New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-24
DEFENDING THE COMPANY.
AFFAIRS OF THE NETWORK LIFE.
sxrREsrpgNr COLEMAN AND Ex.JuDGE

rY.pRFSlDENT COLEMAN AND EXJUDGE
SPENCER TO EXAMINE THE ASSETS.
The investigation into the affairs OF the NewYork
life Insurance Company begins to take business
like appearance. The work has been laid out and
mart of It Is already under way. Deputy Superin
tendent Of Insurance shannon has appointed Michael
Coleman, for many years president of the Board Of
Tax Commissioners OF this city, to appraise the prop
erty owned by and mortgaged TO the company. EN-
Judge James c. Spencer will examine the abstracts
OF titles and searches Of the same property Both OF
them have been authorized to employ such assistance
as they may need and TO make their own selections.
Mr. shannon said yesterday that ex-Judge Spencer
and John S. Patterson. the chief actuary OF the de-
partment were at work. and that Mr.. Coleman would
begin on his share immediately. " shall look after
the rest myself" he continued. "and superintend the
whole OF 1t. BY the end Of the week we shall have
force of twenty twenty five clerks at work the
books, and shall push the examination as rapidly
es possible"
The officers Of the company still refuse to talk about
the charges made against their management. First
yice-PreSdent Tuck asked yesterday If he knew
anything Of the reported the part OF policy
holders 10 institute investigation their own ac-
count He replied Il do not" There can be no
doubt however, that such a movement is foot Dr.
Tuck declined 10 say anything whatever on the SUP
iect of the which said to have been Voteo
10 him and President Beers He also declined 10 taR
about the charges reckless loans and Improbable
investments which have been made in certain quarters
Erastus wiman was yesterday by Tribune
reporter He said in relation to the New-Hork Life
Insurance Company, that for many years he had had
comparatively close view Of the management OF that
great corporation, the result Of which was 10 lmpar'
to him confidence in its and stability While
perhaps they had been more liberal In their invest
ments in real for business purposes than the
other companies the general result TO the New YORK
Life had been enormously to increase its wealth by
the enhanced value of the properties acquired rev
mistakes had been made in selection either as 10 SITES
or as TO the cities which investments we're placed
and the policy pursued had impressed him as poth
sagacous and liberal The insurance business had
been pushed with great energy, and at large cost
for commissions it in the direct line Of every other
frst-class insurance company.
Asked as to the character Of the loans made on real
estate here in the city and elsewhere MI Wlman SAID
he was familiar with many of them, and that as
rule they were judicious Some Of them may have
been injudicous, but not than the average
loans made by other companies having large sums to
invest In reference to the loan to the Plaza Hotel,
Mr. Wiman said II would be difficult to conceive of
location more desirable in which to invest money than
In the corner Of Fifty -nnth-st and Fhth-ave.
William b. Hornblower Is one of the trustees Of the
New-York Life Insurance Company as well as It's coun-
sell He was asked yesterday about the charges that
have been made against the management and espec-
tally about which, 1t is asserted. the tus
tees not the power TO give. He said that so FAR
as he Knew there had been bonuses voted to Pres
ident Beers or to Vice President Tuck since he had
been trustee 1t certainly had not been done at any
ever that such action would have been entirely proper
II the trustees had seen fit TO take it.
John Clahin, another trustee, took practically the
same view of the matter as Mr. HOnbOwer. He said
that he know that any bonuses had been voted
large corporations TO give bonuses after successful
year Mr. Cahin said that in his iudgment the man SIa
been exceedingly 1udciOus.