The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-29

| % Mr. 7.
stuc, which was THAT the Board o. estimate anu h
portion should consist OF the Mayor Comptrone
President of the Board Of Taxes and Assessments,
president OF the Board Of Aldermen three citizens
TO be appointed by the Mayor Mr. Fish's proposition
would be acceptable enough TO the po,'c'ans , ,na
poison. The debate continued, and DIR. Splno'a as
usual, took prominent part
The discussion lasted up TO eleven O'Clock when the
bill was passed. with the substitute offered ny Fish
giving the appointment OF the three reputable citizens
on the Board OF Estimate and Apportonment TO tho
Mayor, place Of the Recorder.
INSURANCE INVESTIGATION.
TESTIMONY OF THE VICE PRESIDENT OF THE
MUTUAL LIFE INSURANCE CoMPANY-INrER-
EsTINa DETAILS AS TO IT'S FINANCIAL CON-
DITIoN.
ALBANY, March %, 1871
The Insurance Committee continued It's investigation
this morning.
Richard A. McCurdy, vice president OF the Mutual
Life Insurance Company, appeared attended by Judge
Amasa Parker, counsel, and was examined Mr.
Moas appeared tor the committee.
Richard A. McCurdy, being sworn, testified that he
is vice president OF the Mutual Life has been SO for
ten years; was of the companys attorneys pre-
vous to that; Frederick ~ Winston was at one time
cashier; he is OF the PRESIDENT he had policies
amounting TO about $11, 800 in his possession which
had lapsed; they were restored at the time OF
death and the mount paid to his heirs; TINS was
a decision of the Finance Board OF the company; this
occurred about ten years ago; Mr. Winston was not
connected with any other directors there were none OF
these policies upon which he had not paid premiums;
they had all in existence some time and had been
paid for the testimony upon the Miller in
vestigation copyrighted by the Mutual Company
the notes being taken by the companys own STEM
o2rapher; the superintendent OF Insurance also took
notes, but what he did with them do not know.
TIE VOTING OF BONuSEs
O. Was not the copyrightng Of that testimony done
to prevent It's general publication? A. That cannot
say; heard Of several copies being in existcncc
ut least portions OF the testimony; cannot say how
soon alter testimony taken before 1t was copy
righted; the company mad it printed and distributed
a lew copies; 1865 l was elected vice president;
bonuses were voted 10 the officers OF tho company;
received s6,00o or about that, as my share
with tho company ore year; the officers 10 whom The
bonus voted were the president, actuary, Mysci
secretary Mr.. Winston was president ana had
been for fifteen years; the amount ior each was u
question oil percentage; cannot approximate The
amount received by the PRESIDENT the percentages
think, upon the increase IN the net receipts OF
the company.
q. viii you furnish this committee with copy of
thai Miller testimony A. With great pleasure;
In regard to the bonus matter the records
of The company show that the matter OF
bonus was brought up Dy letter .o, Oh Tue
with ours, and showing that u percentage upon The
amounts Of business ought 10 be allowed; The letter
liberated IT, aud II was then generally argued that
All incitement TO extra business attention was TO be
found IN The allowance OF such bonus; scale was
adopted bonus system agreed to, but there
were My two years that remained in use;
II then abandoned for tho reason that IT created
considerable dlscon tent.
q. Did not Mr. Winston In ono year receive $50, 600
as u Bonusr A. No, sir.
THE PRESIDENTS SALARY.
q. What was his salary A. Not SO, 900; II
was raised and then, but cannot say how much
O. How much is II uowY a. Thirty thousand dol
/
the day and date OF each raise when get Lome and
will do that With pleasure; II was impossible to know
exactly when saaries were advanced to what
amount; committee makes such increases. and
never officially TO my noticc; | think the
last increase in the Presidents salary took place
1872; IN 1869 IL was increased think 10 $4,000
$40, 900; the president has not received any bonus
tho system was abolished, nor any sum except
his salary salary raised three or TOUR years
after | became vice president to $4,000, then 10
'ncm or curing ~U anu 'nres years. 70 us
tins rate since 1873; have received no
bonus commissioner the secrctarys salary
is $1,000; his name is Lloyd, and he has been
in the com pany but one year; Mr.. Stewart the pre-
vious secretary, became second vice president, and
received Sc QUO Tor tue last year thiuk he may
second vice president $l2 500; there had
been no such Office second vice president until Ar.
Stewart put in 1t; his salary was raised gradually
than s., 900 or 81 GOO at u time
PRINTING AND STATIONERY
Q. AS to your other expenditures, what Is included
here un Ter printing and s,atoneryY'' A. Printing
and stationery includes the almanacs, reports NOR
y,
count, circulars, miscellaneous literature policy
blanks &C., amounting TO S62 l44 49, the contingent
guarantee announced to 1904 S42 SO last year. that
fund set aside as permanent guarantee against losses
by depression Of business or other losses is taken
from surplus; the law expenses $50 296; that
is made up partly OF the salary Of the solicitor and
amounts paid to other counseors.
TIL. LAW FIRMS ENGAGED
q To whom was the largest sum paid other than
witncss submitted letter OF the solicitor to the
effect that Dawes l. Work, turner Lee X Mcclure
AZ Eurn * plercp
and Mathews Hustled X Foley, OF New York city,
among the law firms engaged by him during the year.
TRAVELLING EXPENSES.
O. Have you travelled at the expense OF the
panys A. Yes, sir; to Boston, Chicago and here,
~ 1871 went to London and Paris, and they allowed
me 5000 Tor that my aggregate expenses during year
would probably haruly exceed $2O0 the president has
also been away AT the expense OF tho company, twice
California, partly on business OF the company and
parity tor his health; the amount paid Tor
his expenses do not know; travelling expenses
OF other officers also pad Tor; the whole
OF the expenses under this item annually have
aggregated $500; We have fourteen general agents;
they are compensated by commission; Mr. Merrill
OF the agents, Is son-inlaw Of the PRESIDENT he Ia
general agent IN the western states for twenty
years; he went from New York for the purpose OF
taxing charge OF tho business out there; no other
agents are connected In any way with the officers
OF the company; as 10 advertising Inc amount
ing; IT dono partly through agents and
partly through the agents accounts and partly directly
receives commission; PROBABLY two.thrds OF all OF
II is done in tue home oince, OF which one-third Is
probably in New York aud Brooklyn.
INCOME FIFTEEN MILLIONS
@ How much did you pay Tor committing commits
sons in 1873 a. Two hundred and eighty thousand
dollars; our income was sl5 l2z, S0i 6l which
sisted OF premiums, receipts and interest; our com.
pany is strictly mutual We do no business upon the
tonline principle; nave tbirtysx trustees, who
elected by the policy holders ut annual meetings
IN June; at tho last meeting there were about
one hundred ballots cast; none were cast by proxy;
there about 80 900 policy hoders the president
had an endowment, which had natured, PAID TO him
snort time ago; he has ABOUT $40 600 besides; have
$50 600; have some proxies. but how many do not
know possibly several thousand; they nave not been
voted Tor several years.
O. But then there was necessity for casting them;
when you need them you will have them A. We Will
have The tools to prevent The small body OF policy
holders IN New York throwing out the large body
OF policy holders in the country; u the policy holders
generally were dissatisfied they would at once sweep
US out vi existence.
THE PROXY QUESTION