New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-04-28
AFFAIRS AT ALBANY.
MIR. sMYTH AND THE MUTUAL LIFE.

ALBANY, April 27.-Superintendent Smyth,
Of the Insurance Department submitted to the LegA-
ture to-day lin response 10 It's demanul eoEIe-
spOndenCe that has passed recently Oe'"een
himself and the Mutual Life Insurance Company. All
the letters have been written since tho confirmation OF
Mr. Farman as Mr.. smyths successor. Tho
correspondence ia Of an extraord'n1ry character
and the reading Of it IN the Legislature
excited q profound sensation From the fact that eX-
Governor Robinson, who is one OF the trustees Oh o
Mutual Life, has spent the past week in New-horK'
the authorship OF the company's letter to MI
smyfh Is attributed to him. Mr Fairman arrived here
to-day and qualified. This is sooner than was antlci-
pated
Tho first letter ls from Mr.. smyh. 1t is dated April
TO- 1880, ana addressed Mr.. Winston, preSl-
dent Of the Mutual. Hr. smyth states tnaC
the Mutual Is one OF three companies organized ana
doing business in this State the titles to tho real estate
owned by and mortgaged to which have net been MI
nuely examined aud reported upon to the department
during Mr. symth's administration He proposes that
such an examination shall be had, as follows:
While Chaptcr sos Of the Laws Of 1878 gives the SUI
perntendcn power TO retain and employ attorneys ny
appraisers perform the services indicated YET uOes
retained and employed neither does 1t allow the in
surance company examined any voice Wnether tnc
able or otherwise. / therefore venture TO eugEest
to Won that you put EGnIssp nd IN KmeyaIs
RANSOM No. 1876 Broadway, attorneys for the de
partmcnt other matters IN NewYOrk ana retain hat
firm TO search tine tides; and the Hon. William Lam
beer No 10 NadsOnave TO apprisC for you tho prop
erty owned by and mOtRaged 20 your company IN New
York and Kings; ana George H. Henry, No. so William
st., to appIal5e property IN NCWJelsey. 5nl aCcciIa
copy of any report made to your company by thsc gen
tenen az correct u you, however, ascertain that the
charges be nlde by these Gentlemen for erioImng
the duties excessive, please communicate WIN me,
when Will at suggest other names TO you VINO WIZ
be satisfactory to the department VIII at inc same
time suggest names OF other gentlemen 10 appraifse
property owned Ivy and morgaged to your company III
other nirts Of TINS state and adjoining eIa,rs Your
Will thank you TO C0mnuncale WIN me ~ your
earliest possible convenience, as 90 nor desire 10
me 80 necessary. upon my 5ucCcssOr who takes posses
sion OF this deparlmCnt on The som OF ApTl. ,, .,
The receipt OF this letter was acknowledged Apr H.
and reply was sent April "a
In his reply Mr. Winston protests against the examina
ton. He says that mfr. smytlfs official certificate
dated March % last shows that the company
had surplus of S1l,O5G,005 Ho quotes
the certificate OF Mr.. suly th's predecessor
in Office dated March TO- 1877 stating tina, he had made
a personal examination OF the papers OF the company
and expressing satisfaction ut the management OF It's
affairs He quotes also certificate OF committee OF
the trustees appointed January 10, 1850. To examine
the assets the company in which, tis certified that
The securities 81 the highest character Tile cerii'
cate Is signed by Thomas Dickson Benz b. Sherman, H.
C. Won Post Joseph Thompson JAS G. Holden and Geo.
F. Baker. Mr.. Winston says:
We respectfully submit that the certificate OF these
and beyond IT'S boundaries. and none OF whom
were or had been members Of the Finance
ized viii Rc rrcciycd by Inc public ana
the policy .iOdrs OF this company Will degree q, cpH-
hdcnce least equal to tGa' likely {" be- i"poS III the
SlatcurIis OF any other similar ROXY OF men "ho.o SCR
wees Your department would hc able to procure.
Your immediate predecessor dld NOT feel It incumbent
on hun to make - rev examination OF the titles To
FOR lOans or acquired by IL In he course OF
IT'S business byt;u'c ~ ilAI l!it win IoT
S 6SCG examined 9% other by the lion. Lnc
RobnsOu then Governor OF Tins STATE and whose cml-
%hcT. by Me Hon iI ii"py 7. bi n frmgriy
g., i,v L. ID f,n
then standing counsel Of the company.
>Inrc that tine 'nc uilr p,Is ana a',nriH nave been
the lion. DIV H. Palmer cd1llY wei known Tor nc.
of Ilfy-srvti - aGmiuisI Tie al.- 81 ins
company comprising tie making Of about l2L0D loans
on bond ana mortgage. and the inEc,im"nt and r.
investment Of TlUUOUuOo. not on" dollar has ever
been lost through hc ilnc ofay lille 10 The property
on which such loans were made.
Mr. Winston suggests that II An examination Is Rilll
deemed necessary, the department can have Il done
slight IS sen inS come person ion the regular
Of tie department. the company would exhibit 10
hin, all its paprr5 or un examination D. Ladr, as
f. often done IN the Wet hy indscrlmnntr selection o.
loans AMI titles. MI Winston Offers HE further rlrccs-
ton that II tae company pay for such examination
moro than necessary travelling and other nc'unl
pcnscs 1t will be guilty Of legal miscmc1nor IIr a.o
says that the examination b. employed attorneys could
not more than begun by the 3Oth Of April when Mr.
smyth would 10 out Of office. lie concludes;
II becomes us al" {" hc rrgardlu OF the fact that Is
tc expenditures incurred for the tlIs- rSaIaI
ti0uE suggest tnHt nave brr the sole
scaudlls which have done much 10 bring InsII
aucc department INTO ercpuc, tho records tac
LEGISLATURE attr~t-sran0n!s which had t:cilur
u g upon the purity OF political parties dis
turbrd the conf fence VI The public.
Wo make TN, protest Notwithstanding the statement
IN your letter that the law allow the usur-
aIcc company examined any voice whether The CHARGES
Ti.d performances d TIC "D''' arc reasonable OF O'n'f
Under date Of April 90 Mr. smyth tolcgraphcd to dr. |
Winston FOR Information about sales @! real estate |
Reply was made the same day that the roI estate |
sold by a. II. Muller last week brought |
5000, O55, while It had been rated In the assets at !
s5lG97O Suce tho 1t Of January real estate Lad |
been sold for $73s 100 which had been rated in Tie |
assets AT $G9G,Oi5.
Under date OF April 90 Mr. smyth replied length to
Mr. wnston's letter saying that the Department cam o.
accept final under the certificates and
reports quoted by Mr.. Winston, and declaring that It
was not becoming 10 read him lecture on Scandals
The correspondence also contains letters dated the
10TH making the same demand for an examination on
the United States Life and the Washington Life Neither
OF those companies did than refer the matter to
their attorneys.
DITIS REDUCING PILOT FEES