New-York tribune., 1873-07-30
INSURANCE MANAGEMENT.
REPLY TO THE CARD OF SHEPPARD
HOMANS
THE FACTS AS TO THE AFFAIRS OF THE MUTUAL LIFE
INSURANCE. COMPANY.

| To ne Edftor Of The Trf6uRe.
SIR: Mr. Homans, in pursuance of his re-
peaed threats that restored to hs former
post ion he would his opposition TO this Com
pany and its management long as he hyedihas pub
lshed certain charges which have been 80 often exam
ined and found destitute OF truth TO make further
response useless except for tho information OF those to
whose notice they may for the first time IL is not
intended at this time answer these charges in detail.
Mr. Homans was removed from his position In this Com
pany sufficient by the action OF it's
Board OF Trustees The issue Is thus squarely presented
whether the policy holders and the public viii give
greater credit to the OF this discarded officer
or 10 the statements OF the forty weknOwn gentlemen
who carefully investigated his charges and re-
| ported as follows:
| "They have also read and considered the various
charges and accusations Of irregularities Of conduct on
the part OF the executive officers Of the Company in
ductng its business which have appeared In the public
| prints.
"The Committee find in these charges none Of recent
occurrence, none which nave not already been In
vesgaed and satisfactorily reported upon by authority
worthy Of confidence. They find evidence that the
Company has lost any portion OF its funds or that Its
property has been imperiled by the inhdehy or inca
pacty of its officers and they also find that Of the
most important testimony which these charges are
based is now oyerruled by the same witnesses, who
certify, after more familiar acquaintance with the
|
faithfully and judiciOusly conducted.
"The Committee therefore unite with the Trustees in
their unanimous vote of October 16. 1872, that the
present is fitting occasion to express their confidence
in the watchfuness, ability, and integrity with which
the business has been conducted by the executive Off
GERS and their appreciation of the faithful performance
OF their duties Dy those employed in other departments
Of the institution. Dated February 7, 1873.
ALEXANDER H. RICE, JAMES D. FISH,
Ion Wan A nTFTNT
John T.. DEyELIS, ii. II. BALTZER,
Of X. STARR, j. III. HERRIoK,
"Of the Board of Trustees. OF the POicy-holders.
The OF October 6 1872 above referred to- is re-
corded In the minutes of the Board and signed by every
member, and is appended hereto:
"At the usual quarterly meeting OF the Board OF Trus
tees held the l6h of October, 1872 motion It was
unanimously
"ResOlced That in accepting the statement Of tho
Actuary and Auditor at this meeting the Trustees deem
it their duty and the present fitting occasion, to ex-
press their continued confidence in the watchfulness
ability and integrity with which the business has been
conducted by the executive officers, and their apprecia-
on of the faithful performance of their duties by those
employed IN the other departments Of the institution
Signed by every member Of the Board Of Trustees.
And former committee of policy holders resident In
Boston, reported in these words
beside the executive and administrative officers,
there is for each department Committee OF Trustees
whose duties not merely formal, to give sanction
without knowledge but each member OF the several
Committees is required to know and pass upon the
merits of each separate transaction in his department
For instance no money is loaned until the value and
other particulars OF the estate offered security under
mortgage beon ascerained by their own inspector
Of real until the title thereto has been exam
ined by expert conyeyancers and by the learned and
faithful counsel OF the Company, and reported clear
nor until these have been passed by the Committee
Of Trustees and the written signature or each member
present given In approval OF the oan-these papers,
each bearing plan and description Of the estate In
question: all being recorded and preserved In the Office
The and value Of these precautions are shown In
the results that will be mentioned IN another place.
''The Trustees. men OF high personal character aud
eminent their several professions not only give thus
constant attention. in sufficient number to the ceaseess
transactions but further security OF the vast inter-
ests In their charge, they appoint from time to time
their own committees of investigation and review call
ing to their aid the services Of mathematical and other
experts in determining laws and principles Of finance
and insurance by which they shall be governed
''Our conclusion from the inquiry which we were
commissioned to make, fully suStains the language OF
the Superintendent OF Insurance. that the Company
has been managed with peculiar ability and integrity
and that It's condition is emnently sound The excel
ence Of that in the past and the character
of the men administering the trust give good assurance
of what it will be henceforward
respectfully,
Gigned "B. F. NoURsE,
"WILLAM HILTON,