New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-11

I So per cent or per cent basis IL tha' shali DO
| found desirable in the future
Their chief objection to the surrender value OF
,,n,ed or forfeited policies is as follows
hut short time live, could secure loan on his
Hocy ceaS beSond his probable lifetime with the
result that at his death the contrary th n"o ale
fbo5sS It had already advanced portion thereof
loan thereby working sF@'s do not discon
TnSse pPeIum payments The committee has re-
ncies issued on or after January 1901 along the
sggEsstsd asSys ana desired M be we Believe that
az. Iosdings on premiums should be left TO the
com5psneis bs ssm Sin comparatively small limits
We recommend very strongly ana st nf The nro-
this section be entirely stricken out OF uhe p'O-
posed ''" EXPENSE LIMITATION.
tn. actuarial objection to the limitation Of ex-
penses is largely as follows:
While sympathIzins heartily with the oem mn tee
sursnoe Companies we wish cali attention 90 GER
points where we W Rs that
pecnnisry value OF a policy 10 a life insurance
tally savings effected during its hrst fiye years
WHICH IS the measure adopted in this o SerIshy.
Inv ths same period be considered as fair offset
item Which lapse OF the policy cannot destroy since
theory, practice and this law itself demand that
serve TO replace his contract by another equally as
good. ... -, ~. ,,,nno,,t,ons that
every premium paid in full for one year and that
vii Re returned as mot taken" These supposi-
tons are contrary to the facts, and no allowance
on declined and mot taken cases. Moreover the
section is unworka6e because Is the ex
pense OF procuring new business from the total ao-
ministrative expenses
committee OF we'll known policyholders OF
the New-York Life will appear before the Arm
I'll, hay will
represented by R. Burnham Moffat Of No 6S
wall street, as counsel He will argue the point
that it will be inadvsable to remove all directors
on November ! next. He will also oppose the
plan 10 re-elect directors or trustees every two
years He will hold that the polioyholders' in
terests can best be protected by a graduating
scale Of elections. This is the point on which
Samuel Untermyer will make his strongest fight
IN behalf OF the Fish committee
Among the policyholders who are in Mr.. Moi
fats committee may be mentioned the Rev
James T Russell Alexander NJ. White jrp Dr.
William F Dudley. the Rev. A. B. Kinsolving,
the Rev DR.. L. Parker. Henry Sanger Snow
Simeon 3. Chittenden, Abner S. Haight William
H Cary Clinton L. Rossiter, William B. Hurd,
jr., and others.
A studied effort IS under way to make the Sc
lection OF Joseph H. Choate as counsel for the
remaining members Of the Truesdale committee
mean that real investigation into the affairs
Of this troubled company is to be made. The
question that is being asked is why Mr.. Choate
does not insist on the return of Andy Fields.
the partner OF Andy Hamilton.
It is known that the agency department OF
the Mutual Life has been in communication
with Fields within the last week. He Is now IN
Texas. although this is denied by the executive
officers OF the company. Richard A. McCurdy'
oF Tba Mutual Life.
made the promise that every effort would be
made to get Fields a witness
The Fowler committee to which was assigned
the task Of cleaning the house Of the New-York
Life is now awaiting an answer to its request
for an explanation and accounting from
Andy Hamilton, who since his return from
Paris nearly a week ago has been at his home
In Albany.
At the meeting Of the joint committee on IN
surance of the American Association Of Public
Accountants and the New-York State Society Of
Certified Public Accountants at the office OF
A Loves Dickinson. secretary Of the national
association, No. 81 William street. yesterday it
was decided that the associations should seek
legislation at Albany which would reform the
present reports required by the State Insurance
Department by requiring certified statements
from public accountants as TO the condition of
the insurance companies. and also bring about
a reorganization OF the State Insurance Depart
ment.
At present the accounting is done by the COM
panies through their auditors and by the In
surance Department through its authorized rep
resentatives.
William Hartman Black, former Commissioner
Of Accounts Of the city, has been retained as
counsel. and reported at the meeting that he
had arranged with Assemblyman Rogers, chair
representatives OF the committee to be heard.