New-York tribune., 1906-06-03


These are only the accounts above $500 with
firms from whom the company is charged on the
books with receiving stationery. printing and
advertising novelties. The totals are 1851 $40 for
1904 and $465,002 for 1905. On the stand at the
Armstrong inquiry it was said that the station
cry and printing account for 1904 was about
S6Ol,OOO It would seem. therefore. that a part Of
the money that went to some of these firms was
credited to other than the stationery and print
ing account.
Lawrence & Co. is, Of course, Lysander w
Lawrence & Co, through whom Andrew C.
Fields got most Of his money. The Globe Print
ing Company was subsidiary corporation of
the Lawrence firm. The relation of George Nc
Kibbn & Son to the Lawrence company was
brought out by District Attorney Jerome before
the insurance grand jury several days ago. The
former used to sublet some of the binding to the
McKibbin people. and put in the bills direct
They kept the bills Of the binding firm on hand
for that purpose. c. E. Parsons was clerk in
the employ OF Lawrence & Co. 1t will be noticed
that no bills were put in in the name OF this
fake" company in 1906 when the insurance
revelations began to come out
Holden & Motley is stationery firm, the SEN
for member of which was Horace Holden a son
of James c. Holden, a trustee of the Mutual He
is dead and the interest in the firm is held by his
widow. L. w. Ahrens has since gone out of
business.
SAVING IN RESTAURANT SERVICE
There are some meat bills from butcher
named McDermott showing that $4,000 was
paid to him for meat supposed to have been
used in the N1utuars restaurant in 1905 The
entire cost of the restaurant in 1904 was S72-
OOO when some 315 officers and employees of
the company received their Iuncheons there
Nearly four hundred persons are now being fed
at each business day at a yearly expense
Of less than $4,000. In the old days It is said
wine served to the officers at the expense of
the company on certain occasions. The caterer
IS now man named D. Costa, who head
l waiter in the old restaurant.
Further evidence of the change in the way
the Mutual IS doing business is to be found in
figures obtained yesterday. According to the
Armstrong law. after January the total ex-
penses of a life insurance company must not
exceed the gross amount of loading. This ex-
cess of expense was a common occurrence in
the old days but the Mutual has already ccme
around to the standard of the Armstrong law
and gone beyond it. For the first four months
of 1905 the expenses exceeded the gross amount
Of loading premiums paid by SS45,O00. For
the same period this year the expenses were
$500 O0O less than the loading premiums paid,
making a net gain for four months Of 81, ,665, 900.
decrease in expenses.
A large amount of. money formerly held in
banks and trust companies at a low rate of in
terest has been invested that in the first four
months this year the net returns from invest
ments increased by over $500,OOO.
1t was also learned yesterday that the in
crease in the amount Of insurance allowed TO
lapse by policyholders of the Mutual in the first
quarter of 1906 over the period a year
! ago was q little less than quarter OF / per
cent. On a total of 81 5OOOO0O 900 of insurance
| IN force this would be an increase in lapsing
of something more than $35O0O0o The total
| lapses last year are said 10 have amounted TO
some $SO0G000O.
| In response to the statement made by Samuel
| Cntermyer yesterday that the Mutual and the
names to have the lists OF their polcyholders
made on the understanding that the companies
doing them should not furnish any of the lists
to other persons. whereas another company
! stood ready to do them for SO thousand a
! statement was made by the official IN charge of
! these lists for the Mutual yesterday. He said
| that he received all the bids he could get. and
the lowest was that of the Trow Directory
Company which offered to write six lists in du-
| plicate for 81 30 thousand names. The next
bid So. The first was taken He said
| he would have been delighted TO get some
body to do the work for SIS a thousand and
! that he had been told that the materials could
| not be got for that amount He denied that
| there was anything in the contract preventing
| the company from preparing lists for outside
II is said that the New York Life is paying
| icyholders' names. After the stencils are made
the lists can be made for % cents a thousand
names
MR.. CLARKE TO VISIT EUROPE