New-York daily tribune., 1856-08-15
lhts.ro orsr-srti
TTlE MUTUAL IFFE ThSUP4NCC COH
PdNY

rb,cb j, dcvoicd 10 mst,Hts tbcut whc1 no contro-
ye,sy occurred that 10 a-sec Of the eyiieac-
the roblicstion OF which Sa- dccln'd by the Bard.
some exp anaion is required to place before you the
evoc. M, sions in controversy in this Instt Gton
No question has been a ade ~ to the pn0cpes gov.
e,n;, he iusur.n Of lves awarding di Sideuts no
sat s,on a. b, made ~ TO the vsae vtli ty Of
b s.cu .s or the ability of he Comp coy To all
s,noak rDents. Those puncples were laid do ~n aud
carried int. practice DUNG the resp cye afnGI-tr4
ton, Of the ir-t and ono Presid.nts Ot the ,m
tarv and no div deud has taken place snletn ac-
ce o. the pres, nj Incumbent. Iae role pres bed
IN n. charter Of c.Iniog al ltw- 10 mortgage of
Gun b.r.o real estate Of tw ce the valde of toe FL
o,, ed and the cha of 'he s'orks to ~bich the
Comnary vas cot fined was wei oacu aot TO prevent
al ,s. from inv, stmen's, nndtbt b. Laws tal shed
a, il, formaiipn taking away th- c)nirOl Over the
c. mpsny stock. from "s ouieef' ana reg nrng tle
oipt .ignstur Of the Presi eu' and >ecretry to al
uayI,its AMI receipts OF m)ueys WAS intended TO
:, cnre f.itLfll .trativn OF its pe,uniry d.
fairs.
The large amount Of accumulated premiums. viz >,
- 600 OO0 curely invested st the reti,e Of Mr
Cullr bore tcstlmoLy 10 the wise sni tcJn0 nlc
admin .t alton Of il affairs odrtg th- frs, zen yeas
Of il. existence, aud estab l.ned tounoal lou he
futue pro~rerty of the COMPANY AMI the fNhful per-
fo mai re OF is wiGely eIend-d en, tg nen.. NOtl.
ing was required but to- preserve tie ln'tGtOu { ON
tie gra-p vi otsgitg met, auf that ~ officers should
adm ritter il. affairs III stcl obedence with Il,
ter ard by laws. aud Ia coIor nIt' win re so"'mv
of the rnrt to pac il at the head Of Amets in-ritI-
tons, AID TO rcdIiLe au W" ca 'r'ld,.ohs oI lts
founders.
Tb,sa are fho only pOiut, on whi,h any questions
have aris, D. and to which there was apy occasion to
solicit your attention.
H. November last il fir, came &c my k1oHledIc asa
trustee oftta COMPANY that p4sm nis hi6 oten made
bv th. Pre- sden Cf th COmpauyto MS pesont frI nds
pnlpuring to be On bonds aud III rteages, before the
cx.cutiUb Of those Instruments. kupwIs that sucl
paym,nts were made 10 vi snon o. thr ch4rer, -fter
CONSULTATION " h vo OF the trustees aske1 An expa.
nation of the President aud met win T. nial tnst
anv such pay meLts ID ever been tpaie The fact of
tl,e payneLts LayiLg been so made W - maze known
10 me trustees at tie November mer'I"g dni st the
Febru " meeting q resolution was propO CO ~ NY
If o,c, auch payments to be- irranted by 'he
chatter AL action upon this r. SOLUTION was prevented
bv referring to the Committee on Accounts. Fl dins
tie Baro posed to take the Pt'per noloe Ut thls
N. culity at tie eud tf three mOEh- du''ng whlc
time no pf,,ms or was laid b. fo the 'lc, the sub
iect was placed IL the hand, Of the policy holder, aad
n memorial ,ignel by q te~ well k1o"n persons was
presented to the Senate aekng an nvestgttpG 6y
Legislative Committee into the ahageAent an affairs
Of The Company.
The appibtment of this commit -c was prevent d
by lobby Influence, aud e Stna'or CONNECTED 10y mar
rage wi one Of the Tu.'ees ho was c0Ispcu 'u' oa
the hooi IN cpporibg an lnveshga on oS c'nuht.-e'
IrOp,s scd the appointment OF referee ny the Supreme
Count t. nuke the nye-'lgaiion TdiH "ds nor cp-
rosed by tie ptfontrs buG II failed, a. might have
been expected fIcm to. pressure VI other bI'in@ss
The Trur'te- cJn-ciou. that charges of the chri>-
ter confirmed the pe itioo nu-t be Investigated, Sc
!, cteo M.ssrs. Luther Bradlrh, Wm Ken Qno 1en'y
j. Anderson for that pupose and their report is now
IN lOLr LabGs.
The charges were
Ijysf. That the Board of Trustees was changed by
mt ans of proxies oblai .d hy an agent of the com
pal y to rhom n largc rum Of mOity was pal1 swce
ibe ace, ,siOb OF MI. Wmstn AuusVn was dlso made
TO tie selection O. the new Irn-tees tom persons en-
Z -, 81, lry
Stcsad: TIE recoLd charge was, that loius were
made on personal secu,ity, ALlch wd' no warranted
by the charter.
l. Iron the frst point the Examiners have
reported the following facts: Ihst John L john
stun was appointed an agent IN 1876 to procife
policies, apd that be- was to be alo we'd c)mnishsn
per cent on the premiums of I'll n Po ices' ana
hai the lie allowed TO take hl, Ins mo
partnership with him, aud To continue the business as
u finn. tfsge - of Report la lsiS NJ. J,nnston
Or serted can I" tn bonr 'of vese iIt RS IN
The csnn, SOL ia himse for lie aud in the sur .iv"r
OF the finn after hi d,atb. a. tn, " ,dla give hm
+ eLt to comprnss,ion for an aotuity for tSo or rc
lIyts it "a objected to by re IuteeJ AID rep)ft
Of committee Recommending oDly partial CO np'l-
ancc with h- claim, ~. rejected oy the B'ar' Nay
. 1sl- PAGE 30 TIE claim w4s aya Il brJug 1t
forward ard r'ened to the l,sursnc CDmmln e, Of
when | va. Chairman, AID rho { A!D Of tue hrm As
ednt % OF all p.cus obt 4,ncd sine tic preceding
January the TIM when the claim - pr-'erretD
hrt "a be- I.yok bic 10y yo. of IT," IL a'd ard the
rpL, to tho commission thee to cease. Tuis report
" as adopted b, the rard November, lsi' (Page 81
Nj H. hnsou then Pr,st' n; ana n.i'h-r to the
{ crnIufirr of Which | Chairman, for '" the
BsnH, wh,re h's opmiNs had great weight, aud by
which hi, ccnirdcts @old certainly have been ca red
on, dc be make any state ncnt nor express ady \" n
10 give 10 tie firm the yosttd Interest claimed by Mr.
Johnston.
Mr. inston then took up the subj ct, aud in Feb
rusry, = 80, he reported 10 Chnruau of Ccmmlttee
t. whom the suytct was a. ain r"te rod n favor Oi
allowing Mr.. .Johrst ne claim Page 80 Daring
NJ Pm E a.. fe a. ltffn
the let o. Jute, lsi9, rbOr att hl- dca h. the claim
was Showed by the BOsrd. Page 81 Ffom the be-
ginning to the OF tnis controversy was opposedto
tlis avn as unjust, uncaled fW BY any agreement,
ana a. likely subject the comptty 10 oneOu5 ana i-
IropeI c!aiu- III the ia 'urc PHgt j.
V hat were the motives Of Mr. Winston and his
freId- in advocating this cam aud idstrbng It upon
the CON pany arc lcll to ufcf from the facts prOvd
before ii Examiner. end set fort1 taeir report to
the p0hc, b,ccrs. l. is there stated that Mr Johu-
son became the hold'r VI are- nu tber OF proxies
~ nttficrec improperly ia tie eeclon OF lfustets'
Pages 81 ard VI BY hi- agency changes were made
no state the hauc. III ctlCg from the Board III.
Bainw'l, Rufus l.. Lord, Zcnedrr Cook, "a nes ).
i'd worth. The o1ore Sedg @lck. Allied Pel, CuaIeS
Eh IIury Well, John Crug-r Stacy Co!n's,
tra.cls ). La;hrop, Joseph Tuck rman, Jao. Guam
ber~, 20 make lO0m for ueu who have generally PioVeu
to be henos of Mr.. Winton 10 the Board
Tic Report does, however, stare that NJ Niu'ton
ard 40 other Trustees sent NJ ,bn 10 Albany as
lobby ageLt durlus the ,CssOn vi l-jl, anu prOh-
sed to pay his expenses ttruls,lees II tue Company
wCuc not, and that durrg that ssson he procured
the pa.t0ge OF law conf rriDg he right to vote Dy
proxy upon married wOm' Ii, and the exenp Ion thE
COnpaly r,m the operation If a law prJhl'tlug tue
ure of pr Xle- in Mutu4 Fire Insurance L mptuics
psl,s 30 ALI ~ aldw that was tuen paced t. pre-
vel -uch Companies from UeIbg controlled by teS
oesgbins Ilen through plcxles procured from poHcy
tolGcI-.
The Report alo states that, IT, tn elections -uo'e'
quelt 10 l-lO, in that of l-53, th' M
IL &c have nO II s,pn TO doubt that thee wds co II.
binec a. ioa OF tie pnlt Of tue pUcy h)der', and
Il at tie chau -e Of otcIs of The Company, "hIcn
.O. VT IT, .lrciiuG hnns, ldImedIatey, va, toe