New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-26
RECEITERS AND POLICYHOLDERS.

The Senate Committee on Insurance had an
other witness before it yesterday who refused to answer
many Of the questions. which he claimed dd not concern
the object of the investigation. The witness,
Joseph IIerzfeld caused good deal OF amusement by
his acuteness in taking advantage in his answers of any
obscurity of expression in the questions. When the
committee adjourned it was to meet in Albany on next
Wednesday 10 resume its investigation.
William ID. Whitney, OF the law firm OF Hegerman,
Buell. Hhouse Il Whitney, testified mt length concern
ing the methods Of settling disputed claims OF policy
holders agains, iusoyent companies. He referred to
legal decision in the of the Guardian Company. by
which the allowed to extend the time during
which death claims OF suspended companies should he
paid. He thought that tue result Of the decision to
increase litigation in receivershp which otherwise
might have been avoided. There could be n small adj
Gtional dividend paid by the receiver Of the North
America Company registered policy -hodcrs, pending
the decision by the Court of Appeals of disputed point
whose settlement would determine the amount OF their
final dividend. But such partial dividend would in
the expenses OF winding up the receivers affairs
aud he did not believe il advisable 10 pay IT, There
many abuses connected with receyerships, "but,
the witness added confidently, in the Of the Globe
Mutual think tlat Receiver James D. Fish has man.
aged it's affairs economically and judi iciously."
senator Titus took up OF the Official papers in the
Globe case. Les ask you few questions reg riding
that case" he said. Would You consider 1878 80
small pay to the attorneys of the Globes re-
ceiveri"
We'll. thar strikes me as rather large" was the
reply.
"The receiver has been paid over 100000 in fees.
Would such a payment be considered economical by
you ."
"Iwould consider it extravagant"
"Would you consider it economical to pay $4,000 to n
referee for passing upon clainsi"
THAT sum IL extravagant for the work done by the
referee up to that time But that claim has not been
paid; it was subsequently, withdrawn"
"Is $4,000 actuares for revalung the Globes poll
cies economical I" pursued Mr.. TITUS
mo, sr."
Then you would be inclined, after considering those
paymens TO congratulate the Globes registered policy
holders that they paid in ul and that the
registered policy holders received 80 per cent I"
Yes, sir, would, ON the Whole"
Receiver Fshs administration as a whole, and not in
particular details.
George II Chase, OF the former Stock Exchange firm
of Chase Il Atkins confirmed previous statements that
Receiver Person OF the North Iica, lad had in
ierest in his firm The testimony brought the
that he tine witness) had formed IA special partner
10 6peratr in stocks with smaller Stock Exchange com
mission payments that he would have been compelled to
pay AS an outsider Mr. Chase said that he never r-
ceved cent Of profits from Mr. Persons Albany firm.
W. b. Williams of Williams & yandyke, brokers and
bankers testified to having had loan account with Mr.
Pcrson s receiver and transactions for Mr. Pier
sons account which ran into the millions lie was cen
hdent that his bOOSs did not show that Mr. PiersOn
diverted his funds In the receivers account for purposes
OF stock speculation.
Joseph HerLfcld said that he had been at
Broadway for the last years. and
a half He put senator Titus to great pains in making
his questions explicit, but finally admitted that he Uhe
witness) bought many Of the claims OF polcvholders OF
insoyent life insurance companies lie had two clerks In
his employ. his brother and named Osborne.
Senator kOcll-WbO is TINS Osborne
AIr. Herzield-My clerk
Senator koch-What business does he attend tol
Mr.. Herzfcld-My business.
Senator KOch--But want to know what branch Of
Ii.
Mr.. Herzfed-I decline to answer.
After the witness had refused to reply to
about dozen of the committees questions he dis
missed. The next witness, William Wenneker
former clerk of Charles j. Hartmann, OF the bro
kers in pOlicyhOders' claims gave testimony OF i'm
portancc Park H. V. Brymer who, with his brother is
n policy holder in the Atlantic Mutual Company. made
statement r, garling the difficulty which he and his
brother experienced in obtaining Information respecting
their claims rom the receiver Of the company.
Tnc committee has mnOned the Uniicd states. the
Central Equitable, the Mercantile and the Union
Trust Companies, the Farmers Loan and Trust
Company. and the NewYOrk Life Insurance and Trust
COMPANY To produce in evidence their accounts with
the receivers the various companies included in the
committees investigation
Mr.. Fish, tue receiver of the Globe Mutual Company
says that has not yet received one cent OF cOmensa
ton for his services, has he applied Tor any The
total amount disursed by HIM for counsel fees he de-
clacs exceed $4,000, and an order allowing
referee $4,000 appealed fron he considered the
sill - nn In