The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-28

was a triumph Tor Fish, who SAID he would at the
Fire and Police departments aud school teachers OF
New York IRON the provisions Of the bill
Mr. POSTS bill Tor the efficient and economical
management OF The State prisons also considered
Ia committee OF the whole. II chiefly provided that
the superintendent shall appoint and tx the compen-
all ms subordinate officers, and that the sys-
labor in the State stall be by contract or
No anne ndments were made, and the committee was
Instructed to recommend It's passage.
THE DEPARTMENT OF DOCKS.
tho Senate Morrissey's bill providing for the con-
siructon, repair and Improvement OF docks, wharves,
the management OF the same. was made special or.
der for morrow IL Is the same as that introduced
some tune ago by Mr. cowdn and Is intended 20 &C.
and responsibilities Of The projected new management
OF the docks
Another bill destined follow the Omnibus bill as
tender, was the introduced this morning by MI.
Morrisscy and reported this evening wthout nmenu-
ment providing Tor spring election, &c
SINKING FUND -
The third bill from the same hands and with IKE
purpose the empowering the Recorder 10 appoint
three new Com missioners Of the Sinking Fund
SUPERINTENDENT OF rUBLIc WORKS.
Senator Coles bill, introduced this morning. the
that vetoed by the Governor. out containing
only two sections was ordered to third reading ana
II clear republicans determined to leave the
Governor excuse for not sending in nomination
for Superintendent OF Pubic Works
LIFE INSURANCE INVESTIGATION.
TESTIMONY or MIR. BEERS, VICE PRESIDENT AND
AcruAEY OF THE NEW YORK LIFE INSURANCE
COMMANDMENTS OF AN EXTENSIVE BUsI-
NESS, AND LIST OF LARGE SALARIES
ALBANY March q. 1871
Tho Insurance Committee held session, this morn
ing, and heard the testimony OF William H. Beers
Vice President and Actuary OF the New York Life In
surancc Company; ". c. MoaK appearing as counso'
for the committee.
Mr. Moak made q statement that last week James
H. Freeman was sworn officer OF the Globe Nu-
tua and he then swore he was not an officer OF any
other corporation, and that his father, Plny Freeman
who is OF the company, also unconncctcd
with any other rporai the Globe Mutual Mr.
Moak now desired to show from the Railroad Report Of
1875 that Pny Freeman was President and james =.
Freeman Vice President OF the Long Island CITY snore
Railroad which had income OF only ~, 19G 80, and
that IT was shown by the Insurance Report that loan
had been made to this railroad from the assets OF The
Globe Mutual TO tho amount OF $73, l23 TO- He be-
lieved such u IN sstatcmcnt demanded explanation
Mr. Beers upon being sworn, said that be is Vice
President and Actuary of the New York Lille Insurance
Company and had been for seven years.
Mr. Moak-The Insurance Department have returned
your report for correction
Mr.. Beers--No, sir, not for correction but for the
addition In blanks provided therefor, OF the present
value OF the polices the report was sent 10 the de-
partment before March and returned to us sew.
days ago. before Mr.. Franklin the President Was
sworn mere. 49,
Dir. Beers then gave certified copy OF tho report.
with the additional flllng In OF tho blanks referred to.
Mr.. Moak-Why did you want this filled In nowY
Mr. Beers-lt IS required by the Insurance Depart
ment .
Mr. Moak-ls your company exclusively mutualY
Mr.. BecrsYes, sir. The trustees are chosen by tho
policy holders; the election held In the month Of
Apr; at the last meeting there were probably my
holders Is about d, COG.
Mr.. Moak--Did some mold proxicsS
Mr.. Beers-l don't know; was not present at the
election and cannot say who voted; n,ld several
hundred proxies.
Mr Moak-D,d you not hold several thousands
Mr.. Beers-No, not more than $50.
Mr. Moak-when were these proxies obtanedP
Mr.. Beers-Withln year or two
Mr.. MOak-Coulu not some Of tncm nave been re.
voked?
Mr. Becrs-No, sir
Mr. Beers-I have no information but suppose about
200.
Mr. Moak-who were they cast bys
Dir. Bcers--l have no knowledge OF that; the meet
Ing advertised IN two papers n New YORK and posi-
the Times or Tribune; no circular was posted 10
the policy holders.
Mr. Bcers-Twenly
Mr. Moak-Has any change In the trustees been
made tor several yearsY
Mr. Beers-I think not, except on account OF death
resignation
Mr. MoaK-Who resigned?
Mr. Bccrs-A Mr.. Welies, many years ago.
Mr. Moak-Why do you couple IN this report the
cash the olico, the cash In bank and tho cash in
Mr. Beers-It Is not required to give them sepa-
raley and would be impossible to do 1t any
way ana balance the books
Mr.. Moak- What amount had you in the company's
office and IN the banksf
Mr. Beers-That can be easily shown by the books.
Mr. MOak-And The amount Of transmssionY
Mr. Becrs-Yes, sir.
Mr. Moak-what were these amountss
Mr. 3eers-I send tho amounts exactly to tho
committee but cannot undertake here TO state them.
Mr.. Moak--Was IT your company which had $64, 900
forged draft last wntery
Mr. Beers-Ycs, sir.
Mr. Moak-How much money drawn out OF the
bank during the irst fifteen days OF January? Can
you sayy
Mr. Beors--I cannot say, do not think there was
any proportion larger than usual; he books Will
Mr. Moak-was there any such thing drawing on
agents just before January, and having such amounts
agents credited on this reporty
Mr. Beers-No, SIR In no shape or feature.
Mr. Moak-Was any compromise made in regard TO
that $GI 900 dratY
MI Beers-No; VIC got the money, and made
compromise Whatever.
Mr. Moak--Do you make monthly statement
every month";
Mr Beers-Oi only certain parts Of the business;
wo balance tho books every year.
Mr. Moak-Are you connected with any other CON-
Mr. Beers-I am director in the Farragut Fire, with
stock to the amount OF 81 5OO have been since its
ganization, at least eight years ago. hold no other
onicc In II.
Mr.. Moak--Do you hold policies in the Farragut as
Mr. Bcers-Yes sir; but the amount do not know;
We hold some also III the Franklin and other COM
panies list OF about ninety; probably one fifth is in
the Farragut; ! have no connection with any other
company
Mr. Moak-What Is the salary OF your president?
Mr. Bccrs-lwenty- 1--we thousand dollars per aDnum
for several years past previous To that was $5 0O0
Mr. Moak-Did he receive any percentageY
Mr. Becrs-No, SIR he received what we Gala bonus
Mr. Moak-And IN ten years what addition did that
make 10 his saaryY
Mr. Beers--lhe bonus was for the last two three
wont ive per cent a pvious tn
that 1t was twenty per cent; the salary ol the
president and actuary was virtually the same; there
was other bonus.
Mr. Moak-Wha did the assistant actuares getf
Mr. Beors--Our mathcmaLicans VINO assist tho ac-
tuary receive for the principal 81, 0O0 the next 3d. 0U0
and others from 900 to 5000; there other pad
officials ut the home Office there travelling men
from 81 500 to So 900, with about 80 day
for expenses; there about halt dozen travelling
iunx Look alicr ngcnls. Inspect accoupts. &c