New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-04-03
roNT1NE LIFE INSURANCE.
uuo ASSEMBLY COMMITTEE AT WORK.
..sroUs SYSTEMS ExPLAINED-rHE Eooi'ADh" ~
BE INVESTIGATED.

...,ors SYSTEMS ExPLAINED-THE EVoi'N ~
BE INVESTIGATED.
The special committee appointed Dy .no As.
..nhlv 10 investigate the Tontne plan OF hie
hsyan its work yesterday at III o. m.' a. 'no
..rre Hotel, ChairIpan Williams, OF Chautauqu"
.,,v ,va. prompty on hand. Assemblymen haihe'
:, orange: Greene OF ontario; Berry, OF fm'oh M
McCaun OF Kings seated themselves around i'hs 'ADo
and Indicated that they were ready. group y -.
sat at the committees elbows TO look CUT ior '"o ~
ests of tho insurance companies. y. " Dcaina" -
.on,.d the Equitable. the New-YorK and the MUTUAL
&C., charles r. Alexander appeared for the
rnu;table and Charles W. wingate and William b.
trorublower represented the Ncw-York Company mr.
peamnn said that committee had been apPon'eu
resolution of the Assembly In consequence he Iuuso"
from clause the resolution, OF an artcie upon 'no
Toptine plau which appeared in The TRIBUNE on
March o. 1885 Jacob Greene, the president OF the
connecticut Mutual Company, had signed his name 70
the article Mr. Bcaman had heard that AssemblyInan
Greene was cousin OF Jacob L. Greene. The Assembly,
man denied this. Mr.. Raines then SAID that ho haa
been 6 local agent OF the Connecticut oonl
pany but he had no bias wna'0'.i'
Society would be produced but suggested that tue %
plttee sit for the purpose OF examining 'nsn " WV
L0ntabIe Building This was agreed TO- ,. -, ,ha
James W. Alexander the first yicepresident OF .Re
Equitable the rs witness He ni%s systems
The using the TSnns plan
e Iyn,nn Mutual OF Massachusetts, the North
western Mutual Wisconsin probably the sns Mero
poan perhaps the Union Central Q, 0nS wa, con-
part OF the business Of the Eqaoe which policy.
holder agreed to forbear receiving DIVISION vi 1 I'D
plus certain number of years e me Of the Tontne
term he could draw out the whoie Oh nls s ~. s
conditions Of the pure Tonne policy were une SAM 1n
in rho semi Tontine that 1t had no SURRENDER
in case of lapse OF forfeiture such polcy % !, hs
lated value went to this fund OF the class 10 wno "
Mr. Ranes asked question which turned out 70 ne
based policy taken out two years ago III 'H0
Mr. Alexander hope you have kept it.
Mr. Raines-I have 49,. IN GAO
Equitable policies insuring $460 900, apsed, were
surrendered or not taken after application IN Zoo 9a
IN the Mutual because OF the "very large business OF
the Equitable aud the attacks on the Tontine pan
A degree OF intense seriousness had marked Tue pro-
ceedincs before recess soon smile eman
ated from group OF lawyers IN whose oehro Md ~ Of
an"her on the part of the lawyers led Mr Ranes to call
attention to the solemnty OF the pioceouinss.
Beaman who had smiled made speech the stSrbsnce
was Chauacey NJ. Depcw, who had droppeI III 70 anu ut
Beaman and had cracked Joke ~ n1 Mr Young
men bought building long ago III Maist nc 49,
give TO their eldest sons the survivor OF mn MAS
The survivor "And Mr.. King told me-" said Mr. Depew
as the average in any insurance tables This due to
an internal determination their part 10 get tne
property. This illustrates the power Oh ionne' "
MIR Alexander then said that Tontine enabled man 70
lay up money IN his productive days, when ne wou ~
time draw out This plan reduced the gambling feature
of life insurance. Tontine allowed 10 surrender
Tie name derived from Lorenzo Tent Inc Eq ano
able Company did annual business OF SSo,oooooo
Throughout the world. Its available assets ; were ire
natural selection tried Other plan than the Tontne
More people have tried the semTontine ihat the pure
Mr. Van else. an actuary of the Equitable Company
will be examined to-day in the company's building.