The New York herald., 1877-03-21
LIFE INSURANCE.

PROCEEDINGS BEFORE THE STATE INSURANCE
COMMITTEE NEUTRALITY-SUSPICIOUS. OF THE
LEADING OFFICIALS OF NEW YORK COMPANIES.
ALBANY, March 20, 1871
The sensation Of the day in tho life insurance world
was the annoucement OF tho oral examination Of tho
officers OF OF the life insurance companies who
neglected report writing the salaries aud other
compensation received In with tho resolu
tion OF the House some four Ave weeks since This
examination to-day was beioro tho Insurance Commit.
tee, Hon. j. @. Graham, chairman.
Tho companies whose officers had neglected 10 re-
port ia writing according to tho resolution and
therefore pereuptorily ordered to appear in person
before tho committee, arc the Equitable, Mutual,
Metropolitan. Now York Lie and Globe The
ina.on commenced aI No. l4s State street. at tho
rooms OF the committee at past nino a. n.
The train brought up Mr. Franklin, president OF the
New York Lito Insurance Company; also cx.Judge
Davies and Professor William H. G. BARTLETT tho coun-
Sci and actuary Of tho old Mutual; also H. d. Hyde,
president and Barrow, secretary OF the Equitable;
also NJ. Freeman and r. sewel tho iormer secretary
aud tho latter Of the Globe Iic also John r.
Hageman, vicc president, and Hon. Stewart l.. Wood
ford, counsel OF the Metropolitan.
Mr. Winston, president of the Mutual Life, did not
appear Professor Bartlett and Judge Davies reported
10 the committee that MIR. Winston had been obliged
10 70 to California for rcef for broncnia aectoh
ln addition TO full committee, quite array OF
counsel and friends Of the Offices, especially OF the
".
NJ Depew. Intense anxiety elt as tenor OF
tine examination. Counsellor Monk ex.District At
Many letters Of apology and were received,
expressing great respect for tho House and regret
their Inability to meet previous requests
THE MUTUAL COMPANY.
Tho lrst witness called was Professor Bartlett, in
behalf Of tho Mutual company who read detai!cd
statement Of the magnitude OF the business OF that
company, and OF the Unavoidable labor and expense
incidental to It's efficient administration On
animation by tho committee tho Professor stated
and werc not 70 be increased by commissions allow
ances Tho salaries as thus liked were:-Prcsident,
10000; first vice president. $4,000; second
president, -sl2ooO secretary $1,000; actuary,
1000: two medical examiners, each 50 500; socI
tor $4,000; 10 clerks, In the aggregate, S19l coo;
medical examiners, in tho aggregate, $3.50 The
officers, In the opinion OF the Professor, receive
other allowances compensation In any
nectod with the company.
A great deal OF examination taken to test the
accuracy oil the opinion oil the Professor who became
very much confused The question OF taxed ANA sur.
rendered policcs was gone nto The Professor said
was matter OF grace Tor the company 10 restore for.
eiIed policies, but that he opposed TO the 0caed
Massachusetts Non-ioreiturc law. The basis on which
he founded his opposition was gono into. pending
which tho Professor was excused mainly on account
OF his manifest feeble health.
EQUITABLE COMPANY.
The next Witness called was Henry d. Hyde, pres
dent OF tho Equitable Company, who read u ull and
frank statement Of the salaries and allowances by
way of commisejons which he had received since
the orgaplzat,ou Of tho company by him IN 1859 He
also dctaile4thc origin and nercuean labor requisite
TO superntcn4 and successfully establish his company.
He said his company now had about $32 000. 000
assets and SlS0, 700 Insurance IN force. The
company had all It's bond and mortgage assets loaned
miles OF New York city, every dollar OF which received
his careful ana watchiul supervisor. The surplus
the company all liabilities, including .sreserve,"
ample meet all It's policies in force Alth ough
It only realized four and halt per cent interest
the saarv Of the as Ss So
mcnced was only 81. 500 though he left position Of
COO Thy aysrse saaty asd pose,ntago r3ce'ved sy
during 1879 was $37 600; that OF tho vice president
s22 o0o oi tho actuary, $4,000; Of the secretary
$4,000; seventeen bookkecpers, SAL 0o0 twenty nve
clerks, $751; GOO; cashiers and Travelling expenses,
$50 000 msdicaI department, $4,000 and attorney,
Hyao aumed sha. no had resvea A'slie allowance.
making an aggregate OF S495, O00 The allowances IN
addition TO salaries, equalled two and half per cent
certain portions Of the premium income. The vcc
prcs,den actuary and some OF tho other officers also
received allowances on premiums, oil OF which was
Mr.. Hyde Intercepted AS to hts opinion of the
better system OF lie insurance, known tho non
forfeiture feature, including the Massachusetts
forfeitablo law lie expressed favorable opln,on OF
carefully guarded law but not tho Massach usets law
der vaiuo plans as tending inevitably TO the ultimate
downfall Of any company engaged in them. Mr. Hyde
admitted he was the Boston agent Of tho Mutual Lilo
OF New York, Tor which he received annual income
of about $40, 900, In addition 10 the compensatohs
mentioned. Upon the promise that he would obey The
summons Of tho committee TO como 10 Albany any day
and urging the necessity of his tonight to Now
York, he was excused, but will be called again.
THE KNIcKERBocKER
Mr.. johnson. counsel Of tho Knckerbocker Lifc, was
also excused until Thursday next
THE GLOBE.
Tho next witness called was James NJ Freeman
secretary OF the Globe, who also read apology and
stated that the salary Of the president was $12 600
THE METROPOLITAN.
Pending his examination j. X. Hegeman, vice presi.
dent Of the Metropolitan Lille, called stated In
detail AZ to the salaries OF tho officers OF the company
the manner Of making laws, dividends, &c.
uAsTY LEGISLATION
Hon. Stewart /. Woodford inado spirited address
to the committee. touching tho danger hasty lite
ed otnta nj
lie feeling tho subject Mr.. Woodiord
contended that If tho Now York Insurance Dc.
partment bad properly attended TO It's duty mono
OF the lifc insurance failures would have occurred.
He sharply arraigncd the dcrclicton OF official duty Of
tho Insurance Department., and said he hoped the
IN that quarter, instead Of trying to mako oicais
honest by Legislation.
Tho committee continued in session from niuc A. NJ.
until seven 7. NJ, and adjourned until nine O'Clock to-
morrow morning.
THE BEACHED RIISLANU