New-York tribune., 1878-02-15
INSURANCE EXAMINATIONS.
REPORT OF SUPERINTENDENT sMYTH.

]
INrHG MoRTGAGEs-THE RATE PER CENT OF
CHARGES TO THE VALUE OF THE MORTGAGES
| EXAMINED GREATLY REDUCED UNDER THE PRES
ENT ADsINIsi RATION.
! IBY TELEGRAPH THE TRIBUNEl
ALBANY, Feb. .14.-Superintendent Smyth oi
the Department when before the Insurance.
Committee Of the Senate Tuesday, was asked 10 give
the of the attorneys and appraisers ps ior
examination Of life insurance companies madeb by MIN.
He has promptly furnished the desired Information All
the bills certified by the supcrinenden
are Oh record his office, aud he furnished summary
Of them to the Insurance Committee to-day Coh tre
Ocott by sending forth his circular asking the insurance
| companies OF New-YOrk for information on TINS point
| has accordingly sent for figures which he might have
obtained by simply sending messenger into the pase
ment OF the state House. The most significant portion
of Mr. SIny this report is table showing that the rate
per cent Of the charges Of the attorneys and appraisers
OF the department for examining insurance companies
estimating II by the amount OF mortgages examined
has been far less under Mr.. Smyihs administration
than under that of his predecessors Below s the taoe
Kate per OF bills OF attorneys certned ny the
SUPERINTENDENT and audited by the Controller to the
amount OF mortgages examined under chapter 593,
laws OF 1873, previous to February 49, lS17 NUMBER
OF pieces So Average fee per cent seven-tenhs OF
per cent.
Rate per cent OF bills Of attorneys to the amount OF
mortgages examined since February 10, 1877; NUMBER
|
per cent.
Rate per cent OF bills OF appraisers certified by the
Superintendent and audited by the Controller, to tue
amount Of mortgages examined under chapter o9o'
laws OF 1873, previous TO February 10, 1879 Number
Of pieces 90. Average fee per cent oDe-tenth OF
! per cent.
Rate per cent OF bills OF appraisers to the amount OF
mortgages examined since February 16, 1877: number
of pieces, 2,196 Average fee per cent. onetwenthth
| OF per cent
In the two largest bills for the examination OF letters
one OF them is certified by Henry l.. Clinton, John n
Porter and George Ticknor Curtis. The other is cert
fed by Alexander II. Green. Lord Day q Lord, ana
Foster & Thompson. Messrs. Harris & Rndds Dill
| I'm the Universal Life Insurance Company case
Is certified reasonable ana proper by the
| Hon. Matthew Hale and the Hon. Henry smith.
both of Albany and paid to these gentlemen direct
by order OF Justice Landon In which order His Honor
words "And that said injunction order De
further modified 80 as to authorize the sa compay 10
pay to the parties hereinafter named the Ioowlhg p.
Superintendent OF the Insurance Department III exam
lining tue affairs Of the said company.
THE REPORT
Following IL Superintendent smyth's statement as to
services performed 10y the gentlemen who have exam
ned the titles 10 the property owned by aud mortgaged
to- the various life insurance companies, ana OF those
who have appraised the value of the property
THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE
UNITED STATES.
The examination OF this company was begun under
my immediate predecessor In office. and continued
by the attorneys designated by HIM, appraisers
agreed upon, as afterward noted. The bill
OF Frederick III. Belts, for the examination
! OF 1.216 titles, comprising abstracts bonds
9aa 600 on"Its 10 ~ 9ss 81 little less than
euth OF per cent OF the amount OF the morfgages
Concerning this bi there the Assurance Depart
mcnt three communications, one from Henry H. Clinton,
esq. OF NcwYork city in which he says 81 have exam
med the abatement hereto annexed marked A. showing
character OF the services rendered by you III INC ex
animation OF he titles Of The EGa9le Le ut hsancr nCn
sicrcd tic services reasonably worm, "ou say tna
| taking into consideration the large number
of, ttcs think the following chargrs are moderate.
far ard reasonable. For the st 500 tes not less than
sos each or next 500 niles t20 each for te balance
sj each. In this statement IN r,,p,c TO cnargss, t.he
into Iteration the responsibility assumed ny you
good. and the large amount OF work you and
those who acted under you. had 10 perform
charges have named very reasonable" One
from John X Porter New York CITY, N whch he says
| have the same cNlminatiou. aui entirely
80 tho services rendered IN view of the amount OF
abor involved and lie professional responsibility in
cideut 10 inyessations ot ,his nature consider the
ueasure OF compensation named py nun feaSoh- %
| nor Curtis. Of Ncw.York City. IN wheh ne says:
81 have rxImned Your statement OF services rendered
TO Equitable Life Assurance Company. ana The letter
addressed you by Mr. Clinton. concur. entirely. in
The pr0prey and rcasonab!, ness OF tie charges which
! SIR Clinton has recommended"
| TO MIR. Belts or not. There Is no record on NE
m the department a. 10 the method adopted by
INV predecessor 10 secure payment tO the gentlemen
who appraised The value Of the property, any record
he Of the appointment OF appraisers o HE appraisal
arrangement WAS had between the Equitable Lhe As
surlnce society aud the Acting superintendent OF the
Insurance Deparm' Il as to who should peiorn his ser
vice, Is not known what amount was pad 90 those
gentlemen by the company, " any The Atlantic Mutual
/ ATTORNEYS for the examination OF twenty-five titles
I OF property. owned By. and morgiged 20, this
s1se,s ssscs G,T I. mad. ont at onc.ionf.h of one
/ It.r ,Dttf a.
ss25s so.
C. H. Thomas. four pieces in Kens.ela"r County. s5
" W ElSOn. piece, Bro0mc County, $50; Peter Da-
w. one piece oneida County, 40 40; T. B Grant; one
/ piece New York CITY, $50 81; NJ wallace, john Row
land AMI V B. Mcns, i9rty-two pieces Albany County
$40. These bills. am informed have been audited by
tine Controller. aud tic amounts paid to tho pares IN
UNIVERSAL LIFE INSURANCE COMPANY.
The BIZ OF Mcssrs. Harris Rudd attorneys. for the
examination oil titles OF property owned by, aud
mortgaged 10 this company. involving S2lO5.-
057. amounts to S2,33s 80. being onc-fourth
Of 1 per cent MORTGAGES and $1,000 on property
owned. thus bill Is the following: From the state
mcnt made 10 us ~ MI Harms oi tle services per
formed and the responsibility attending the same. we
OF tlc opinion thnt tue within AMOUNT - ItasohR-
"IaIy TO- Is77 HENRY SMITH,
Is was ordered to he paid by Mr.. Justice Landon, on
the 9th day pembcr, 1877. Ly order IA the fol-
lowing terms And taai said injunction order be FUR
ther modified authorize tho said company To pay
To the parties hereafter nhmed the tOloWhY Ds DtIhS
incurred by the request OF the Supc
inicndont oi the Insurance Department iii examining
the affairs ~ the said company
"TO Harms & Rudd, attorncys-at-law, Tor examining
absracts title 10 mOrgagcd property ana real esatc
owned -, ,39S 30. 49,
"Tnc Attorney General may TO modify the above
order upon the OF the order 10 show cause, with
out additional papers, or nc any other time.
j. :. LASDOS, Justice supreme Court"
The following gentlemen rendered bills for services IN
EXAMINATIONS OF titles OF property owned by and
ruortgarcd to tnis company, which We're certl-
ned 20 by the Superintendent, and, am informed
audited by the Controller, and are ns follows:
Moran Eagles Il Wolf. attorneys at law, OF Chicago, Ill.,
for cxauinaiiOn OF five (5 titles OF property owned
by and NOR gagged % this company lnyOl ing Sii335
amounting to $500; the Dill OF Benjamin Ii. NASH Rich
mond Va, the examination OF one title Of property