, 1877-03-25
LIFE-INSUR.ANCE.

!
ManaEed--The Salaries and Commission
Paid to Officers aud Agents-~-Testimon,
from the Globe, the Mutual, and the New
York Ilfe Companies.
Co4Tespondence Ne,a Fork Sun.
! ALBANY, March 21.-Ihe Insurance Commit
tee met to-day ut $3.50 q. H., h1r. Cowdin in the
chair, aud resumed the examination Of witnesses
touching salaries and other compensation Of Of.
| hcers OF l1e-nsurlnce companies.
Mr. James H. Freeman, Secretary Of the Globe
| Company, was recalled, and said that it was the
! custom OF his and other life companies to allow
| their attorneys to charge about per cent be-
sides the usual fees for all loans nude and legal
interest, and that the companies did not think it
was usurious to do SO. The Finance Committee
! OF his and many other companies had acted as
appraisers, and the loans had never exceeded 50
| per cent OF the value Of approved property.
He admitted, however, that Lis Company held
about $700, ,000 worth OF real estate, bought iu
within the last year Or two under foreclosures
at about threc-tourths Of the face Of the mort
gage, interest, aud legal expenses, and that his
Company rented the property SO bought in, be-
ing dwellings, for about or Der cent OF the
mortgages. MIR. freeman mentioned one case
where the value Of the property, in his opinion,
was 1900; yet it was bought iii for 81, 900. He
said his Company, during the present stagnation
Of the market, deemed It useless to try and sell
all OF their real estate, aud therefore held it. It
was rented, and secured by fire insurance. The
commissions paid by his Company on insurance
secuIso NUS ~ ahu ~ lof seven years, Wntcn
WIS t1e usual pr1ce pad General agents get
% and ~, OUT OIL when local solicitors are paid.
Eof colccttons from 70 ~ per cent is paid.
Inc sala11es received bV MIN and the
fTeslqent were S@,ooo eacn, Win Siu,ooO each
1or allowances o1 per cent on the net in-
come. His was a mixed company, part stock
and part mutual. The capital was S10O, 600, on
which the stockholders draw per cent, and
like amount on the guarantee fund, made up
out OF dividends ON the surplus tund- The
amount Of the guarantee fund was now $780,
600. It may be increased to $500, GOO. The
counsel of the Company arc Scwcu tE Pierce
and Fullerton, Knox d Co., to whom the COM
pany pay salary. Tie Company also have at
torneys, who urc paid for special services aud
receive commissions Oh loans.- The costs of
foreclosures brought in arc paid by the Com
pany, The Company had not obtained iu,ff-
mc1its on the bonds for loans made on propcrIr
bought i'll. AIR. William Sturycs. Nauapine
Director OF the Company gets salary of SGsyN
Sixty-seYen thousand dollars would cover ali
the salaries Of the COMPANY, The teru,inations
during 1876 would equal about o.5O1 noliries, or
about the ornount Of new business f,n which |
was paid about S32 900 for losses. and some s,r-
render values, The balance was forfeited. The |
Company 1itirated only small nun1in.r. some oT |
which we're compromised. A s2OON rjsE in 81
Louis was compromised for S1N000
The death occurred three months ,f- |
ter the policy Was issued The fire
insurance was in the hands Of Mr.. WRIGHT.
u clerk who receives salary Of s., QUO and com.
mission on the fire insurance placed. The rein
surance is small; not over S15o,O0O. The rcin-
surance of all companies when made is about Is |