The Montgomery advertiser., 1909-01-17

years, paying for the two past, and receiving a rebate for one year. This we did, and contracted for policies of. S200so00 (twoi hundred thousand dol lars), which is the proper amount of insurance to- put upon the property. By a very fortunate circumstance for us. fhere was some disruption between the representatives of the insurance companies in Washington and New York. They had, by this disruption. reduced their premiums one-half. (we had been paying seventy five per hun dred; now we pay but thirty-fve. ) We immediately took advantage of this situation which enables us to carry our insurance of s20o.e00 (two hundred thousand dollars) in the biggest com panies In London and this country for the sum we had been paying on the $70,0 900 (seventy thousand doliars.) The result was that, instead of paying out s1.400 (fourteen hundred doilars) on policies. we pay but $500 (six hundred dollars,) and that we further reduce by the rebate Of the. years premium on our first policies. This very ad- vantageous arrangement was. put through in New York City, placed in New York City by my personal rep. resentative," (rny husband) without any charge whatever to our society.
 hc AEubt SOiifpdny 'HAS Decn NlOst generous. IL t{has allowed us to take out our insurance without paying any commission to the trust company. So we have our e200,0o0 (two hundred thousand dollars) for less than $500 (six bdndred doliars), and feel that this is valuable step forward. f
 The propertys'is we'll protected and at the smallest premium at which so large an insurance could possibly be carried. This was due to the legal ad- vice of my husband. and also to the trust company. which permitted us to make this arrangement. without. de-. handing its pound of fiesh," as 1t might have done. .g
 Until today had not been able to report the general and specific terms of the insurance. Of course these in- surance4 policies are filed in the bank. but we. hold here all papers relating thereto--the correspondence with the bank, the certificate of insurance, etc. 7
 Eentrnets.
 Six leading hEfNg--five in this coun- try and one intSshational firm of Lon don and Canada and New York--com- peted, or communicated on the subject. Norcross Company presented the low est and best terms. Our architect. Mfr. E. P. Casey was. of course. consult ed and is c primary factor in the whole work. Norcross cut down his original bid S15.Oo0 or S20,oOO and underbid all other competitors. His terms are $2s5.000 (two hundred and eighty-hYe thousand dollars. i've have invested in bank over &90.000 (ninety thousand dollars, for fund) and this embraces ev- erything connected with the comple- tion of the Hall,- except the elevators; it also embraces the monoliths for the Memorial 'Portico., (You will remem- Der that these monoliths have been under discussion for years and years. Very few building firms would consider them without an enormous additional charge, but their erection Is contract ed flor by Norcross. The firm contracts to deliver the Hall to us. in a prac- tically complete state, on the 10th day of April 1909. Time is the essence of the contract; that Is to say, heavy time penalty may be exacted for ev- cry day over the time called for by the contract. Norcross does not ex- pect to be able to place every monolith before Apri. as about two months Is required to quarry and polish single monolith; but those necessary to sup port the roof will be complete; and the Hall will be ready for the Eighteenth Continental Congress under the terms of the contract. Then we have only the debt to look after, which ought to be but a feather weight for such an organization as ours!
 The trust company has dealt very generously with our organization in many ways, and has declined certain commissions usually charged to the party negotiating 2 loan.
 Ali legal advice shas been given for Hove and affection" to the Society and its President General.--and the assist. ance of the attorney (Mr. McLeanl precluded, too. the necessity of a brokers commission.
 Your chairman found the advice of the Vice-Prssident General from the District of Columbia. Mrs. Ellen Spen- cer Mussey. most helpful.
 A careful computation brings us to the conclusion that from $S,000 to &1O,- 900 has been saved the society through the action of the aforesaid parties the trust company and the attorney.
 Elizabeth F. Pierce,
 Recording Secretary General.
 902 F. Street, Washington, D. c.