The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-28

transactions Indicated by the report; Know OF no
ordinary life policies three years be ont
tied to paid up policy; as rule the lapsed and sur
rendered pomGes are .n' c',ss o. M
allowed; have bought in about SSUOOOV Of real
estate under ioreciosures45o, 0oo IN New York clty
we regard the property worth the face OF the
have ST., 600 900 loaned on bond and mortgages;
$14. $50 900 OF It IN New York cry; "e never loan
niy per cent OIL the yalue We have resisted the
payment OF some cases.
O. Does your company give big dinnersor entertain
mentsY A. No, sir IN no case
Q. Are expenses OF travelling OF the officials paid
OF The OF the company A. No, sir. nor any
personal expenses only when tho business OF the CON-
pany requires and never more than the ordinary ex-
penses.
O Have any OF tho officers been TO Europes A. Yes,
sir, l havc--to London, Paris, Vienna; gone
about three months or longer; for my expenses the
company paid not to exceed 81, 900; the President
not know no vouchers were presented Tor these cx-
penscs they took odr words Tor az agents or other
officers have boon upon similar trips; there has been
where have been pad Tor the trips OF
officials upon any business other than that OF the COM
pany.
policies Tor more than the true amount? A. No, sir,
never; would certainly know.
q Was an arrangement ever made bet wecn you and
q man named Dewitt In regard 10 reinsurng the risks
IN the United States Life Insurance CompanyY A.
ies the arrangement was that we should rcnsurc TO
the United States the aggregate amount OF their risks
$40 600 900 and the about 900 OO0
but declined TO relnsure and 1t fell through
VINO was your regular attorney ut that time A.
Fullerton aud Knox
O. Was any other sum than that named in your
statement paid to counsclY A. No, sir.
q. The Union Mutual OF Maine partially completed
arrangements 10 reinsure the United States when q
suit brought to prevent them dong So Did your
company have any part IN bringing thai sutY A. No.
SIR had part In bringp. on that SUIT and iur-
nshei funds carry II on nor took any part IN IT,
O. Was any bonus paid by Dewitt on behalf Of the
United StalcsY A. No. sir. not any.
O. Why not that arrangement carried cut? A.
We would not take tho company without the unan.
mous approval OF their directors and Mr.. Dewitt could
net procure that
O. What was tho amount OF the Tontne fund in your
companyY A. S5l7,o0 81.
O. Do you know any hing about tho Chamber OF Life
Insurance. A. A little; IT was formed three years
ago by meeting OF leading gentlemen the business;
do not know who orieinaied NJ II had been talked Of
tor ten years; our company Is member and has one
vote: each company acts as a UNIT and contributes
to the expense; paid about 49, 900 last ye Of
the general fund; the aggregate amount paid IN do
not know; the amount OF each conpany's assessment
Is determined by the chamber at the beginning 81 tho
year. thiok; Il there rs Deficiency we assessed
upon basis Of the number Of policies and assets OF
each company
O. Who urc ITS onicerss A. Mr. huey, of Phadcl-
phia PRESIDENT Mr. McCurdy is vice president, and
Charlelon Lewis Is secretary; ! have not attended
many meetings. most OF the work Is done outside OF
mcetings--such rs making up mortality tables. &c
O. Is it any part OF the object OF that institution TO
control Legislation? A. NO, sir.
q. DO you not know that agents have been sent 10
Massachusetts and Canada to prevent adverse egsa-
tonY A. The general object is 10 accomplish all the
good they Tor Insurance interests, including the
interests vi policy holders; tho expenses OF watching
legislation paid by the chamber, but what 1t Is
vate-that is, members OF companies alone can DO
present
O. How many companies arc members OF It? A.
Perhaps twelve thirteen from all parts Of the
O. Who controls its expenditures? A. think
committee; what the funds expended Tor do not
know believe OF the officers get salary,
cept the secretary his salary Is think. $6000 and
he is cheap at tho price
O. Where, then docs the money gos A. That do
not know; we generally believe II Is well expended.
Q. Does tho association make reports OF how tho
AZ, tiol,np IN n naaffp
q. 1t Is not publshedy A. No. str; It is private
association.
the amount paid my A. That would be very difficult
TO state; II has in various ways; there was, tor in
stance, committee OF the Indiana Legislature ap.
pointed to inquire methods OF insurance. and
that was gotten up by the chamber; the general
object to foster and protect HE insurance interests
z. What was the aggregate amount OF your loans
bond and mortgage during 1875? A. One million nne
hundred ana eighty-scven thousand dollars they
averaged about $4,000, l think; the attorney who
searches the title is paid by tho borrower; there
is no provision IN our company requiring
any who obtained loan to take
obtain loans may have taken policies, but VIC never
make that u condition; OF, course we would prefer 10
give loan to policy holder rather than to an out
slider.
Q. Is that done by your general agentss A. Not to
our knowledge; we heard rumors 10 that effect occa-
sion ally, but never investigated them.
@ What did you pay last year Tor advcrtisngY A.
$40 i43 IL this amount, think includes our almanac,
which is purely advertising medium IL costs abou.
SIS 900: The rest went to NEUTRALITY-SUSPICIOUS. third
OF IL TO New York papers.
O. Did you have u box at tho Academy of Music
without charge because OF sums paid them the
OF their bill board IN advertisngy A. No. sir paid
the usual charge for admission there, and received
no favor In any way Tor advertising the bill board
OF the Academy; the whole amount ped would not
exceed $780, Mr.. Deshon Is an advertising agent; We
pay him nothing ut all believe the papers always
allow him commission.
O. Do you occasionally have articles published as
editorial amt paid for as adverusementsy a. No, sir;
none al all
O. WHAT was the largest loan your pany has had
forecosed during tho past yeary A. One OF about
500 900 in New JERSEY; we bought III the property;
the loan was three Jour years ago. the fore
closure made IN 1876; tho man TO whom tho loan
not connected with the company.
q. Has there been loan upon your books upon
property which sold atcrward Tor much less Than the
I0anY A. No, sir.
O. Were you party to tho compromises growing
out OF the troubles OF stephen English with tho
ance companiesy A. No, SIR.
O. Was not the Chamber OF Life Insurance formed
while that trouble was gong ONT A. No, sir; 1t was
subsequently.
O DO your officers give any security A. No, sir;
O. What were your receipts last Year, A. Closely
approxiinatiug SIS, ooO, 900
O. What percentage upon the receipts were your
expensesY A. About nine per cent? II little over.
O. What Is the cost OF your real estate A. About
$3.50 0o0 Two stories OF our building are occupied by
our ON company and the rest rented Tor aggrc-
gate OF S6IlS2 AZ, percentage oil four per cent upon
the entire cost.
O. What taxes do you pay upon the bulldngg A. tits
assessed at 81 000 there is not dollar OF cncun
brance upon II.
O. Is there a hotel attached there? Where do the
employees take their dinncrY ~ No, SIR the heads of
departmen have lunch IN one OF the rooms which
paid out OF the assets but tho employees supply
their meals
O. Have you ever participated in the receipts OF my
OF the agents? A. No, sir.
O Have any other oficers9 A. Nd. sir; oilers
made OF that kind most NIL the time, but never
mad anythiDg to 10 with them
q Who Is your agent in New York ctyY A. Mr..
Levy.
O. What Is his salary A. He * guaranteed s10 900
year. contingent upon his earning that amount; his
business will average about lnlry per rst
premiums.
The testimony here referred entirely to the methods
of local boards throughout the State.
T. Is the rate OF commissions paid to agents not so
large as 10 be nJufiousy A. do not thiuk the work
could be done any cheaper than we do IL.
a. Your report here made upon Information,
knowledge and belief. Have you personal knowledge
OF everything In as to the presence OF sccui ltes,
Tor instancef A. No, SIR, not everything personally ;
know by examination. however, and absolutely, that
the securities named IN the report were N the possess
sion of the company when that report was made;
have In bank to-day probably not than $500 0JO