New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-12
INSURANCE INVESIIGATION.
THE LEGISLATIVE COMMITTEE.

THE LEGISLATIVE COMMITTEE
DEBATE AS TO THE UTILITY OF THE INvEsTiGA-
TIoY-MR. FACKLER AND Mr.. FURBER AGAIN ON
THE STAND.
ALBANY, n. Y, April lin the Executive
Of the Insurance Committee this afternoon 3cIa
vedder made argument IN relation 10 the pehoG
insurance bills. Mr.. Wckes of the Assembly also Dde
an argument for bill looking to insurance associations
among Changers Mr.. Husteds bill for the appointment
special commission 10 report 10 this Legislature upon
insurance questions made special order before the
committee Friday morning next
The Investigation was resumed. Mr. Hustled said inc
present committee had pretty nearly fulnlcu us nlS-
Every committee heretofore. II aiio"eu 10 run It's
length has become an ad cGpfa,du or smut machine
nrorose that this shall not here. He there
upon read extracts from The World. TRIBUNE. ana
Grayhic, showing that discharged employe had eiei
through spite tine committee TO investigate 'He chei
officers of companies. lie protested against any iurer
personal investigation.
Mr.. Graham said that he had seen the alleged
letter of the discharged empoy6, but understood that
the letter was presented by member OF tue House.
Mr. Husted said he did not want the COMMITTEES 10 DC
used as sewer pipe for every scayenger to thro" Ills
garbage in.
Mr.. wjant-Do you think it has been used that way
Mr.. Hustcd-I do not think know.
Mr. Want-fy committeeman
Mr. Husted-No no not by committeeman al all
MI Lang said that lie presented the letter referred 10,
and had consulted with Mr. Moak 10 the likelihood o.
making smut machiue of the committee upon the III
formation contained in it, and they both arranged a'
no question should asked which had any taiut Oh smut
about it, ..
MR. FACXLER'S EXAMINATIONS.
1o,id p ,clcr,s examination was resumed. His ex-
animation of the Equitable showed The number OF ton
tine policies in force 10 De over Il,ooo'
The number lapsed he could not discover. The
reserve upon them is S2s33,50o The amount OF
srplus aud reserve upon forfeited policies was no as
co,toiued. but those upon all policies amounted 10
~ 0J 800 The extent Of the tcntinc periods i gccr
ay from ten TO fifteen years; but they terminate ~ va
rios years The surplus OF the toutinc policies Is sep
rl"us f III Of o,her noices in The books The
tire surplus Of the Equitable was about T3oOoUOo upon
cther than tontinc policies. The ton,ine policies are
not applicable to otter purposes tlpn the payment ~
tontine policy holders. the tontit policies are i"y
reported in tho statement to the SuFf'hteIuh,. re
conld moi say whether the tcntne surplus Is re,
ported in the statement of 100 he pi i f
he al the tOniinc policies OF thc tohtis & ~
made HIS Investigation. The tOntluc policies are up r.
ported as liability They are legally liability blt
is doubtful whether tue insurance laws N"uu
them as such. An entire stranger Cuu opih 20 my
a company and ascertain the surplus OF me h'.hc or
ices fran He thlt Inc
sufplu, has increased during the year more man
$3.50 900 No close estimate can be made. lhsHl"hct,
il i, admitted has decreased duIi lhe pas II" out
the worse the may have been the better lIay
nave been the tonIue business.
nv Mr. Green counsel Of the Equable-Pleasc say
from the statement Of liabilities III the report OF $50
hcro shown II they intiude tonhe poccs ds WEI! DO
'Wncss-Ycs sir. The tontue surplus is liability OF
I
Surplus upon other policy accounts. Il Is an &c. erl
question, and would require atiufial hho"'"-' 10 ca
'''''' WILLING TO TESTIFY FULLY.
MI Fackler here stated thai lac had received notice
from ex-(iov Morgan the chairman OF the committee
when had engaged him 10 make the examination oi the
Equitable stating that upon consultation Win ma
iority Of that comltce they desired MI Fachlor 10
give the Legislative Committee III the Information ''!
nj -ht desire
Mr. Green counsel for the Equitable, here read from
-, ,I Sssocatcd css iai lir i,kicr FaiI his txa,n
nation had shown nothing materially Gana-a 10 IAc
Equitable Company lie desired 10 nave INN COZ
M facklcr corrected it by saying that he meant to
saw that certainly nothing shown that was material
neither there any thing damasng 10 MAJ '@hiahy,
O. About how much more f".ff'r uIts l. ~ - l.
81 I-oon flat basis what would be the surplus Of tie
Euutaulc counting the tuntinc surplus Is Il aGtyi
Mr. tacSlcr protested against answering tEc question
because it must be- guess ana ne might do injury l" Inc
On motion Of Vii. Moody the witness was excused from
EyaminGtion continued: The general cXrediency Of
cGmueg companies to give pail-up policies ~ clsr OF
dra,ut m premiums was very doubtful Is legislative
enactment and should be l" 10 competition a0ig the
companies. TcIc IeIy few c"lhdhcS winch 40 not
guar;mtce some condensation after forfeiture.
thorough Stae eXaminarr would go Tar toward rene
dying the evils that now prevail
mr.. FURBEk AGAIN OK THE STAND.
Mr. Furber of the Universal Was here called, and at
great length gave his explanation Of the ontin" method
OF Insurance. The blank sent by the Insurance Depart
ment for yearly statement OF the companies, be Said
does not provide for filing in Of tie statement as to
liabilities, but they require detailed statement OF an
outstanding obligations: upon which me dep rtmrht
rsti,natos me tota liabilities. AZ TO the fitness of cps-
la'Ing as the surrender values, "itness tA0uGht
t,e natural tendency business would s,tllc
that mere thoroughly than legislation would
Putting too liberal provisions into policies ~,
tho matter Of surrender values mas cau-'u
thc wrecks which strcw the pathway o! ne ihSu-
ance Taking bad risks another cause ana unusual
mortality another. 80 q,
The committee then went into executive session, and
aftrrWard announced that they had decided t"dt no
more Witnesses would be examined except upon
written request OF hye members Of the committee