The New York herald., 1877-03-22

chants Life to the extent Of about So 600 000 for
per cent, amounting to about $780, 900; his company
paid anything for securing this reinsurance the
nre insurance OF the Globe Is In the Liverpool and
London and Globe, Continental Home and Lancashire,
OF England.
Mr.. Lloyd Secretary OF the Mutual Lie, said he had
only been secretary for year that the President left
about three weeks aud whom last heard from was
McCurdy was tho Vice President and principal manager
IN the absence OF the President, and was fully con-
versant with all the practices OF the com
or three months In tho summer; the salary Of the
Solicitor OF tho company, Mr. Palmer, was $14. 600;
other compensation Of the attorney or attorneys is
charged to the expense account; witness could not
the counsel or attorneys employed outside OF the
city; that would come under the Law Department of
which Mr.. Palmer was the head all legal matters
referred TO thc4.aw Department; witness from mom-
ory could not tell the amounts, nor to whom paid, OF
that represented by Professor Bartlett: the amount
paid TO general agents Tor commissions during
1875 would equal $500 600 or 5000 900, out Of which
all solicitors and Office and Agency expenses are paid
commission allowed the small amount.
which was voluntarily secured ut the home office al
bills audited by the Finance Committee and paid
by check; William NJ vermil!yea and Seymour L.
Hucsted arc on the expense committec tho trustees
are elected by tho policy holders by proxy; but few
call and vote person; these proxies exist to large
amount policies in forco which the officers elect
nnay but continue an % changed not renewed a
Mr. Lloyd was excused, as the committee deemed
Mr.. McCurdy, in tho absence Of Mr.. Winston. tho
employed and the genera. practice of tho company.
THE NEW YORK
Morris Franklin, president OF the New York Life In
surance Company, called and upon affirming,
pressed an apology for noncompliance with the reso
luton as to a salaries by report in writing but but
might be put to him. AS to salaries he would
say that the president and vice president
each receive salary OF $25 600 ana bonus OF S6250
each, making $3l, $50; three medical examiners,
S1l, 900, making total including out OF town medical
examinations OF Sal 900; other employees receive
OF $2l37o and seventy i've clerks aggregate OF
SOS O0O The amount paid 10 the president and vice
president for 1915 was the same as for tho preceding
five or six years. The witness was also direc-
Tor in several fire insurance companies and
banks Trustees get S. in gold for each meeting
$2l. 600 paid to COUNSEL among the counsel employed
Mr.. Carpenter Of Washington; all fees on loans
usua ChnpScs for Searches and over
legal interest; Messrs. Fullerton, Knox Crosby
are employed; also Mr. Bogcrt and somo thirty or
iorty other law firms throughout the United
States; tho company reinsure part Of some OF
its risks but none in tho New York companies; ;
tho trustees elected by the policy by proxy
mostly, except few who appear in pcrson-not over
thirty forty these proxies run indefinitely and are
elect the officers and Finance Committee; the are
insurance is placed in known companies among
which are the Farragut and Franklin; IN tho
on property worth at least double the
amount Of the loan; a considerable amount of
closure there werc bidders over the mortgages;
this property tho company still held and rented: Of
the 1our i've thousand apscd ana surrendered poll
In 1875 three four thousand forfeited aud
marked OF; about hundred and fifty
stored since January last; the average age of these
terminated policies was probably five years. we have
agents in tho South buying up our Southern
risks experience Is that they not
as good Northern risks; We pay an equitable
price for them; company Is legally bound to pay
anything on lapsed policy; It is purely matter OF
grace with all companics the Finance Committee act
appraisers loans made in New York and vcIn-
iy; the Chamber Of Life Insurance, Of which he
tho first President, is voluntary organization COM
posed OF tho leading officers OF tho leading CON-
panies for the protection OF those compa-
nies; Mr. Charlton 7. Lewis is tho present
Secretary; not being now President he
could not speak as to how It Is sustained who
connected with IT. OF It's objects Is to watch legis
laton the several States; William II. Beers, Vice
President of the New York Life. could speak in
detail 10 the general practice of this and other COM
panies, to counsel employed, salaries, commissions
ana expenses; 1t Is my duty merely to give general
supervision, while the Vice President has the practical
duties to attend to.
After consultation the committee concluded to ad-
journ that Messrs Beers, OF the New York Lilo, Nc.
Curdy, OF the Mutual company, and others might be
called.
Tomorrow the officers OF the Knckerbocker will be
examined, and others If ready