The New York herald., 1879-03-03
NEW YORK HERALD MONDAY MARCH g. 1s79:-TRlPLE SHEET

days after this conversation the report in question
was sent to the Attorney General"
MORrGAGE3 AS SfcuRIrIEs.
"5Ir. Superintendent. what kind OF securities do
the insurance companies deposit with your depart
ment?"
.'rhe business of the department" answered Mr..
Smyth. sis very extensive and requires steady at
tention-probably there being more actual work
departments put together. There are about
sl2OOOOOo of securities deposited here for the pro-
lection of policy holders. Much OF this consists of
bonds and mortgages the interest upon which the
law says the superintendent may permit to be col
lected by solvent companies. When l took charge
tion was paid to this important branch of
the service. No attention was paid to the
curities as to whether the interest paid.
tho paid or the property insured while it was
discovered that insolvent companies had drawn in
and were in the hands of receivers. Sets of books
were opened two days after took possession and
account OF each security properly and systematically
kept"
''Have you always full faith in the truthfuness of
the appraisals made by parties who act as your ap-
81 do not believe in regular appraisers" said Mr..
smyth NOR IN one appraiser nor two nor even eye.
ated in every county in this State and within
tain radius from New York city. embracing portions
OF New Jersey, Connecticut, &c. Out OF the force
employed in this Office thirteen gentlemen stead
lily engaged in vauing the policies lives issued by
companies doing business i'll this State"
SLAP BACK AT MIR. FISH.
"Does there exist any personal feeling between
you and Mr.. Hamilton Fish, Jr.T asked in conclu-
II do not know" he replied. "whether Mr.. Fish
bears any personal animosity to me not but
think he must, last winter he remarkably
friendly, and even SO late October OF 1873 he
wished me to enter into bargain with him and
give him pledge to support him for the office of
Speaker before ne accepted the nomination to said
office. 1t may be that because declined to make
any such pledge and supported, so far as could,
for the office OF Speaker, another gentleman that
this has annoyed him. 1t is to be hoped not. how
ever although any person who made such childish
proposal might become equally silly should another
THE QUESTION OF LOANS.
These interviews present the two sides of the ques
tion as it stands between MIR. Smyth and his oppo-
nents But the question as to the method OF making
loans by the companies is of greater Importance
to the policy holder therefore / now turn to that
branch OF the subject The desire of men to provide
for their families in OF death is universal and
but natural and hence the boundless success which
has attended this insurance business. The mag
ntude Of this business, however daily convinces
thoughtful men that the law must hold and keep
careful supervision it, and for that purpose the
Insurance Department. which executes that law. be
comes one OF the most important branches of the
State government. 1t guards in fact more directly
the interests of the middle classes. its present
and future widows and orphans than any other part
Of the State machinery.
INQUIsITIvE POLICY HOLDERS.
In the past, when living in flush
times the money expended on life insurance busi-
ness not considered so much burden; but to-
day every cent deposited by the hart working policy
holder for the welfare of his family is taken from his
carnings What is done with ali this money is a
question which he has u right to know 1t is fur
nished to him in part in the advertisements put
forth by the companies containing the annual
statements" But these statements naturally
condensed, AZ pcrforce they must be from the very
nature of the Investments made by the lite insur-
companies. The assets generally give in round
figures the amount OF cash and securities held by the
companies and, Also the grand total OF bonds and
mortgages But of late the nquisitivo policy hold
have shown desire to be informed exactly as to
the nature OF the loans made real estate, that
every one can judge for himself whether the money
thus placed has been judiciously invested.
OF this iutOrmutlOn cOme-at-able to
the ordinary policy holder. and hence your CORE
spondent applied to the Superintendent of the Insur
Department to furnish the HERALD with all the
data bearing on this important subject Mr.. Smyth
coureously placed the necessary documents. books
inspection, and the result is that your read
ers, for the first time in the history of life
insurance, will be able to tor themselves
how loans are effected. where they are placed and
what security the people really tor the money
due on their policies. The companies, as they send
in their annual reports are arranged alphabetically
but the bulk OF their mortgages does not vay greatly
this year from the last, and hence the data are
ready at hand here in regard to the principal
points of information required by the public
Without any particular attempt at selection the first
report that came under my observation. and. i'll fact
the first ready this year, alphabetically speaking.
tho Germana Life Insurance Company. 1t
stands high in the estimate of the department and
has over five thousand lives insured on its books
THE GERMANiA MoRrGAGE LIST.
In its annual statement this company gives, under
its assets, the total of its mortgages at si26I 25 &c.
Where most Of this money is loaned the reader can
ascertain by perusng. the following schedule. which
contains all OF the loans. except the very small or
insignificant ones. Any one acquainted with the
locality where theSproperty mortgagcd is situated
can judge tor himself the actual value of the same.
though the company's valuation is also added in
der 20 make the transcript from the books COM
pete possible II should also be here stated, in
Justice to the company, that the amount OF fire in
surance effected on nearly all of this property is
omitted from this list. so rs not to encunbcr tho
table with too many hsures:-
Amount Compdnys
Loaned. Description Of Property. Taiuatioa.
$u.150 mortgages, Nos. 326. :32, $40 and oo
800 East 5ist st. 1S.Gxl00.5 each. $4,000
&c, 100, 8 mortgages, 4iS-432 (nclusive) East
5ist ST., Isxi0o each Observation-Disclosures. $4,000
1O.35O. mortgages. NOS 317. 1913. 3a7 3z9 and
3sl East cd St, I,xloO5 each. ........... $4,000
13200,4 mortgages. Nos. 402, 405. Aos and 40
East 5lst ST.. 1sXl0O each. .............. $4,000
1900, mortgages. Nos. 4l4-420 inclusive)
East 52d st. lGxioo5.. 1920
sd st.. 2oxioo5. ..................... :. 72ooo
$4,000. 5 mortgages. Nos $oa. ao5, 3o1. 1853 and
$50 East cd ST., I6xl0o.5 each. ......... 10000
tween sth and 9TH avs. DIST and SD SITS. $4,000
East 5Ist ST.. id.3xioo. each. ............ $1,000
Island :................ 10000
sjth st. and East S6.h ST., 2o3.4x9 $4,000
$3.50. mortgages. on houses. Nos. 4O0-412
pnclusive, East 5oth st. 2Ox9o each. ol.ooo
10 500, 3 mortgages. Nos. 4l6, 4lS and 424 East
5oth 81 ......................... 5000
$4,000 Tracts land Niagara Falls n. Y. $1,000
East 62d ST.. i7xi00.5 each. h.............. $4,000
10000 No - Beeknian place. 25xl00 ........ $500
II, 900. 8 mortgages. Nos. %. ~, 81, 35 and 81
Beekman place. 25xl00 each. .............. $1,000
A,25O . mortgages. Nos. 4o2. loi and iO0 East
5ad ST., is5xiOO each 24.ooo
$1,000, Ia mortgages, Nos 1, ., ., 4, 5, 6. rs.
o, 10. IL, H. IA AMI IL Mitchell place, 1sx
soiO each. 10000
~, 500. 8 mortgages. Nos. H. IA and 16 Beck
man place. i0x90 each. $4,000
$685. No. 1Gt Av. A, 25xJ3. J3............... 1900
10th St., Is0xiOo ......................... 1900
4,OUu No. 132 East 1i0th It, 1S.9xl0O II. 1000
1900 No. 81 Eldridgc st., 293x10o. 25,0J0
5000 No. $40 West 54th ST., 2jxlJ6. ........ 5000
and i32 East 5sth st, i0x1OO5 each ....... 75oOo
10 OOO No. 720 Lexington av., 20.5x6s9 1000
26x5s Observation-Disclosures. 2i.ooo
1900. mortgages. Nos. 303 and 3O5 East 5lst
ST. l6.9xs5. ......................... 1900
1850 No. $40 East 52d st.. l9.5xIO0t. 5000
4,2JU No. i0l East 52d st., ly.6xllO.I 5000
2,5OO No 662 ID av.. Brooklyn, 22.5x70..... 1000
10000 four lots 3. W. corner nv. and East