The daily gazette., 1880-12-01

Moses hash, general agent for Esquire
McCaulley in Kent county, said be had
known the Nichols farm for fifty years,
and thought it worth S25 per acre or
$1,000. He thought the Mckee farm,
being finely improved, was worth $50
per acre, or $4,000.
[NoTE.-lhe Insurance COMPANY
holds mortgage of $4,000 on the Mich
ois' farm, and $4,000 ON The Mckee
farm.
Joseph L. Carpenter, Jr., of Whining
ton, was sworn, and testified that IN
company with the others he looked over
the securities of the Delaware State Fire
q Marine Insurance Company, and
made report, Dec. 30, 1873. He was
not al that time interested in the Com
pany, and made the examination At the
request Of Mr.. Bright and DR.. Tantum.
Among the assets found bonds, mort
cages and stocks amounting to $l19,-
200; they were principally bonds and
mortgages.
Among them was ono of e. P. John
sons, for $1,000, on property on French
street below Fourth, and another from
him for $500 on piece of land in Mary
land; one on a house on West Tenth
street for $1400, assigned by Mr.. Bright;
another of MIR. Bright's for $3.50 on
house at Second aud Justison; one from
John Wood, for $1,000 on a house at
Sixth and Jefferson; one made directly
to the Company from ID. L. Hawkins
for $3.50, and one from Mr.. Evans for
$500 on lot on Monroe street. There
Was also New Castle County farm
mortgage, and two in Kent County, and
one from DR.. Tantum on property in
New Jersey. He thought the assets
were good enough securities.
Among the other securities was q
prommissory note Of VIM. Bright's for
$S 500, one of DR.. 1antum's for So, 800,
one of John Woods for the same
amount, and ore OF George w. Blight's
for $4,000, endorsed by VIM. Bright
He considered all these notes good secur-
tiles. There was also note from Mr.
Justine, of Philadelphia, for 5000. The
securities he found that he considered
good and safe beyond all doubt, amount
ed TO $56,5O0. The balance of the $110,-
250, included the mortgage on the Dau-
phin county land, deed for some land
in Pennsylvania, and mortgage from
Myers on some land In Illinois. NJ.
Carpenter said the committee believed
the balance OF the securities were valua-
BILE, but they were on properties al a
distance which they knew nothing
about. The others who assisted at the
examination were Thos. Darlington,
Gregg Chandler and Sam'l Murphy
Mr.. Carpenter said from his examina-
Lioa he felt satisfied that the Company
was good, and transferred to it $4,000
Of his policies from the Farmers, and
$500 from the New Castle County Mu
tual, and they are still in the Company.
The report of the committee OF which
Mr.. Carpenter was a member, as pub
llshed III the papers at the time, was Of
fered in evidence.
On cross examination Mr.. Carpenter
stated that he did not examine the
books OF the company, but simply the
assets. fhe mortgages were assigned
the notes were not accompanied by
collaterals. Could not say that the
notes were matured at the time. They
were drawn 10 the order of the COM
pany. Had no knowledge of the value
of the New Jersey mortgage except
from the statements of DR.. Tantum'
His guaranty was attached to the mort
gage. In regard to the properties in
Wilmington did not employ any meani
to ascertain the validity of the titles,
nor in regard to the farm lands.
Sam'l Murphy, of Wilmington, an
other member of the investigating
committee, said he knew Mr., Justine,
whose note for $1,000 was mentioned
by Mr.. Carpenter as part of the com
pany's assets. He is furniture deal
er at Second and Race streets, Phila
delphia. Consider his note good, ant
would like to have 1t.
| Prof. VIM. A. Reynolds, of Will
mington, said his occupation wa
teacher, and for the past sixteen year
he had been special auditor for nearl.
| all the Loan Associations Of Whining
ton, Had also auC ted the books
the old Delaware Insurance Company
| of the Wilmington s. Western Rail
road Company, and of the Delawar
State Fire and Marine Insurance Com
pany. The latter audit was made a
the request of the company's officers
As A result this audit, made i'll the LAT
ter part of 1878, he found risks in fore
amounting to S1,509,000, of whic
S126. 900 were on stock policies. ID
found live premium notes amounting
to 1892, 900, and handled every one Q
/ hem. The facts as set forth in th
committee's report were examined an
certified to by him.
Prof. Reynolds said he was engage
n his audit from ten to fourteen Jay
The books he examined-the expirauo
,uok aud the loss book-wero fairi
we'll kept, and any mau having know
dQe Of bookkeeping could get an lue
ot the compaDy's affairs and condltlo
rom them. But, said Mr.. Reynolds
espopse to Mr.. Lore, no man coulu g.
anime them accurately and make al
ietinite conclusion III four days.
MIR, Lore asked the witness II ne na
. | ,xamiued from the statements Oh Iea'
p | .ng insurance companies the ratio
assets to risks. Mr.. heynoiu saiu
, had, at the request OF Dr. Taatuh aoo
5 MI Bird objected to thi, kind Of test
in0ny. ...ie.1 ,
ana of the defend ants witnesses that u
ratio of assets TO risks was good test
the financial soanduess Of eo'npan
nd the plaintiff merely desired to folio
up. ..uo.d as n,
! Reynolds' computations were oasel
h eports of the New YORK otate Lss. f'
5 .nce COMMISSIONS. flhaIy .ne ~,
,armitt.d the witness TO make the Col
osr,son with the Farmers' Mutual Col
10 nany. as testified to BY VIM. A. La
e moi, esterday. The ratio Of assets
rs ,sxs In this Company were "a per cei