The New York herald., 1870-02-08
THE FIGHTING COMNlITTEE.
A Squad Of Albany Legislators Tickling tho In
surance and Trust Companies Report
ers Got "Fits'' and the Committee
Get Frightened-Th Pack Up
for Albany and Go.

The legislative committee appointed TO invest-
gate the condition OF life insurance and trust COM
panies organized yesterday morning at the once OF
Thomas q. Fields, member OF the Legislature and
Attorney to the Corporation, No. 115 Nassau street.
Shortly after they had assembled large delegation
OF reporters representing the various newspapers
appeared and requested permission to attend the
session and report the proceedings but were
Informed that the proceedings were ''secrst'
or private" as placard on the door announced.
Mr.. Thomas G. Fields is chairman OF the commit
teo above named and acted as spokesman and at
scrlDes but he Immediately talked music, to tnem
and intlnated that some Of them would get s.hsted'
II they made much trouble ExpostulatiOn was use
less and the reporters were excluded.
subsequently Mr.. Richard A. McCurdy vice pres-
dent Of the Mutual Life Insurance Company, of New
York, presented petition TO the committee
signed by the officers Of thrty-four life insurance
and trust companies. asking that the proceed
ngs might be held IN open session. but the petition
refused. This created great Indignation on the
part OF the companies and the press representatives,
but the & commlttee a gave them 70 understand that
they said; and 80 the session was secret.
The committee subsequently announced that the
official stenOgrapher would furnish the press sueh
testimony as might be published, which was as fol-
lows
Mutual Ilfe Insurance Company, Mr.. Sheppard Ho-
mans. He testified that he resided at No. Wash.
ington place; bis duties are defined by law not by
the company; he audits the quarterly ana annual
statemen.s there IS an annual statement published;
II contains record OF everything up to the day
upon which Il is published; the land ana mortgage
departm s not under his supervision; il is unuer
the supervision OF the president; the counsel en-
ployed BY the company are William Belts, Lucus
mont counsel; they do not receive annual
service upoa TTaph they are employed; ;'S6.ai had
no control over the proxies; the presdehE ana
vice president had the number Of policy holders on
the lst OF January was 7S000 In round numbers; he
sookssspsss saa kasans o 20 Win ~
s.9a o" .ae business they influenced; the uniform
commission OF all agents was ten per cent ON the
FIRST years premium and fve per cent on renew,
also; the company's expenses tncreasedSdurlng the
first few years. the last four. or five years IL lS
been diminishing; the general agent Tor TINS cy Is
A. be tSs cs as M vice
formerly president Of tue company, haS. a policy on
his life, which the company purcp,ased; after his
benefit Of the children; that :; as not single in
stance tn which the same thing had occurred he Is
Of opinion tnat IT should OILY be done in exceptional
company sometimes HAS on hand large amounts Of
cash outside Of the Investments which deposited
In banks and interest allowed upon them; they are
under the direction Of the president; the several
necessary guards are thrown around the business
now, and additional legislation may result In
trammelng the business he Is OF opinion that com.
petition will regulate the interest OF policy holders
The witness was then requested to furnish tho
committee with report of the amount Of money
paid to president, vice president and secretary
during the last ten years, and whether by salary.
promises or dividends; also the amount paid tn
counsel fees during the past ten years.
Mr.. Isaac l.. Lloyd testified that he resides al
120 East Nineteenth street, and is employed Of
bookkeeper Of the Mutual Insurance Company
the company do not make any loans, ex
cep< upon bond and mortgage. Mr.. Lloyd was
directed to furnish q report OF the amount o
deposits made during the past two OF three
years, III what banks and trust companies the same
nave been made, and the amount OF interest re.
ceived thereon. Mr. Lloyd stated In testimony that
the finance committee OF the company usually
directed In what banks and trust companies the
deposits snoud be made.
At this juncture Of the proceedings the committee
adjourned sine die, and the members, in company
with the sergeant at arms started for Albany.