The New York herald., 1877-03-22
THE INSURANCE COMMITTEE.

YESTERDAYS Observation-Disclosures OF THE
OFFICERS OF THE GLOBE, MUTUAL AND NEW
YORK LIFE COMPANIES.
ALBANY, March 81, 1877.
The Insurance Committee met day at halr.past
nine O'Clock, ME Cowdin in the chair, and resumed
the examination OF witnesses touching salaries and
other compensation officers OF lie insurance com.
panes.
Mr.. James NJ. Freeman, Secretary OF the Globe Com
pany. recalled, and, In reply TO questions stated
that II the practice OF his and other life companies
to allow their attorneys to charge about per cent
besides the usual fees for all loans made including
legal interest, and that they he companics) did not
think II usurious to DO SO. He suited that the
Finance Committee Of his and many other companies
had acted appraisers, and that the loans nevcr
ceeded nifty cent Of the value Of approved property
yet ho admitted that his company held about $700 900
OF real cstae bought in within tho last year or
two under foreclosures at about threoourths of the
tscc of the mortgage interest and legal expenses
that his company rented the property bought in,
beng dwellings, lor about five or per cont OF the
mortgages; was the opinion Of Mr. Freeman that
the experience OF his company the Globe, would CON-
pare iavoraDly IN that respect WIN s al companies.
erty, in mis- opinion, was 50 000 yet was bought 10
for $1,000. lie said his company, during the present
stagnaton OF the market deemed useless try and
sell all OF thor estate, and therefore held It, IL
rented and secured by fire insurance. The COM
thirty and and hall seven years, which
the usual price paid General agents get thirty-nvc
and ten OF which local solicitors are paid. FOR
collections from TO Two and q half por cent
paid. The salaries received by him and tho
President So, 500 each, with $40, 600 each
for allowances OF two cent on the net income; hts
was mixed company, part stock and part mutual;
tho capital was $l00, 900, on which tho stockholders
draw per cent, and like amount on the Puaran-
tee iund made up out OF dividends on The surplus
fund; the amount OF this guarantee fund was now
500 900; may be increased to $500 900; the counsel
n ho CO nDauy v nro
Knox n Co., 10 whom the company pay a salary the
company also have attorneys who are paid Tor special
services and receive commissions loans the costs
OF foreclosures bought paid by the company tho
company had not obtained Judgments on the bonds for
loans made on property bought In; Mr. William
Sturges, managing director OF the company,
gets salary OF $4,000; the president was I'll
In Fioda $67 900 would cover all tho salaries Of the
company. who tcrminatons during 1876 would equal
about 900 policies, about tho amount Of bus
some surrender values; the balance was foreitcd
the company litigated only small number. some OF
which were compromised; $40 900 risk in ST. Louis
Cured three months after tho policy issued
Wright, clerk, who receives salary Of $1,O00
company mas local branch Offices In New York and
other large cities; tho reinsurance Is small not over
$3.50 900; tho reinsurance OF all companies when made
is about inecn per less than the usual premun,s
charged; the Globe rensured The risks oi Tho Aer-.