Morris tribune., 1906-01-13

Mccall as president. His salary Is to
be $4,000 Il year, just half the amount
paid to Mccall The latter in his resig-
nation admits to having made serious
mistakes, but finds consolation in the
progress of the company during his ad-
ministration and in the fact that mo
officer or trustee has profted improper
" to the extent Of a dollar at the ex-
pense Of the policy holders" Orr has
been prominently before the public as
president of the rapid transit commits
sion.
The McCurdys, father and son, have
resigned as trustees Of the Mutuai
Life and are no longer connected I'D
any way with that company.
The Failures of 1905. &
The commercial failures in this couri-
try during 1905, according to Dun>s re-
port, were 1880, with assets of $751;
$4,000 and liabilities Of $1O2, JIG, 172,
as compared with 1880 failures In
1904. In addition to these there We're
IS suspensions of banks, with $2OS1o,-
600 indebtedness, as against 90 I'm the
previous year, with $28,OO0,00 indebts
edness.
Cleveland as Insurance judge J
Ex-President Grover Cleveland has
been chosen as rebate referee for the
three principal insurance companies
namely. the Equitable, Mutual and the
New York Life. In this capacity kss
will be the court of last resort in the
settlement of disputes between the
companies and their agents OR between
the companies and policy holders Hor.
this service Mr.. Cleveland will receive
$4,000 year. to be paid Jointly by the
three companies The late Thomas b.
Reed served In a similar capacity. The
three companies have entered into an
agreement with each other to put "a
stop to rebating, agreeing to dismiss
any agent found guilty of it. 1t is the
Intention to get all life insurance COM
panies into the agreement.
Toledo Terminal Defaults.
The January interest on the $500
'DOO Toledo Railway Terminal company
~ per cent bonds was not paid when
due, and the complications of the com
pany's affairs prevented any satisfac
tory explanation. The Terminal was
controlled by the Pere Marquette. and
the principal and interest on the bonds
are Jointly guaranteed by the Pere
Marquette and the Cincinnati, Hamil
ton and Dayton, both of which conDa
MES went into receivers hands re-
gently Tho rFnrroYla1
sists Of a belt line about thirty miles
long in Toledo, connecting the Pere
Marquette and the Cincinnati. HanfE
ton and Dayton. Only last week j. p
Morgan & Go. were put in control OF
the Terminal property.
Lawson Still Predicting.
In two column advertisement
Thomas w. Lawson took the public in
to his confidence In order to say that if
people invested in the SYSTEMS stocks
at present inflated prices they would
lose and that If they did not invest the
system" would be crushed. He adj
mitted that his pool was quite an
amount poorer than at last account
ing" but hoped to recoup when the
crash should come, which, he said,
would happen In a few days.
Financier Schiff Pessimistic.
Wall street was startled by the pes
simistic utterances of Jacob H. Schiff
in the New York chamber of commerce
in relation to Secretary Shaw's rec
ommendation for additional bank cir
culation. Referring to the recent era
of tight money, he said that If it was
not changed soon there. would be
Continued on page eight.