lowing is a table of comparisons:
AOB 4*— ESTIMATED SURPLUS AND ACTUAL RE
SULTS. TONTINE ESTIMATES OF 1172.
, ... T»axB. Estimated. Actual.
ll'«4'J (18S7) »13»61
Hi? J 5 472 5T MSS7) 2«2 31
}■!** •; M Hi U <\i*2) 410 0«
M Payment *» 689 11 (1887) Sl7 90
V! Pa>™ent ;* 1.243 M (lsSrt 617 01
SO Tear En<Jowm«nt. '" JO* B1 <ntr, m
JflT«rknilo*ment.., 15 TST 11 ( US7 t «l» 75
JO -V.ar Endowment... 20 J.« 50 79 (119*5 710 13
TONTINB ESTIMATES OF 1881.
... Yean. Estimated. Actual.
J''* 10 ISJSI OIJ1) 13010
J-JJ* IS ais 47 hitt) 180 19
»-'»• * 20 7»S 57 <H»01) »SJ «•
;2 r»yment 10 114 81 as»l> 104 60
11 P«ynient 15 430 <lt»«) 18120
!" P»jro»nt 10 96464 <1901) »90 71
20 Tear Endowment... 10 100 30 (1881) Isl B0
7" T«»r Endowment .. IS 638 07 <H96) SSB 7S
*0 T«ar Endowment... 10 1,134 00 (1*01) 664 43
IWUXI AND KON-FOBFEITINO ESTIMATES.
1884.
Actual
Estl- non-for
... V»ajr». mated. Tontine, falling.
}"}s• 10 %i: si (18941184 64 173:4
|E If J594T (lf»til«lll 147 «5
" f *"---; t0 4JIBT (l»04)JI36» 11081
*i d yT "* n ! i* BSS »• h«99) isi so i 7»
$• Payment. »• 417 64 (1104)390 77 :&7 It
fx JJar' ar ralr a 1 '»«"»»"•• 10 10149 (1894) i:» 15 103 ii
12 i'* m £ n s Olrln<llt -* li **0 07 htS9)23B 74 249 1$
10 Tttr Ecslowta«nt. . 19 (93 00 0904) 41 190 65
DEAD AT AGE OF 100 YEARS.
1.>.. , N. V , F«b. 22— T!iom*» Hart. 100 years
old. died her* to.day. For more than fifty yean
!-• worked «a a railroad aactlon hand. Hart iras
born «n Ireland. January ~<\ l*iL
NEW- YORK DAILY TRIBUTE. FRIDAY. FEBRUARY Jg^Jggg:
make a whiskey that
X will seem like JOHN
JAMESON THREE
STAR WHISKEY has been
the aim of chemists and
experts for many years.
WHY?
W. A. TAYIX)R A Ca. 29 EroKSwar. N. T.
SOME COMMITTEE FACTB.
Listened to 2,000,000 words of testimony.
Opening session September 6; closing. D
cember 30, 1905.
Number of sessions held, 67.
Hour* spent in sessions, 366.
FOR ANNUAL DIT [DENDS
STOP DEFERRED PLAN.
Cash or Reinsurance Advocated —
To Compel Annual Accounting.
Cash dividend* for the policyholders or the
application of the dividend to reinsurance or the
reduction of premiums is the slogan of the com
mittee in dealing: with the 'Ilstributlon of the
surplus. Furthermore, it insists that the man
agement of the companies should give an annual
accounting. The issue of the so-called def«rred
dividend policies In the future should be for
bidden, eay a th« report. The committee says orv
this subject:
As the precise results of the continuance in busi
ness cannot be predicted, and as Investments may
fall, as well as rise, in value. It Is Important that
the company should be provided with a contingent
fund for the security of its pollcyholders, and
should be permitted to accumulate such a fund
out of Its surplus. It Is manifest that all gains or
surplus In excess of such contingent fund should,
In equity, be returned to the holders of partici
pating policies, at such appropriate times as may
be practicable for their ascertainment.
This return should be effected In Guch a manner
that the pollcyholders will share In the proportions
In which, through their payments, they have con
tributed to the gains.
The deferred dividend policies had conspicuous
advantages for the companies, as they permitted
the accumulation of pronta for long periods with
out accounting. A large proportion of outstanding
insurance is of this form, and it Is said that it
has been very popular. But it is believed that the
popularity has been largely due to the representa
tions which have accompanied it and to the fact
that delusive statements have been encouraged by
the efforts of the companies to extend business of
this class through the payment of larger commis
sions than were allowed for other forms of Insur
ance.
The disappointing returns upon these policies, as
■well as the diminution in annual dividends, has no
doubt been due to a considerable extent to the
reduction In the rate of return upon investments.
But It has been more largely due to the wakeful
methods of the companies, which have been made
possible by the vast accumulations permitted by
this form of insurance.
For the most part the companies have denied
any legal or equitable obligation with reference to
these accumulations prior to actual apportionment,
ar.d they have bean available to provide means
for lavish expense In obtaining new business and
for other outlays which would have been checked
by a suitable system of accounting. Thus the
huge surpluses of the companies have encouraged
extravagance and facilitated corruption-
It is the opinion of the Committee that divi
dends should be distributed annually, being ap
plied either in reduction of premiums op to the
purchase of additional insurance, or paid In cash,
at the option of the insured. No attempt should
be made to disturb rights under existing con
tracts, but the issue of so-called deferred divi
dend policies in the future should bo forbidden.
no^inlr 1 V? 6 iVtZu** •«?««■»•« by the Committee
™™J£3* .1 3 ♦sel5 el " v ? d - la more imperatively de-
J l^ than ,,£ v the companies should be com
pelled to exhibit the results of their management
by annual accounting. If details of management
«rM° b J?i leftt Hs they Bh o u !d be. to the discretion
of the directors, they should be compelled each
year to state the results of their administration
and to c ? me under definite liabilities to the policy?
enutled. amounts to which the latter are
The management should be subjected to the
test of Placing annually its accumulations at tha
disposal of ** (>( > polieyholders, leaving them to
are Mr? 1 " y^ hM bo wit "drawn. If they
are to be left with the company, ft should be at
eh« 0 « Pt T ,&* t . P?»eyholdor through th 0 pur
chase of additional insurance In this manner
a «uitablo freedom is givan to the policyholder,
and h e i,°bTl pany - " P a Ced undBr wholesome
and, it is behoved, necessary, restriction.
The Committee recommends that any life in-.. ■
net values of such policies. competed aC cord?nVt.!
the le.?al minimum standard, to wit- tt< " cortun fr t0
when such net values are less than Sioo ira ->t\ »>—
SSatSf Wf * " Xh ° BUm Ot ««^»mS S fha
Where net values are greater than JlOO.OOO
HOW EQUITABLE CASH DIVIDENDS HAVE SHBUNX.
.^se. forty— Amount. $1,000. ' ~"
i — ,_ ANNUAL. CASH DIVIDENDS.
20p. man:. 20. life. 20p. ment, Jft uf». 30p ment,JA
1III 1 1 1 ! 1 1 T 1 1
lilill 1 1 1 1 1 1
ft:::::r.,::r.-:^:::n:::: 1001 _ ~ 2£! 11* I _• | —
»g E - |« t.S j| - 5 3
WOULD FOKBID POLITICAL CON
TRIBUTIONS.
Contributions by insurance corporations for
political purposes should be strictly for*
bidden. Neither executive officer* nor direct
ors should be allowed to use the moneys paid
for purposes of Insurance in support of po
litical candidates or platforms. Th» devious
methods taken to conceal the payments of
this sort are confessions of their illicit char
acter. They Illustrate the manner in whioh
executive officers have treated the funds of
the company virtually as their own, abusing
their po/^er to disburse them without proper
accounting.
Whether made for the purpose of support-
Ing political view* or with the desire to ob
tain protection for the corporation, these con
tributions have been wholly unjustifiable. In
the one case executive officers have sought to
impose their political views upon a constitu
ency of divergent convictions, and in the
other they have been guilty of a serious of
fenca against public morals. The frank ad
mission that moneys have been obtained for
use in Btate campaigns upon the expectation
that candidates thus aided in their election
would support the interests of the companies
has exposed both those who solicited the con
tributions and those who made them to
severe and just condemnation.
The committee recommends the passage of
an unequivocal and drastio measure to rem
edy this evil. Not only should it be expressly
prohibited and treated as a waste of cor
porate moneys, but any officer, director or
agent making, authorizing or oonaenting to
any such contribution should be guilty of a
misdemeanor, and the prohibition should be
extended to all corporate contributions of this
character.
Vienna Correspondence of
"The Musical Courier"
VIENNA. January 25. 1906.
Rosen thai' s concert with orchestra
\ took place January 8 In tho Muslo
Hall, which was sold out «lx weeks
before the concert. Rosenthal Is th»
greatest dra-.ving card of any planlit
who plays here. He achieved the
greatest success pf any pianist sine*
Liszt and Rubinstein played within i
the wq.ll" ot this famous hall, where
rsarly all our Kr«ate3t musicians
have been heard.
The AEOLIAN COMPANY, Aeolian Hall, .-rwra'ESfc*.
AFTER THE INGTJTET.
John A. McOatl, ex- President Now. York
Life, dead, fortune gone.
John A, Nichols, who wret* "rantanlctrous
friand" letter, doad.
James W. Alexander, ex- president EquN
table, forced to retire; twioo under surgeon's
knife,
"Judge" Andrew Hamilton In voluntary
exile In Europe.
James Haien Hyde preparing to Hv»
abroad.
R. A. MoCurdy, Robert H. McCurdy and
Loula Thebaud sued by Mutual Life for
restitution of certain funds.
the percentage thereof, measuring the eontlnjenoy
reserve, ehall decrease one-half of 1 per rent for
ea-'h $100,000 of eald net values up to f1.000,000 one
hal? of 1 per cent for eaob additional $i.ooo.'»n up to
$10,000,000. one-half of 1 par cent for each additional
Sr.EOO.OOO up to J20,000,000, one-half of 1 ocx cent for
each additional 15.000.000 up to SOO.C on*-half ot
1 per cent for each additional *3>.0u0,000 up to
$100,000,000, one-half of 1 per cent for each additional
$50,000,000 up to $200,000,000. one-half of 1 per cent for
each additional $100,000,000 up to $500,000,000, and
thereafter the contingency reserve, shall not esoeed
2 per cent of eald net vaJue*.
J. D. OEDOIINS IS IN GOOD HEALTH.
Son Denies Rumor That Insurance Investi
gation Had Broken Him Itown.
That John D. Crimrains n« broken In health
a* a result of the "strain of the reo«nt Insur
ance Investigation" was denied by John D. Crira>
mini, jr.. yesterday.
"My father Is lr. his usual health." he said.
"A month ago he went to Palm Beach. Flau. to
tish— a trip ho takes every winter. He U now
at Charleston on his way home, and may stop
at Alken, 8. C, and Washington before h« get*
back."
The only connection Mr. Crlmmlns had with
the Insurance troubles was as the representa
tive of a policyholders' committee of the Equi
table Society, which was organized for the
avowed purpose of protecting the Interests of the
polieyholders. The committee was active only a
few weeks about nine months ago.
"Such a thing as that would not worry my
father anyway, 7 ' Bald young: Crtmmlna, "as he
enjoys hard work."
STOCKS EQUTTABIB SHOTTED BBW.
Shares
Bank of Montreal. Mon- CaPIUL » 'c*- 'SnnSS. Übw[*
Co^^Y^r-cV.; 114 ' 40 *' 000 ■»« » 401
F l fe Tork T^Vt--cv; s - 000 - co() "• »• imii
nrtr a AV-&t-cV.; f - 000 ' 009 T:a •• M 8»
FrinkHn NMlwal" '' 000 - 00 ° 894 " *430
sSH^'S- --- « it
In^rbaTronaT^Xnkm. I'oooooo1 ' 000 000 " 8 «• 1.600
IiSSV-iii-ii 2'wo-0002 ' wo - 000 »• • mm
Me Tc«nMl, N 'V;-Jt Ork Co- 4 - 000 - 000 BIT " mo«
Kitrß^ofcVmm^; '•° 00 - 000 80 » « UJtt
Un^r Nlt.oV.VßVnk' "■ OW 'W« >•• 8 •«.!»
Ba sX a - d •■?<? r** * «Ji •Va.t.d 1 " 3 ' 864 ' 0 "
' «d C clini d» !tUtIOIW *» •»• "^mtt'ttiKl '•" l '"
Miscellaneous .'.'.'.'. ♦•« «T.»|f.»so
Fyndlcat* •übaciiptlons *"****"***"' . J!2-! 11
**••*•• BtITfI.JIS
MUTUAL DIVIDENDS SLUMPED
Period.
Life T ** r Est!m«.t(xl. Actual
Twenty payment Itr;::: Jo l4»n^ I^' =»* s ?
Tnenty payment life. ...1 13 j^ 2?2?i " 7 67
Tw»n;y payment Uf...... j,> 'JSSi' • 2no °°
Twtnty-y«ar endowment. 10 m Oft l ]*£l 3 *» 23
Twenty-year •Mo» ro «nt. 13 ii; >S "^ 14> *»
■!!' T!g.: i? &|g» JJgIJ «gg
•About.
ESTIMATES OP" 188T
i uf« ..;.;;; A* 2«oo (kkwj mS
Twenty p.yment '.'.*. 10 iTiSi ,— --
. Twenty payment.. ........ 1? il" °*° •• $T
i Twenty payment ...."* £ 2?£J * 100 »2 1«
iSSsS: SSS [jsk "^
I Twintj^Mj eadowWul. 80 iJT» n
The Great
Rosenthal
ASSERTS THAT NOTHING HAS MORE CLOSELY
APPROACHED HAND-PLAYING THAN
The Pianola
M The Pianola is certainly a mofl ingenious invention,
and I feel quite sure that nothing has more closely ap
proached hand-paying.
"I was greatly delighted to hear it play the Chopin
Study at my own tempo. It seems to me greatest in bril
liant show-pieces. I want you to send one to my sifter,
who will be greatly surprised to hear my Chopin Study
when I am so many thousand miles away.
MORIZ ROSENTHAL
CONSIDERING the source from which the above
endorsement comes, this is one of the most sig
nificant of the many tributes that have been paid
the Pianola.
It is important to remember that the instrument en
dorsed by the great Rosenthal and other eminent • usi
cians is the Pianola, mads only by the Aeolian Company,
No other Piano-player is entitled to the name.
The g«nuio* Pianola and Pianola Piano ar«
on aale in Manhattan only at Aeolian HalL
«? 2 PACIFIC
DO (COAST
From Chicago, daily February 15th to April 7th.
Correspondingly loix> rales Jrum other points.
Tickets good on the famous electric-Lighted Los Angeles
Limited, less than three days to Southern California without
change ofcars.via the Chicago &: North-Western, Union Pacific
and Salt Lake Route, and on Tks China & Japan Fas: Mail
through to San Francisco and Portland dally via the Chicago,
Union Pacific & North-Western Line. Daily and
PERSONALLY CONDUCTED EXCURSIONS
in Pullman tourist sleeping cars in which a double berth,
(two people if desired) is only 57.00. Chicago to the Pacific
Coast. Choice of routes. No change of cars.
Round-trip tickets are also on sale at reduced rates
All agents sell tickets ria the
Chicago, Union Pacific
& North-Western Line
THE HOMES OF
' OLD VIRGINIA
Always suggested a certain chirm for r*£incd atsao»*
pL«re and open welcome.
Tk« Hail, wi-n its tall clock and dtfaified ki^kioy— •
tne Dining Room, -»v\tli its SW»toa furnitur* *xni
ol<l silver— the Bedroom, wnn tn« four-po«t«<l B«<Jj»
were all expressive of simple ideals and tom*ly com
fort. We nave reproduced a groat many of CM
fine old pieces, waera tka original mod*l* ka-r« tcea
ado«red to in absolute futkfula«M«-**all bmriag * oi**
tinctiva HJI Mark of tk«
Grand Rapids Furniture Company
(InoorpoxmtjJ)
34th Street, West. Nos. 155-157
ESTIMATES OF 1596.
Pen*!.
-„ Year. Estimated. Actual.
till ;::::::::-:::::::::;; it *$$ «™ •*£
££♦• • » imh 20 43600 — — I!ZI
Twenty wm«nt la 104 8« (lt)06) «» «o
Twenty payment 15 23° fl» _
Twenty payment 20 5*320 . ..,
Twenty-ye*jr endowment... 10 ill a* U9031 88 ft*
Twenty-ye*r endowment... 15 292 25 ——
Tw»atjvj«ar endowment... 20 (380 iH — —
ACS 4Q-iAMOU?rr U, OOO- ANNUAL PIVIDE>*I)B OF
IS«»— PLAN*.
Tt . 1n Uf av-paymant 1U». 80-.y ar endow.
jo 10 " 0 :. &•% ,^5 v h P l!^ 5? ?^ R
J» 8113 is 1l» ZH "—
18 8173 14 63 __ , . — -
IT 8180 IS 67 . ISI T» tiTiw
l| »II« « i a
13 8180 ji7i —_ m Si?? "•*
!?:::::: SS JJB gg 55 » U
1111 II ill! il
1 11 -lli II 1
II |§ is II lit I I
ANNTTAb TIVIDEND3 Oy UOJ-puN
|r.:=lg •fa l i;fi "sii «»a •;••»
:::::: SS Ip fig s » »n
Hi ss 1 p § , ; y
1? >»« llrt 8»OT 243 HI 1 , «$«
II Mfll S3 B*o7 2{5 128! «»a
§:::::: mm 8S saw S gg **?
8....^. 82 » KM aiso TM S^ B «
f 33» 870 *>Brt 673 m^ Btr
Always Remember the r^n N..M
If you want to know about
the resources, climate and
opportunities on the coast
We will gladly send you
booklets, maps and full par
ticulars on receipt of four
c=nt3 for postage.
D. \V. AJLDRIDGE, OnenU
Eastern Aitent. C. * N. W.-Ry.,
I*l broadwuy. New York. N. V.
Brooklyn Advertisements, - yjjV
I LOOSE TEETH.
Inflamed and Blaedln* Chuai> ~~~
DR. COL TON'S SPEcmO IUCCED*. ~"\
PREPARED BT
EDWARD G. CQLTON. M. D.. Spaotft
ta Extracting T*«t& with Mtroru OilU* <**
3ii ITITON ST.. BBOOKXYN. V. t.
l>ru««i»t« bar* it. 90 mat* • Mi*
Onnn*l IHi-u*ni» of iMO-^aa-amttawM
tore Fwm. Dt»7 "Pr«m. X>Vr.' ?s«a. B«J
:::::: SS JS £S , |
?:::::: SS 5S S£ i i «
ANNUAL Pr\XDKND9 OF i"-A-V.
J2 :::::: » IS s»?o til •':: S
|= is ow ss H moo ?
J* saw »n 89 h »co S3OO fg
*J «2»t> »53 »»M «01 MOO I*
I ...... 82 »> 4»T »§a :.; MOO 5
« «W *T3 S»V> 64* MOO Jg
» «3 3O 3W 39 SA 45^ WW fft
2 *3TO tat 4144 «:* 31M |2
5 tart ail 4U4 40* mm '9
* »3 W 813 4144 i-. M»f *5
J mm aw 41 *a S4» m» 12
s >3TO :n it ii 3;? cad* IS
* taw 364 4i4d * >.« M9t ••

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