The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-05
INSURANCE INVESTIGATION.

TESTIMONY OF THE PRESIDENT OF THE MAN
HAITIAN LIFE, THE VICE PRESIDENT OF TIL
UNIVERSAL LIFE COMPANIES AND MR.. STE.
PAEN ENGLISH.
ALBANY, April 4, 1871
Tho Insurance Committee resumed It's investigator
this morning.
AT the opening Mr.. Moak, counsel for the commit
tee asked permission mako statement to tho com.
mitco In reference tn tho condition OF the Equitable
shown by tho testimony OF Mr.. Hyde, upon which
he desired to make suggestion to the committee 1t
appearing that the statement should be made solely in
executive session IL ruled out In order that 1t
might be made later In tho day.
THE PRESIDENT or rnE MANHATTAN LIVE INSURANCE con
PASY
testified that he had held that ONCE since saa, his com
pany had presented TO the Legislature statement OF tho
salaries called Tor by the original resolution
policies his company, guessed about twenty per
cent Of the gross premium he amount set aside for re-
aeuarys duty that he could not venture TO state the
usually held 20 an investment once made; 'a sSs
company had on bond and mortgage in December. 1876
about QUO; the property VAS situated IN various To-
oiee pays about sI4O rent; hires no Offices elsewhere
except in allowances to say about slao year
the h.s. premium and sooa. ton per cent for renew
esess the sa bsa"ss an "e"ieahs tor
Is everything after the loading everything except
oftne business tho loaned ut tour is
eeed to equal the ,ota policy az the tine wnen Il becomes
charges excess Tor insurance over the legal
20 sixty PEI, cent npon their premiums in this way Of
dvis"nds II we charge more Tor Insurance. than =
n nd ee IL a or nay % u
the dividends paid stockholders which about
400 IN all these two items do not represent the entire
Of funds which tho had the 3st Of December
ce "a s oy e 5 So ma'" a
i,n stock y Sioooo we have divided about 70 cent
and Que eighth Of the profits; !. was p"rsansed
aera6out eight per cent Tor the three years. the next
per twenty per three years:
then 70 . ,as time when We paid Gya,e per cen. .
,wspyhys per cent finally; Mr. Kerr WIS the arSss,
S y BROTHER ns ss'd holds here arc o Ss
two 'oeknolders larger than my.elf so" Of
board usually make a New Year present Or about
!. d he same which we pay Tor
advertising; cannot say that comes from loading that
1t Of the dividends the holders OF
sr5rary; onceiahh o. the profit Is set aside Tor the pur.
pose H., srale o, The charter to pay that the rule has
necessary revenue the present !. percentage on the
e ns aa ,sasy n'9.S s
his pay IN this without compelling
selves to continue ~ believe have r1ht
discretion In disposng oil the funds Of the
the salary TO the president $1,000 and other
amounting to sone si57; the excess per centum
OF the net profits; two aud half allowed
be distributed among certain officers proportion thcr
salary the vice president received 1880 in addition
10 his salary OF 5000; nothing additional TO
this bonus was allowed 90 any one; the sainry Of
tho President has been $1,000 Tor six the
bonus has seldom exceeded the pad last
the total additional compensation paid 70 officers
sl2 a52; tho medical examiner hos not been paid any
additional compensation; hold proxie, from policy
holder with tho company does
elise far rs the bonuses paid TO the
officers paid out Of the general fund.
U Does the payment Of that bonus dsprcciats