The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-11
INVESTIGATING INSURANCE.

DIVING INTO THE AFFAIRS OF THE MUTUAL,
GUARDIAN, METROPOLITAN AND EQUITABLE
OBSERVATION-DISCLOSURES IN PROXIES, BONUSES
AND COMMISSIONS.
ALBANY, April 10, 1877.
Tho Insurance. Committee met this afternoon and
heard the testimony OF Sheppard Homans, president
OF the Provideus Savings Insurance Company lie
tcstihed:-
Life years In other companies; first
neesd With HE insurance n 1885, proxies are obaised
ton OF the officers agents frequently requested to OBJ
s s s. IN; sy
for nsarnx with the companiys; proxies are
for ns% but h u mas % been 1870 hs swo .
two snd y q ss I'm
do not rcmember TO have heard result
opposition sks, Was one made up Sy policy Goass
!. .s sss
company Il would be very dangerous power when the
the nSss b '
s n BE- N
using their influence 70 obtain proxies or 70 secure votes;
altogether in ls72 disapprove the manner which
should limited the particular election for which they
given the oiccrs have IN undue amount q Dover BY
year It would work very ssere, 70 60.
tho Mutual Life itself whore combination OF policy
holders secured proxies and carried election.
. the POWER or paoxIks
Mr. Winston at that time was ony trustee: ono In.
policy holders. obtain proxies
vorsng policy holders witness thinks have tho right 10
ss h sess he ss
~ 1869 as policy holder was given ,ha. privilege but no
he was in the interest Of an opposition
There mis- hare hO de
nays ss 70 S aG%
q a: Mutual
secured the majority Of the stock ronsured
became tho Ressvo Mutual which Vas swallowed
- ENORMOUS AGENCY EXPENSES
n n sss OF the Witness found
drawn three months before the consolidation a. No. sir
few days afterwards
saa
were also Directors n the Mutual ls the stock Of tue
1asa1n tia erss opea for f
seo because Ss A.s Dsss ' va. n
good shape while the Mutual Protection really
:sa % he would have 's s ss
sss d.
Widows ana Orphsn.' Of .ns year DOES not y
ss as s % wa. s
fully selected aud the Impairment resulted from the
y aSy q
ing aesaary but did NOT make the eseuio WIS
70 Mr. Bliss-I do not think on record as having
reossd po.smorem avidands should not ss psd Al
though the charter declares that they paid THO
WAS wrong ' Sa. 10 could not be persuaded and
une:. he ..Su to mo the the os that
true; Mr.. Winston objected. aud the assistant
adopted Winston Instance giving the duty
Ing TO the bookkecper instead Of the nc
MI. xosk -fF4s .S,ss him the auditing Of his &C.
Witness-Yes sir.
made certain professors q West Point, dciec. which
method Of dividend making then ayreed upon but
10 Mr. siiss-bS IsIisSs thai n, Winston intended
dsnds but ii in Violation u the charter.
Joseph Knapp testified that he president OF the Met
r. o ssn ~a. AMY a s s
ceiyed commission q one per cent OF the next
pss. are paa his average s ossa
about thousand three Hundred dollars; the
inst Two thrce years. contract had been made
remain the he himself Ind the Boaa
directors to arogats the contract when he found the
the year after the contract was aLrogated
loan OF SJuOOO was made 10 estate,
lot worth than twice the amount;
made because the company neeacd ut short notice
which the state could In plsce
of the United States securities which the company desired
to withdraw.
EQUITABLE COMPANY ATTACKED.
Joseph tacker actuary testified that he had made
examination OF tho Equitable Company the OF
u committee OF policy holders what he discovered his
examination obtained professionally. and he would
prefer anything IL without the Of
the rs0ns for whom he acted.
Mr. Green counsel for the Equitable here said that the
company had no objection to having the result OF the
animation made public.
Mr. Pacxlcr said that there was nothing materially dam
nging shown In hts examination.
Mr. Facker having persisted in his refusal the
committee decided adjourn until halfpast
three r. M when the question Of compelling him
will come up tor decision.