Daily Republican., 1880-12-01

unity; Dfs Thutu ono IVI So,'"" i'oi"
George Bright; one for $4,000 from
John Wood; one for small amoun,
from Mr.. Childs, aud note for S5,0no
from gen!lemsn in Philadelphis, the
amount OF good sevuriues which 1
know of was $56, 800, this was par
of the $ll4, $50 and in the balance Is
included the Dauphin county,
Pa, land at 100000; on the DuPage
county land we reported that We oe-
lieved the mortgages to be valuable,
bot we did not take any means to hnd
out about them; we spent two evenings
in examining the affairs Of the coni'
pany the result OF the investigation
was that was so we'll satisfied that at
the close OF the year removed $4,000
Of risks upon my property from the
Farmers Mutual Insurance Company,
and $5, 500 from the New Castle Mutual
Company to the Delaware State +. and
NJ Insurance Company.
Cross. .sxaminsd-At the examination
Me sssrs. Bright, Tantum and john
son were present of the officers
Of the company the first meeting
was held at Mr.. Bright's house no as
signmsnts we're attached TO the mort
gsges; the promissory notes were made
by the officers of the company except
ing the one made by the gentleman in
Philadelphia and Mr.. Bright's son; |
do not know whether any Of them were
due or not; we arrived at the value OF
the Trenton land on DR.. Tantum's
guarantee We employed no means to
ascertain as to the soundness Of the
titles to the property in Wilmington nor
to any Of the land in New Castl. and
Kent County; | have no policies in the
Farmers Mutual.
Redireet-Ths mortgages were all
purchase money mortgages.
Samuel Murphy sworn.-I was upon
the committee who examined the af-
fairs Of the Delaware State r. & M. In
surance Co., the maker of the Philadel-
pLia note for $4,000 is D, T. Justiae,
vino is wealthy furniture dealer and
the nots is good.
Cross. examined Ny impression is
that the note of Mr.. Justine was rot
past due; we made no personal inves.
tigation.
Prof. William A. Reynolds, sworn.
| live in Wilmington, and have been
connected with Loan Associations con-
siderably as auditor, and thoroughly
understand book keeping; for the past
sixteen years have been engaged in
auditing books for various concerns in
Wilmington; in the latter part Of 1878
| spent from 10 to IA days in auditing
the books of this insurance company;
| found 81, 500 900 Of risks in full force;
OF these $l26, 900 were stock risks, and
all the rest mutual, the company had
el92 900 premium notes; | do not
know of any one who could examine
into the affairs Of an insurance oom-
pany in two days as Mr.. Miner says
he did; the books were kept fairly
we'll; witness was asked if he had ex.
amined into the ratio of assets in In
surancs companies generally to the
amount of risk. Objected to.
He was then asked the percentage
the assets were Of the risks in the Del.
aware State +. & N. l. Co. The Court
told him to compute from his finding Of
$II9, $50 assets, but Mr.. Lore said he
would be satisfied with $50, 500.
Prof. Reynolds said the percentage
on stock risks was about 40; the per.
centage on mutual and stock business
was 4 per cent. (Mr. Lsmotts had tes-
tilted that the per eentage of assets to
risks in the Farmers Mutual Insurance
Co. was ] 84 100 in 1878 and about 2
per cent. at present. By the above
testimony the Delaware State +. X M.
Ins. Co. makes showing twice as good
as the Farmers Mutual-REPoRTER.)
Paris T.Carlisle rscalled-There was
a loss OF some property insured in the
D. s. F. & NJ. l Co.; the loss was in
1878; it was paid without demurrer.
WIN. B. TomlinSon, recalle6--Had |
loss in 1876; was insured in Kent
County Mutual and also in the D. s, F.
& N. |. Co.; the former refused to pay;
the latter compromised by paying us
$500 on the 1900 policy; had another
loss; the building was insured in this
company for 81 900; they paid prompt
ly without trouble.
William Bright, recslled-The D. S.
F. & M. |. Co. cancelled its policies and
withdrew from Mary land, because the
business had been Improbable.
had an interview with Commission.
er HaiIes ; he required us, in order to
do business in the State of Mary land to
make up more capital ; we did not be-
cause they Charged US too much COM
mission for writing policies, and were
too reckless in taking risks Besides
this Every Evening had hurt US there.
| do not remember having used bogus
books what meant was little book
in which we noted those losses We did
not think honest. Since the reorgani-
,ation of the Company in Oct. 1877, we
nave paid over SIT, 900 worth of losses;
We never had any risk on Mr.. Case's
tallion.
DR.. Tantum, recalled Il was at the
1irard House at the interview Musr
,new nothing whatever about Bright
making the notes good which he had .
.iven to the company. Il
Mr.. Bright, recalled-I Investigated
he Clinton County lind which Mr.
iuer throw out as worth nothing, and
efused 50, 900 worth of Philadelphia 3
property at its assessed value, for the {
and. a
Plaintiffs concluded at $3.50 and the s
ase was adjourned until Thursday, to :
low Mr.. Lore to 20 to Dover to day to i
asst his electoral vote. I
Court then adjourned until 0 'clock /
o.day. G
ktate Of the EhermOm eter n
! tba PUpupIICAN nffina on Wa1OaSdaV | n