New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-05
INSURANCE INVESTIGATION.

THE MANHATTAN LIFE, HENRY J. FURBER OF
TIE UNIVERSAL LIFE, AND STEPHEN ENGLISH,
EDITOR OF THE INSURANCE TINES.
ALBANY. NJ Y, April 4.-The Insurance Com
m,ttee resumed its investigation this morning At the
opening, Mr. Moak, counsel for the committee askeu
permission make statement to the committee IN rei
erence TO the condition Of the Equitable, as SHOWN ny
the testimony of Mr. HYDE upon which he desired 10
maks suggestion TO the committee. 1t appearing that
the statement should be made solely in executive ses
SION IL was ruled out and will be made this afternoon
THE MANHATTAN LIFE.
Mr. Henry Stokes, President OF the Manhattan Le' tes
fed that he had held that Office since 1860 His company
had presented the Legislature statement OF the sal
aries called for by original resolution and was not
one of the five companies in default the average load
ING of policies in bis company he guessed was about ~
per cent of the gross premium the amount SET ASIDE as
a reserve would depend upon the age, but 1t was so
purely an actuary's duty that he could not venture 10
state il: the character OF their investments Ill
stocks had not changed in 1876 from what II was IN
1875 they usually held to an investment once maze le
company had bond and mortgage in December, 1870
about So 100000 The property was situated In various
localities but principally in NewYork City. 1t has no
home office; pays about $4,000 rent; hires no oces
elsewhere except in allowances TO agents-say ABOUT
$1,000 year. The usual percentage 10 agents Is %
Der cent on the first premium and about 10 per cent LOT
renewals "Loadng" is actuary's word, and is hrs
balance is an excess applicable for dividends and contin
gences company the reserve is everything aer
the loading Everything except the loading invested
except that used for the expenses of the business Inc
reserve loaned per cent is expected to equal the to
pocy at the time when it becomes DUE according to the
American mortality tables The company charges an
excess the legal reserve and the load
ing We return to policy from - to 60 per
cent upon their premiums III the way OF divldehds ii
we charge moro for insurance than 1t IS worth
IL is because we propose 10 Keep inc company
strong and be prepared for any contingencies
The surplus of 81 0722s2 Ill our last report was IN add
ton TO the dividends paid to stockholders which was
about sos 600 in ALL These two items do not represent
surplus they not connected at ALL The
entire amount OF funds which the company had on TIE
3lst of December was $0o77,413 II, The company is
mixed mutual and stock company. Each polcyDOlder
casts The capital ST ck 100000 we nave
divided about 50 per cent on our CAPITAL sock a9 te
seven per cent aud one lghth OF te plohs !, %ai Or
gained IN 1850 and paid our first dividend ABOUT
three years aftcrwardabout eight per cent for the three
years The next declared three years later ana was
Year. Since then to the time when we paid 50 per
it Kept at eight per with interest," but jumped up to
Mr. Kerr was tile largest stakeholder; he held $4,000
or $4,000 hold $1,000; my brother holds Sl,Ooo
son OF mine is assistant cashier $1,000 salary. the
board usually make New Years preseiit o anOT'
$1,000 No other member OF my family receives salary
The present is made OF the same iund CUT Oh when we
pay Tor advertising cannot say thai II comes iron
loading that acuarys term 10 cover the expenses
OF the business 1t must come out OF the dividends To
the stGfRno,deFs o. eO oueer Of the
profit is set aside for the purlose; II s rue oi ddc
the profits surplus beyond the necessary revenue;
the present is percentage on the officers salary; II Is
in the oide; the salary to The assistant secretary mas
been S. 900 for year, the $500 has Deen given MN De
cause ihe expenses of living are high, and we can IN
crease lis pay in this way without compelling ourselves
npo we Setf he TH n ha OF the
salary TO the President was 10000 ana oer bonuses
amounting SlJ,SS7 the excess was per crntun
OF the profits; twoand-ahali per centum was al
lowed to De distributed among certain officers III proper
in addition Ills salary of $1,000; nothing additional 10
this allowed to any the salary OF tue
bonus has seldom exceeded the amount PAID last
year. the total additional compensation pad to officers
was $500 The medical examiner has not been
paid any additional compensation; hold no proxies
IRON policy holder no one CONNECTED WIN thG com.
the bonuses paid to the officers were pald out OF the gen
era fund. -, a..
the dividend to the policy olders to that extent! A.
interest III the profits The pios Viii show that with
the reduction at the end OF the year II would pe ia ,nt
surplus 1t Lot paid out but We consider IL part
OF the expenses OF the COMPANY. ~,
MI Graham-What was the amount OF cases M
gated during past three years by your company A.
In all about ten suits running from 81 600 to ZOO
risks each The aInOInt OF foreclosures was Two nun
dred and odd Thousand dollars; the value OF INC prop
erty at cost some $4,000; The Price pad Tor the
property. with interest aud costs added was III some
more tnan tue amount OF The appraised NaiUe'
TESTIMONY OF STEPHEN ENGLISH.
Stephen English testified that he had never had any
litigation with the Mutual Insurance Company IL was
with Mr. Winston, the President am editor and pro
pretor Of The Insurance Times The litigation grew out
of statement made that paper There were so many
actions against me do remember the number. There
were TWO against by Mr.. Winston; they grew only
partially out OF matters connected with the Mutual Llir
They settled, but there was no tat le
notifications relative to MI Winston lould cease lhey
did cease time prior to the settlement hut NOT
while Jail. The bail required OF me was $4,000
| A
MI Winston The aggregate OF bail for eleven actions
and five indictments against me was over S4loooo Inc
Whole Thing grew out of my having MI Miller turned
The companies were favorable TO Mer, ana nid
Winston tired 20 have them take away my patronage
! Then turned against Mr.. WINSTON. 80
meut OF these troubles { A. Yes.
Counsel for Mr. English objected, and said that
| private matter. , ..-
Mr Hustled said acting chairman, that the question
O. What Irregularities did you charge against Mr. win
ston A. He had proxies upon which he voted, ana he
paid something State officers for some purpose CON
Mr. Hustcd-It was a loan TO the Controller, was it
A. Yes SIR TO the present Goyelmor GhG h n Mns
cipa; objected also TO the giving OF bonuses which
was DONE and the given were charged as dN
Then allowed his sons policy to lapse and had IL re-
vived after his death. ,
sniti A. No, Sir; he brought suit upon other matters
They were embodied III the suits against me These
charges provoked the suit, probably 40 not remember
what the real charge against me. , ,
O. Did you the publications. after the settlement
n. ceased tDtul ttNtId p'io'o
The settlement did not include them. and have never
retracted them. NY business was injured; my health
was ruined, and came out OF jail wrecked Iba was
| ALL Mr. Winston became ashamed OF himself ana GA
! what he could TO retrieve the wrong lac did me. Chc
witness here affected that his emotion over
came him. was robbed by tine sherifs officers; they
charged me $3.50 night trying 10 gel bail; Judson Jar
Wis Clerk OF Arrests extracted 600 from Inc oi one
! niaht going around with me trying TO get ban. .
The here declared that the whole testimony
was ont OF order. -,
! Mr. M0ak then urged his original question as 10 how
much money witness received In settlement, and
! general discussion ensUed