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

belonging to dead persons in hands, but II we had
such az referred TO welded out; proxies have ever
been voted on than once that In 1871 can
not tell the number voted; certainly not 10000
TRUSTEES AND BORROWED MONEY.
O. Arc any OF your officers holding olce in any cor
poration bank or trust company A. No, sir think
O have any OF the trustees borrowed any money
from your company on bond aud mor,gageY A. Yes,
sir: X. II. McCurdy had done so $50, 900 on real
Brooklyn any Of the trustees could borrow
money, presume.
O. Has the President u son who Is q medical ex.
aminer Of the company A. Yes sir; his salary IL
SO 600 he been tue office several years another
sou oil the President Is clerk At salary OF about
80 OO0 Le corresponding clerk ana spends all his
lime there tho son who died WAS cashier; bis salary
was not over So O0O his estate not paid anything,
i think, by the company except the $1,000
restored policies; there are no other companies,
believe who pay surrender values IN inc same way
AIRY, and Is based upon liked rue the difference be-
the amount paid upon the surrender OF policies
last year and the reserve represented by them was
probably fifty per cent there J. 100 policies tor
eited last year by non-paymcnt OF premium; how
much reserve they represent do not know; there
was at one limo fight between the Mutual and man
named English; he Was arrested for libel and kept
IN jail Tor several ,,,, %eexS Inc compaus
bail required think was $4,000 or 500 900; there
was diftculty also Mt That time between the Mutual
aud Equitable; there was a compromise aud English
WAS Let out OF jail / never heard that $50 00U was
gwen him; tho Chamber Of Lite Insurance was not
formed about time, but time before, was
a fund raised IN tho Chamber Tor English the contri
button Mutual to the Chamber tho first year was
about So o00 last year 1t was sl2 000 tho business OF
the CHAMBER has grown; tho object oil the Chamber Is
the same that Of every trade organization and cor
poraton and to seek the advantage VI mutual personal
THE CHAMBER OF LIFE INSURANCE.
q. Is one Of its objects TO prevent oppressive egs-
lations A. An OBJECT Is to INFORM ana enlshten ess,
atures upon insurance matters but Is not an ooect
OF the Chamber TO exercise any but proper influence
Upon the question being put TO the witness again,
he said he believed the Chamber would attempt To
prevent oppressive legislation there was nothing TO
that effect in any OF us articles; we have held
meetings whcr. legislation discussed. and
the Chamber does occasionally employ persons to
visit Leg ana their before them
where Legislation seems 10 be unfair. The influence
has been Tor good, and there has been any in
stance where they have used money TO corruptly niu
any legislation. Tho meetings are not attended,
of its proceedings but they are not published The
OF receipts and disbursements are made quar-
terly to the Chamber The settlement between Eng.
lish and the Mutual WIS not. that KNOW made
by Mr. Hyde. OF the Equitable; he called
oil his "dog'' and we called of ours; we pub
lished number OF documents at that time assaiing
tho EquitabIe; the fight continued several months; II
three Tour years ago; tho arrangement was done
without my consent; wanted the fight to 20 on; do
not believe that English TO be paid 100000 by the
Chamuer OF Life Insurance. or was ever paid il We
never loan money to any trustee without the security
which the law requires; We have u trustee named
Samuel D. Babcock; he IS president OF tho United
States Mortgage Company; we have never had any
money deposit with him. or with tho mortgage COM
pany, nor mad any transactions with It,
THIRTY FIVE MILLIONS or FIRE POLICIES.
Wo loan usually not moro Iuan forty per cent upon
tho appraised vaue Of property under mortgage Tho
stated deposit December 81 to the credit
OF the company actually hand; We have mover
transferred funds for the purpose OF making fictitious
balance; VIC hold real estate IN Pennsylvania; tho law
allows TO do so u States adjacent TO New YORK; we
have reinsured risk of any other company, nor
had one OF reinsurcd in another company; the
President think, Is not director in any other cor
poraon / am a director IN the City Fire Insurance
Company; have about $4,000 600 OF nre
policies on hand; the Continental and Home
PROBABLY havenost Of this; no officer IN the company
has received any loan or commission as an induce.
give loans to any corporation, our fire insur-
ances arc about hundred and fifty companies;
our death policies are always made payable to tue
beneficiary by check, sometimes directly and s0me-
times the agent tor delivery; 1t rs possible that
agents may have exacted some present IRON the ill.,
sured tor giving him the check but would not per
give security tor the performance OF their dutes-tho
President 10 the amount oi $4,000 100000
/ Tor $4,000 and every other officer
In other sums; Mr. Winston is oh-
Ger other corporation but charitable
or religious ones Robert II. McCurdy trustee of
the Con tncnta Fire and director in several banks
S. d. Babcock trustee in numbero OF fire companes
Mr. vermiiye s, think, director trust company;
Mr. Bates Is director several fire companies and
but in any other lie insurance company; IN the
year 1870 there extra compensation given to
the officers except the bonus mentioned; the bonus
was considered proper charge 10 the dividends paid
cut II was SO charged; think the charge was an
error and we gave up bonuses altogether alter
Mr.. McCuidy WIS on the stand some eight hours.
The committee then adjourned until nine O'Clock to-
morrow morning. when Charleton Lewis secretary Of
the Chamber Of Lie Insurance, VIII be examined.