Daily Republican., 1880-11-29
which am well acquainted dee, moi
pay the whole loss.

which am well acluainted doeI nc
pay the whole loss.
Cross-examinsd.-I have made q
other examination Of Delaware Insur
anos Companies, and never examines
q mutual company; on the day follow
ing the one on which asked about th,
unpaid policy Of the White Deer Mill
saw II lying on the table; Myers called
my attention to it, and said It CAM
during his abtenc and had been mis-
laid; the premium notes, Of which
threw ont slSl, 900, are not strictly
counted as cash assets, and l did no
think 1t right to count them rs oasf
assets in this case.
"Are not premium notes counted al
cash assets In all Mutual Companies =
"Yes believe they are, and th'
company can draw on them for al
losses"
Cross examination resumed. - Thes,
premium notes are assets to meet los
ses; should not call them assets strict
ly, but they are basis from which
assets come. / threw out $lSl,0C0 o
these premium notes and left bu'
Gil. 900 cssh assets the company also
counted promisary notes Of DR.. Tan
tum. Mr.. Bright, Mr.. G. P. johnson
and others as cash assets these wert
over due. | was told that these men't
notes were as good as gold, the mattel
Of these notes came up at the Girard
House in Philadelphia one day aftsl
the examination. Mr. Bright asked Mr.
MeFse that these notes be allowed
among the cash assets; ! told Mr. McFee
II Mr.. Bright could satisfy him tina
the notes were given for proper con
sideration In fair business transsc
ton, they should be counted. Mr.
Bright could not give the satisfaction
Mr.. Lore-Now let me ask, did Mr.
Bright say word about 1t.
The witness-Mr. Bright said moth
ing, there was no conversation upon
the subject, he did not refuse and ! d
not know he offered 10 doso afterwards
the amount of these notes was S33, 240
the office purn iture at the examination
was valued at about $1,000, it consiste,
of 3 safe, table, chairs, &c. Insurance
Companies do not generally count thei
furniture as the commissioners will no
allow tbsm do not know whether tn
Delaware Companies do this or not
never saw their statement We threV
ont the Clinton County lands; l. d,
not know any thing about the land
the company has some At shares o
Empire Railway stock which Is nomi
nally valued q: per share. SOsn at
tsrWard this went up to GIT per share
the total liabilities Of the company
amounted to about %, 900, 900. can
not say what per centage or ratio thu
cash assets bear. The Insurance Co.
gave me all opportunity to examine
their affairs fully and freely. Dr.
Tantum requested me to make 1
thorough examination, and urged m,
to let him know II anything was wrong
called his attention to the Dauphir
county mortgages, but to nothing else
Mr.. BRIGHT came to my room at tht
Clayton House In company Of Mr.
McFc4, and said II anything was wronI
he would like to knowlt; did not tell
him anything was wrong; Mr.. McFst
granted the company Q charter to de-
business under; DR.. Tantum at one
time said the attacks in the Every
Evening had nearly worried him to
death.
John z. McFss, recalled. lam Insur-
Ance Commissioner OF the State of Della
aware, being appointed in 1879; am
sworn aad under bond; on Sept. 23rd,
oath and 18th, 1879, made an exami.
nation of tho Delaware State +. & M.
Ins. Co., with Mr.. lusr to assist me;
he had been highly recommended to
me; some of the books Of the company
we're not accurate or correct or kept in
Book keeping style; could not have
told all about the business from the
books Of the company; had my attsn-
ton attracted to the fact that one Of the
mortgages for the Dauphin County
property, for $27, 800, was made by d.
J. Minnick, Of SeatOrd, a client Of mine,
whom knew TO be penniless; this led
to an investigation which showed me
that the 124s acres of Dauphin County
land were worth about Gl per acre the
mortgages for this land we're for $780,
900 and rejected them utterly; there
was another mortgage for $2s, 900 in
LaPsge Co aud 420 acres Of land in
Clinton Co., Pa, were held by deed
and gave this 4 value of 81 per acre;
The insurance company claimed the
premiums as cash assets, bnt did not
allow them, although they are allowed
as cash assets in one or two States.
Counsel was going on TO question wit
ne's on this point, but the Court said
it was not an unusual thing for insur.
snce companies to do this.
Witness resume 1.-ln the New Castle
county mortgages noticed that the as
signments for the company were made
ont on separate pieces of paper and
merely folded inside the mortgages and
not in any way attached to the docu-
ments which lett them vslueless as the
assignment were not of record. ]
objected most emphatically and said
would not allow them for the mort
cages; Mr.. Bright said the mortgages
had not been assigned because they
did not want to appear uLder duress
In cases which were pending in court;
,ther mortgages on land in Kent county
and Cecil county, Nd, were thrown
'ut; Mr.. Bright said he thought the
Dauphin county land worth $40, 200.
Cross-sxamined-I have been In
iurancs commissioner since July 1879;
here are half dozen companies in the
state; before the law went into opera
ion they asked me to make a full in
,estig cation Of the affairs of the com.
,any, and afterwsrd applied to me in
writing. When | went to make the
- n M ~ az Nv, than uoid tbara 1ya.n .. {