The Sun (New York) Newspaper, December 6, 1872, Page 3

eens THE SUN, FRIDAY, DECEMBER TRIAL OF JUDGE CURTIS. HIS SCANDALOU raltroad hnsiness, Williamson fs booked to open the argument to morrow. ‘There are some aMdavits yet to be read on the Central aide, the roading of which began this home of them seemed, on first hear ing, to be exceedingly damagin late to Off thet morrow you shall have the gis! ei, good, bad, oF indifferent LIPE INSURANCE. EY'S RAILROAD WAR, GREAT BIG-WIiG THB COURT OF CHA In Defence of From the Chronicte, Deo. The Chronicle of Oct. 24,in common with other insurance Journals of about that date, published as an advertisement an elaborate ana- lytical statement of the business of the Mutual Life Insurance Company of this city, from its organization in 1842 to Oct. 1, 1872, compiled by its actuary, Prof. William H, fled by its Trustees, fortified by the report of a special examining committee appointed In Bos- ton May 19, 1870, and issued over the signatures ‘resident, Secretary and cretary, actuary and assistant ac- tuary, counsel, medical examiners, and Cashier CONDUCT IN THE pe Btanhone ; MARINE COURT, iking Back Secrets of the New Valear Remarks abo the Bench—An Atte Shea The Testimony of A Shea and ALBANY, Dec, 5.—The Senate met at 10 o'clock, Alexander Spaulding was examined as to the conduct of Justice Curtis at a General ‘Term of the Marine Court, held in Mare! where, It is charged, It was so seat his associates adjourned the Court. Witness was of the Associate Justices, and detailed the ices of the case as follows : was acting ag Chief Ju hin Associntens o Ex-Chancellor Williamson at It. Taevrox, Dec. 5.—This morning, B. P. sunsel for the Pennsylvania Central Tuilroad, Onished the reading of the depositions Ex-Chancellor Willlamson, who poarance since Tuesday, began he points taken by relate mainly to the passage of the harter and lexalltt the Invasion of Pennsylvania Central's rights, He will con lide his argun tions of Honest Old Ben Williamson, nee of The Sun. 4.—The whole }, beautiful day from 10:80 A. M. to 3 . been Laken up with the reading of the National's answer, wing of what are called the individ National, and the {the major portion of the depositions nevivania Central. se well understood from the first, that the clive point of attack made by the jon of fraud Inthe passage ope bill and the 6 ok place by reason of what merging clause of the elehth « Lu the bil of the Central lying before ine, FIVE REASONS alled agreement is unlaw- Bartlett, certt- in their favor. rtion of the of the President, Vie it t-mnorrow, and rney-Gen. Gilchrist for the lee, and Cartls his porition had ar In commenting editorially apon that state- ment we used the following language: ‘fas men stimulated to save wife and better than mend fuetead of "wes? e would make War on him, had better keep qui INED BANK. Pedra Cures he d could arts chifdren from beggary are at so far heartened by the inevitable doom which the fainilies of the poor; retained at home undert A President Search for the Late hange Bank, The excitement in Middletown, N. over the suspension of the Wallkill Bank is ine reached its height. uch greater than was at first re- ported, but the actual amount cannot be ascer- tained. Over 30,00 worth of bonds are known to be missing, and the loss in other funds and irities will, 1t fs said, exeged $100,000, ‘The sufferers are chiefly the banks in adjoin- ing towns and counties. the bonds which were deposited in the bank for was an old man whose name could He bad $11,000 of t ties. They were the accumulation of years of He dependes Still io Ludlow Street efaulting Cashicr of re concerued Ne Was hit Joined with hin swoet influence of a care ary better than children made homeless and driven into the street to beg, or ;. by, 6 much is the success of be desired by all good men. pil good men must rejoice in the urance Com) in the world hus contribu nuore to make life Insurance popular, safe, and vemed. proper to adjyuri ily seene before the ba worse, for brea life insurance t This being s« examined hy Mr. Smnith--ftold Judge Shea what L mment of the eusion, and wae are given why the £0-€ creasing, and has not yet Court, |Thie Was my own private a not in the hearin former oeeasion ven by any 1 the «ald compan SuFtis told counsel to Ko ii the corporate Ft, but he did not comply. DUS CONDUCT IN COURT. J was then called and swor detailed the first case referred to, and cont Judge Curt}s told me that he took ® per in the care of Cody ay to nse Itaw a vehicle at either of them to make it Julige Shea to adjourn th tnelther of the aiid Any attempt to destroy confidence in thia y constatuted bi ny js an agsault upon the whole tf its record stands in te solemn splendor of absolute trath—an inseparable part of the history of life Insurance, the legacy 0 every company’s plea What we thon said, we then believe ow propose, still believing it. to retract, Among the things to which the Mutual Life Insurance Company Was solemnly committed by the subscription to the statement above men- » many distinguished names was the foliowing, which we quote from that report: it continue to guide its bust ¢ principles and panies waa organized Lot directors to eCTORE WHO Het hot, In either of directors, not being bona fde Among the owners of i It emphasizes ublic confidence, ven by any bon ch ak are nanied, to execute n the face of Itlea fraud and fd uniewlal purp arties in the sult. iz the trial the cou sald agreement ni aud which corpy: ded parties thuretoy CONFUTING THE FIVE REASONS. In a portion of the answer of the National «i today the foree five reasons given in th (the consolidation agreement, by asserting that “authorit se, ula interests. Judge Curtis nly starvation oF the poor laverests. dudes Ge DI old ie that Judge Joachi except private counsel if the endor written in red Ink. eters, and. asl a new one, hi been established in with a New York banker shows that no s of corruption in the Wallkill Bank was epter- tained by other banking corporations unt)! the ark Bank protested one o heretofore whispered rumors of Mr. Gr hain's loose management were quickly circu lated and loudly tested his innoce: the guilt upe is denied of thes note referred tow. hat that would b constantly reflectiny ‘The company w ness in the future by the rules which along experionc R nducive to the safety and best interests t will issue polic and at its usu ‘upon the charac other companies who are me to adjourn t xtremely Indee b ping that Judge Curtis would become second instance, the caring of which ile was in the court nthe bench and I retired. He stoutty pr e, and endeavored to f ulting cashier, Mr. Hor- them to make the Reference to the cireular issued by the * Mu- tual” onthe 90th ult., and published in another column, will show that the company has, within month after the above profession, aban- doned the position then taken, and now pro- poses to Issue Its policies ata reduction from of about 2 per cent. upon life policies, and 11 per cent. upon endow- ‘The reasons for this extra ordinary mancuvre, so far as reasons have been given, are set forth in the letter of Professor Bartlett, which is incorporated into the circular. ‘They are briefly as follow having “now been in operation well nigh the period allotted to a human generation, perience not only justifies this reduction as prudential measure, but imposes it as aduty upon the company. This conclusion, we are told by Professor Bartlett, has not been sud- denly reached, but is the result careful deliberation: nove all prete { railroad corporations to use thelr roads to is With the complainants. fe question of fraud in the passage of Stan- tted by numerous am of any want o nfined in the jail, and an ex- of the charge against 4 inthe hope of finding F to this city, snd soon afterward consulted with t citizen of Middletown, thro expected a compromise might uit of this interview made public, but that it was unpromising the fact thut he re- since that time his they felt that jered Ob account Jaimed to be re davits on the part ¢ turing lnat winter, to be regretted, is not all concurrent, c truth appears to be just what 1 i the correspondence of last May that, except le, nobody Knew for dy knew what he ‘This testimony, it is perhaps THE ORIGIN OF examined by Mr. Swith—! f a card purporting to come from rging Improper conduct im the Marine tice especially. dT eent a request 10 Writ that body to i the Marine Court, Judge 8) origin of this trial ite usual table rate # SUN stated « half a dozen e was voting, ai don my pare as Chlet the appearance of th to the Har Arsociation, Invithn an luvestigation of the aifaire ment assurances. sorted to flight again, ani whereabouts have bee ‘The Hon, Blisha P. Wheeler, Horton's father- in-law, and the father-| lestion of invalidity raised by the by preferring the ut in the transfer Pennsylvania y of State Henry C. Kelsey Sourt, and when th takes occasion to say, officially, that he has and no omicial kno lease, or otherwise at sof New Jersey to that excellent gp otleman, Col. JUSTICE BRADLEY'S LAW. tthe law known y's law was passed f National retort f Graham, were hoavy stockholders in that they sold the ir stock a few weeks bef rash, and it Is believed that the: what the inevitable result of the institution's: ismanagement would be: that the * Mutual” vited to step cord in his ofl f the transfer b But if that was t they cannot escape responsibility the present banking law each stockholder to the amount of stock he holds for every loss by embezzlement or otherwise, pro- viding he knows of such Joss before bis shares are sold.and the burden of proof lies with him to jhow that he did mot, know It. further Hable ore ientioned, Court shonld ad Steinhart was finished, Tt was prearran, Vjourn after the ‘The cage was fn'shed and {lett the bench, went out, aid when I returned the Court was AN ATTEMPT TO CORRUPT AN ASSOCIATE. Witness then stated thi proached him to enlist bis of long and If so, Itseems not a little strange that the purpose of the company to con- tinue business “at tts usual rates,” and to guide that business by “the same principles and rules which a long experience has shown to be most conducive to the safety and best interests of its policy holders," was announced only Judge Curtis ap- or in behalf of a rk, who bad a sult in this Court. Mr. Smith When was this? W lines It was in Whe latt express purpe Stanhope consolidators show t 1 yet by some unace reful a lawyer as ex-tl tis to have Directors are It ts their duty to k's condition at all times, and the disposal terests does not relieve them from for an amount equal to the m while acting in such ca- any such law ‘Court by dude Curtis, ye word of tbe attempt, Ow his ik held by U ders can fad Ci Friday two we defaulters In this case were re. Lepoke of it to Orlando M Stewart, and others, ing and respectabl has created a great stir in th town,and the excitement is increased by tt positors, who Chreaten all sorts of and who have sued to recover from the careless village of Middle- 1 don't kuow. a ever speak of it Lo your a: Ver, ‘When and where? A ve Curtia's actio ou speak ty, Judge of you continued to bs testified to Judge Curtis's Judge Shea checked counsel who reflected on Judge J John R. Flannagan testiied to the ry Recess till 230 o'clock P. M. JUDGE JOAC action has been so long pon- uncement should doven individuals, answers Is the one ribes himself as the Supreme € loyed by the Nw also by the Stan- wad Company, in which latter eapaelty awiedge of the afluirs of these egentieman who read and the Stanhope ati cay with Gov. this gratuitous ans have been withheld, ‘The “principles and rules,” the guidance of which has been the proud profession of the “Mutual Life” for these many years, and In proof of the soundness of which Its “long expe- has been called as a witness In season and out of season, are what? It needs no voluminous citations from the publications of the company to show that it has been distinctively and ably the champion of the mutual system, and of rates confessedly more than sufficient to meet and master all the probable contingencies of the future, The one most conspicuous “ prin- and rule” of ite long and honorable exist- ence has been the necessity,for absolute safety's sake, of charging for its policies much more than enough to provide for the ordinary hazard against which every page of its literature and every year of its history bear irrefutable witness bandonment of these “principles and iseither a confession of judgment that all its past has b: ful betrayal of trust struction of ec when such d Why. I oftenspoke Tie is THE MAGNOLIA'S MISHAPS, act With Judge Cui Ephram A.J trous Voyage on the Perilous Const "s private se hart dénuies most solemnly that the: audulent in the organization of 1¢ Company, and asserts that be read y, while Hall fi mparing it with the engrossed 1 that he read the whole ars in the laws of the Correspondence of The Sun. Oy Boanp STEAMER MAGNOLIA, Noy. 23. Owing to the recent disasters at sea many readers of THe SUN must be very anxious about fate of the Magnolia, which sailed from rk Nov.9, carrying six companies of the First Regiment of Artillery to Florida, and due ‘olwon Tuesday the 19th. ‘The ship be- came disabled, and put back twice forrepairm. Rat to begin with my stor bly smooth and pleas: avs anything & IMSEN'S TESTIMONY. At the afternoon session Judge Joachimsen of rt was sworn, and Incident, In the court already testified to by tery word of th the Marine Ce BUT MR, DANGIART, ‘Cross-examined by Q.—Yon appeared before the committer of the Bar fionin the investigation of the charges agaist Judge Curtis? A.—Ye This line of examination was objected to by 1 ution, on the ground that Mr. Sinith said it w re brought into on tue defensive ividuals join in the retort, that the Jin accordance with After a remarka- ant passage, during which Was scarcely ure motion than one would rience onariver boa Key, West at 4 P. se itself was never pas he forms which #trict Jersey t Was irrelevant g how there etitral, throu, ship arrived at Julent combing gating the investi ry Judge who the management of th antes named {nt btain possession of the affairs of this Court, is yon by his associates, who go before the ation making the investigstion, and make vents as to have him brought here for punishment, The President allo witness, who ate Judges went n and made stifled to in this trial. DOE GRORS'R TESTIMONY Judge Gross, another Judge of the Marine t tion of Judge Curtis in ark. Witness had this case before himand Curtis came to him and sald 1 him'to do what was fair in it; that Witness said after hi 1 decided it, Curtis sald. to him, * What have nave decided that case against n Lam out of pocket ay thatwum. down sufficiently by day- morning to justify ¢ rin command, in starting for Tortugas, we arrived about 3 P. ompany was land Third Artillery. eof the freight for this point ¢ ed ull after dark, and it being dan- t, the steamer next morning. Then » Pennsylvania od to furnish t elther case, it Is a de- mpany which, fidence in the « truction was attempted from we called, in language wh ract, “an assault upon the whole system of life insurance. When that assault comes, as now it us to come, from within the company (wittingly or unwittingly, it matters not), it Is the duty of every journalist who loves life insurance, believes in it as the only salvation of hundreds of thousands of homes, to come to the defence of the Mutual Life Insurance Company: for the its sptendid record, its magnifi- cent present, the glorious promise which it bas belongs to life insurance. It is the property of no man, or set Of men. has passed out of the domain whe and copyrights and the proprietorships of sel- fishness oF pride hold good nd corruption of the officers and m Jersey Legislature of that n should bece ed the examination of the If and his associ before the Committee of the statements which ated that him: gerous to try the cha there until: th 1 out with every in two days and a half at the longest. 1 was pretty fresi was running. but the ship made good headway miles, when the b Not being an en also to furnish such money as might be neces- the transfer of the rights a panies to the Centra erties of the « ers, and directors with whom this netion was made several hun- nd dollars, to on head broke. neer Teun hardly deseribe the accident had to slow down to five revolu- which, with the assistance of ‘The ship was nin the hope that ing might be found there to help us, We arrived off the harbor clock the satt With the engineer ashore, woke up Uh ple, and with the assistance he was interested in it derates if they #hou arrying out their p result was W the sails, gave }, as T have ge * Mutual Life” Went to work in Chis Way. HOW TOM DID IT, heretofore held out ‘They first cau: of the quarterma- ira who wore for- Lwo or three fron then the oap. + Or was it t that we got ready ship lay abouta mile and a half narrow channel fo have me deeide the ease In favor or h ed [still treated bin ine fricudly that is, Leonversed with bin as s been your feellugs ta Je preambleito the a: ain word or words, it cive the confidin, ma f. Bintth—W hat hat Thad not spoken to bi ‘ended to misle members of the I ny the Governe he State, as to the effect intended and its ania Central. After they ured and drawn the act with this fraud= surpose. they caused it to be private! It belongs to bu- It is a part of that broad realm of beneflcence where patents are not issued and estates are not parceled out. success, the good it ange your deportment thy for han in his pr Mth, 86 young aud w nd Laaid to bin that any Ml will Lwae outside of a cireuitous and which made it impracticable to reach her by boats during the night, with a heavy norther In this emergency G cellent system of signalling came into play, and Tours were passed every might by the off the fort and on the ship flashing back messages relative to th Its reputation, its as done, and the unmeas- ured good which it may yet do-these belong to onto the Pennsyl n. Myers’s ex- re. Nr. Smith—Did you not say to him words something ossed copy ready for ui urtis, for God's sake, du pot let smith ‘noon of March 1 erose-exainine Did you not aay," Do not hay a nade ag to eanniAry y proceedings. In a narrower sense, but in a sense which the law will recognize and by a tit laws will maintain, the Mutual Life Insurance Company belongs to ite 77,000 policy holders, their heirs and assigns, Theyown the company. , therefore, “in defence of the we mean in defene @,000 families who own it and are depending on it for their sustenance in the hour of need. “defence of the ‘Mutual therefore, because we believe that the 10 polley holders are assalied its officers and ‘Trustee: itis true, bas been well nigh the period allotted to a human gen- * but it has not the “experien By far the ereater part of ‘eles have been issued within the past ten rs, and, besides this, no company has what might be honestly termed “an experience” for Neither does the published the company demonstrate ability to reduce its rates as proposed. That statement demonstrates its ability to achieve an unparalleled success by adhering to the “ prin- ciples and rules’ which have heretofore guided demonstrating this, demonstrates the danger of abandoning those said “ prin- ciples and rules,” If the theory upon which the Mutual Life In- surance Company has hitherto conducted its business is not false; if any man who trusts a life insurance company for m term of years is not a fool of reserves and the rul bilities of life in ylolation of all th which courts of rules and customs work under p) i i 10 o'clock A.M in. and in the high: off(ials and memb vader Way agi he bill Lo make its app ding as one which had passed hrough its various stages previr time, it had DF counse] examine me on that subject Never Lo seo again sitting at the | ¢ startled by a crash d snapped, and. w The ship was again put back, sail o'clock. yesterday afternoon w again entgred the harbor of Turtug Some more blacksmiths nd among the soldiers, and with these andthe men who had been working day and night for sixty hours, more bands were made, Gen, Brannan ordering duplicates for use jn vase of furt d was baked and beef eattle killed fo: yard ship, and a suppl would take, put hopes were soon neh table we vands nade at were again disi- When we # ‘Mutual Life’ Hs, When, atthe roduced, did ing, Was not referred to its never been en- 4 put upon tts third re Til was used which had been privately krossed, was signed bs ! transmitted to the Senate as havin Through the thing sald about ¢ case any to have that subject gone 10.0. witness explaincd that these suminary to cases of landlords and that an examination here and at this time might result to his diseredit, but at the same time he had youchers to show that he ad paid over all the fees he had received sald that through the advice of frie! for several years and about 4 the officers of the House, Interests of ite 7 greased lightn as sent back to the hurried up to the Governor, signed by tained these fe {two months he had pald On making this statement, which he denominated a confession of conduct of which he was ashame pursue that fin THE JUDGE'S “Mutual Life in operation fot historical time in w y ways nthe eifin Puck awore out the ear And Ubat immediately th after the principal officer of t informed of the passing, signin, and filing of the laws, and of the decept corruption by which It was passed, and there: tral paid the money’ or securlty had agreed to furnish for this pur- Smith said he any further, nurs We put to Hitde faith that she will r jeneral is plucky and di nderatand that human generation, cola, but the y Ww if she breaks and take a pil el inside the reef, and put for Key West as well as he can, and re abandon the ship. w YORK Hanson, Dec. 5.—The steamship lia arrived this afternoon, brit ‘hird Artillery Tortugas, under the command of Gen, Ayres, ther the Judge w: halary was then $6,000. Judge, can you name a single lawyer who you was entitled to thove ona Tamers an to wl ds the chan: the ages beyond 00, -He ts now dead. Mr. Smith—Ob, I want some live man Witness named some one else, who casually said #o on the street, SCENRS IN COURT. You have no idea to what an amount of dreary, Imaginative uniltuminated mer have been compelled to listen t If it had not js share with the grace of a poe! though he does really love and bel'eve all he reads ; that Senator Si giving to it the sna appeal; that Mr. 1! into this dull, ’@ voloe that woul 1; that Cole, of old King Cole eaid so casually on the Mh street, Well, we will let iv Charles G, Kust testified for plaintiff in the case and detailed all the been that Glichrist e was counsel { Beam against Clark, proceedings of the case, by ter the case had been trie and judgment rendered in favor the plaintitt, da new trial and e him, and denied to the plaintifl id case by jury. Prossexamined by Mr. Smith—There w: Juregular in transferriog the case which brought It be: A New York Jeweller Robbed in Chicag, About 7 o'clock last night, European Hotel on Dearborn street, a thet N, Aronson, an linporter of watches and a manufacturer of jewelry, whose place of business in at? Bond street, New York, broke o1 tample trunk aud Kton reads his share \d emphasis of a patriotic ler, relieving the the room of the trial of s 15,00) to $16,000, The thief, w fessional from New York, was stop sane botel, and re than a limited if the whole doctrine under which the la- ‘ance companies have here- tofore been computed are nota delusion and a snare, they who lay their hands upon the re- the fund sacredly appropriated and pre- served to meet claims sure to mature in the fu- ture—plunge the same hands feloniously into the patrimony of the widows and orphans of ten, twenty, thirty, fifty years to come. But this is what is proposed in this new scheme of the * Mutual ‘That existing tion either ty of your city, legitimate himself, makes the pages which he takes 4 go’ hour by Shrewsbury clock to get over, sparkle, and crackle, and spit fire every now and then f it were not for these things, the Ledger man would sinash bis spectacles in’ despair, and the young Herald representative would gloomily brush out the unflattering hope he has of a gold~ munitted the robb ry whi The booty was put into a car ober walked deilbe e kuew What was TWO SETS OF FURS. Elijah J. Clark, defendant in the case of Ream against Clark, testified that he sold to Judge Durtis told him to send ‘The first set med Lyneh bad his pocket picked ) inst evening while Curtis two sets of f the bill to his office, which he did. of furs was paid for; the other set was never Croseexamined by Mr. &mith—-Wher Bean I went to Jui nd he told me to ei tls ordered another Delng for his moth pest old friend Ben Williamson put in ho appearanc by the President. Wasninaton, Dec. 5.—The President to-day sent to the Senate the following nominations : Ward Hunt of New York, to be Heard he was of the Btate Library, up to hancery law, English as well as Jersey, and both as dry as dust, noone of that name there. vailed had gone to his ‘otel. tight be in his room, and—be mii he has anything to say it Isno fau Fewpondent that he dows not say it Just here, and relieve that ‘vast 0 know what he i Matters which set half ‘Trenton Fa and bowling in des Twas sued by ‘Curtis and asked hie advice Iu the swociate Justice of Btates, to suceced |. L. Orr of South Carolina, atraordinary and Minister Plenipoten- ‘ips, to be Solicitor. 1, Postinaster of Lucien Hawley, Buperviso I Revenue for New York: Brig.-Gen. lrvin ell. to be Major-General: H. Knowles, to’ be lontana Territory. ‘of fure for hia niater, From that the, sep: never knéw that the bill wak not ceper the Dill ought to have be he whole transaction was ect with all others. The bill was fi ¢ account of “ profit and loss.” J promise to me lve that thie suit eh Went to the to be Envoy. Bi ‘The circular stat ley holders may have the op- leave their policies undisturbed and pay their old rates, receivi nal dividends un credits, oF to take out new pollck existing credits added, and pay the’ new rate present age, pro- 08 new medical At the hotel, he t with the goods, vice Bingham { i never made an) their proports the Bupreme Cs ‘Trenton running around alr for a sight of Tus Sun. WHISPERS ABOUT DEN, ‘There are deep and ominous whispers that he # to retire from the case; but for this L no trustworth wish is father to their then hey subject themselves 1 are pronounced assurable, The company will, by this most desirable plan. have within its control a large fund to whieh it may resort in time of trouble, should troubl while {t will avold the objectionab! keeping on hand a large undivided those who die ean interest, Whose previse iMoult to ascertain, Let us take a case and try on this new-fash- Aman who was insured in the “Mutual” in 1864 at age 25 for $1,000, on the annual premium whole-tife vearly vrewium of $19.60, He day Geods and Tove d direct frou lon, Kighth ayen ‘ord between Judge Curtis and mysel tween him and ‘one for me eons prices day schools, el "wit, ‘The fact o How to Prove I fat Dottie, #1. ades ta, and bea- a eo seen ouites lb great ¥ Some of those to hi fu had nothing to do im most ear: regrets not unmixed with ‘and myself that thi ey have to hope that some satis- jon cap and will be given. oat courtly and chivalrous ain ao to Wol- sult should be before the Bar Associa. foned jacket. lan, bas paid a ‘The Senate chem adjourned tll 10 A. M. to- now 33 years of 2 e 6, 1872. age, and hig annual premium on a new polley of the same kind would be §%.78. Now, the “Mutual” proposos to reéxamino him, and, if he Is found still insurable, to Issue a new policy it age for 2 per cent. las than $24.78, or for $19.33, the bribe extended to the insured to make the change being a leas cost of 6 vents per annum. But against the original policy the company ‘Was obliged by the law of New York to keep a reserve—che legal measure of Its present liability under that policy—of $66.06, ‘This sum, and more—viz., on a4 per cent. valuation, $68.4—the Mutual Life Insurance Company has again and again solemnly affirmed it necessary to have in hand to the credit of such a policy as we have described, In order to enable it to pay the same at {ts average maturity. But tho polley which at age Is to be substituted for an original policy tasued at age 2%, le to be valued as anew policy and the legal Mability (at 4% per cent. Am. Ex.) thereon is only $8.89. Ata four per cent. valuation It would be $10.54, while the liability of the company on ac- count of the old policy was, by the same safe standard, $64.4, So that by this single transaction, In the case of the smallest policy, issued at the youngest age provided for inthe * Mutual Life’ tables, the company, while its actual lability is In no wise changed, and ite resources from future premiums thereon receivable are reduced by the present value of a life annulty of $0.54, bas ined on its books @ mathematical surplus of $57.50, Multiply this apparent gain by the num- ber of policy holders in the company, and we have a total reduet of ite legal liabilities of $4,458,190, whicn is far below what would be the true reduction of such legal liabilities, because the average amount insured by each policy is more than $3,100, instead of $1,000, and the rage age of entrants about 37, instead of 2. The policy holders of the “ Mutual” invited to walk Into this attractive parlor should stop at the threshold and consider that if they all do so it will unlock and release from $5,000,000 to $10,000,000 heretofore exacted of them and held out of their reach on the plea (and, we doubt not, the fair plea) of making them safe beyond veradventure. Professor Bartlett does not state itin exactly this way, but he comes astonish- ingly near to our formula, He says: * The com- pany Will, by this most desirable plan, have within ite control a large fund.” Either this surplus so obtained is Actitious, or the assumptions upon which the “ Mutual” has been doi business, and the solemn profes- sions it has beeu making forthe past thirty years are false, But having conveyed these millions from the holy of holies” in which they were supposed to be kept to its own possession, “without legal imputation of larceny,” what does the *Mu- tual”’ propose to do with them? Professor Bartlett, anticipating this question, volunteers an answer. He says that the com- pany * will haye within ite control a large fund to which it may resort in time of trouble, should trouble come to it, while it will avoid the objeo- tonable measure of keeping on hand a large un- divided surplus, in which those who die cannot fail to have an interest, whose precise value it would be dificult to ascertain.’ ‘That ts, the company will keep it—will hold on to this percentage of overcharge which it has confessedly taken from {ts insured—and at the sane time, mérabile dietu! will “avoid keeping on hand a large undivided surplus.” This is how todo it and bow not to do it, at the same time; but it will not go far to satisfy the con- tributors to “ this large undivided surplus,” into possession of which the company has so sud- denly and adroitly come, ‘And what are the advantages of the new plan to new policy holders? If getting their insur- ance cheaper is an advantage—and we dispute this, for the phrase “ cheap insurance ” is @ con- tradiction in terms—they will not even get this. It is certain that the mortality will not be decreased by this reduction in rates, and it is not pretended that the expenses will be dimin- ished. The premiums will be less and the return will be less. Heretofore, the company claims to have returned 45 per cent. of its premium. Now the rates are to be reduced upon the average about 18 per cent., and the dividends reduced accordingly. By eo much as the policy holder in loaning to the company the 90 per cent. of loading, now stricken off, insures himself—and be it remembered that in a mutual company every member to acertain extent must Insure himself-by #0 much does he, under the new rates, go uninsured, & ¢., there is now no pro- vision for those extraordinary contingencl which have excused a liberal loading of the pre. miums, unless the fctitious surplus acquired is unjustly used to protect the new policy holders at the expense of the old. The fact in respect to the average life-policy holder is, that If be pays $100 and receives back a dividend of $45, he Is richer by $23 than If he had paid $78 without return. We have chosen to avoid considering the baneful influence of this “new departure" of the * Mutual” upon life Insurance genegally, tn choking honest competition and crowding younger companies to the wall, for two reasons : fret, that we wanted to present the case dispas- sionately upon its own merits; and second, be- cause competition is not made upon the matter of rates alone. Other, and many other and more potential, if not more important, arguments go to make up healthful and successful compe- tition, Our conclusion is, that the Mutual Life Insur- ance Company has done an unwise thing, and for these reasons: 1. It has invited all its pol- icy holders to a new medical examination, which is to certify to each his existing physical condition, Buch as are now pronounced unin- surable will, of course and at all hazard, keep their policies in force ; while those pronounced “as good as new" will not make much sacrift to do so; and thus will be reinforced that selec- tion against the company, of which Professor Bartlett said, in an able paper presented to the National Insurance Convention, that it “ works damage to a company’s vital force.” 2. It proposes to admit new members upon a better footing than the old. It is bad enough, perfect mutuality being In view, to admit them on the same footing. The old members have paid the expense of organizing, equipping, and establishing the company, New members inev- itably reap the advantage of this. ‘To give them more is an unjust concession, And so by these new rates of the “Mutual” is mutuality be- trayed and crucified, 3. By this mancuvre that grand old institu. tion, which has braved the storms and borne the brunt of the battles of the lust thirty years, is rendered Hable to two aspersions: either that this is a desperate bid for new business (which it does not need), or that it is a crue! effort to crush out weaker companies. Of all institutions on this continent, the Mutual Life Insurance Company, rich as it is, can least afford to pro- yoke this calumny, 4. This is fairly interpreted to be a confession that all the former assumptions and professions were fulse; to weaken, If not destroy, faith In life insurance, by educating the people to be- eve that all its boasted securities are but math- ematical shams, that it ts based upon fetion governed by expediency, and more uncertain of its own future than each of its patrons is of his, In this, it is an assault upon life insurance, which, if the honorable trustees of the com- pany do their duty, or Its 77,285 policy holders know thelr rights, will be ‘repulsed, to the dis- comfiture, if not the dishonor, of those who have made It, ——— FINANCIAL AND COMMERCIAL, THURSDAY, Dec. 6—P. M.—We have to record #8 further continuance of the dull season into which Wall street has drifted since Congress reassembled, and to-day the business at the Exchange has been far below the average volume. Of the general list there is absolute ly nothing to say beyond the mere fact that It rulod steadily all the way through, comprehending a radius of lees than half point, though the lowest prices were generally made toward the close of business, Roc Island was the conspicuous card that lifted the market out of the absolute rut of stagnation, the trade in this specialty being brisk, During the forenoon the move ment in shis stock was irregular and halting 96 118% (@ 1144 and back again, tho operations being governed by Be detainee oats eter tat w Block, an Tal On tiie basis of the tncressed capital. “However or lute foundaslon there may, be for the rumor weido not undertake to say, Though the story sdvanc fo 115 at the close. Pacite Mall divided the honors wil fe, bie, ts 1, the price running v1.0); ‘city trade an ond for the purpose of fe the place of those recently besip should be taken Moaacata’ or ne. speciation in the ° 4 a n Telegraph compictes the iis: ‘that oecupled th aunounts were picked rious stories othing occurring in coupleter history be ‘as above mentioned th rkot of noteworthy m: found in the subjoined i ‘The advices from London to-day have been cheering, the late advance 1n console and t fining ; 4 hhds. rd steady ; hards, L2@i2iyc.; soft white, lye viTox—The demand for tinues fair, Market steady and low middliny e. 1.88) for export, and 900 in transl with moderate transect ited States bom favors London, and from this time forwa Father than (0 rade. ‘The open ie to beepresumed vetore I Jond will redu regular meetin ane, Bal elon 8 iS-Ihe, for December, 18e. ot ‘ebruary, 19%e. for March, 10%: and lie. for May. eported strong; raiddliny Petroleum irregular; conti resold at 2'(e., and crude at Stradned rosin was lower aud aet bullion ‘in the bank was increased Ing to derive. any apeculative froni this Kouree, the leading bulle in gold are endeavoring to avall thet (arn in the gold mari ember i alwa) irpentine waa falri active at 6161 Ke, Stearing was active ats in ai 5 Yndlcations it would seu 1, by wbeatn, 94d, very little headwi 1, when ¥ of one ¥ cent. W: The market was Bruin to Liverp: ona, which war a city brand. some demand for tatu offered (new) for December at 814 mene, chiety at 8 Dut quiet on the spot at hort clear avid for’ terms, Cut meats were in falr demand the Jarge bids for (he Treasury OH) at prices Tai pid, which amounted to #4, roti 112 to 119.110). A million wa Hams. The rates tot vd Jo Frying. and late, The’ Aseintant Tr 1B market were fat to the aft Active but cloned atereat $40,000, hoge fricr mt Ona ney; Slate factory, active ; aales for ai os FLAME! OL ter was quiet; good to ft MG@lise. fur prliwe to Gnaix--Wheat firmer and fal for red winter i payments, #2046459 Frency receipts, Gold Exchange Bank were ‘and currency bal- 12. The quotations were as follows AhwS46 for No. fair detmand ; sales 163,00) bushi. at mixed, and Mc, for Western new 4.00 bush. at Gc. In store, jont ; 4Mesie, for dark to light mixed new, We. for dark Ohio mix Was firm until the afternoon, rates etal tie are on of the scarcity of situation was devold of an; Len were Ti¢7 gold to the bond dealers and a thirty-second flat fow are inaking Sic, for new. mixed Xa i. $1.05 for Btate two rowed. Kye quict. Stock Market. ‘Thursday, Deo, §.—Reoetpts deeves yesterday and tidy were ins care, or py feat, et New York, Dut as far as we learn pied thelr requirement ‘There \# an easter fer! best names selling more t’bond inarket displayed conslderanle ices were recorded he alvance ranged from to x 1 1867e, ITT: 186Re, 1164; and * ontrotled by ty feeling on the je of aMule here. At U t, Henry Clews & previous quotationa, OF8 Was Br 14C. with a4 car load lot mbs were 56 cars, or 10.488 head, and trade was extremely dull at de6i4c. # @ Veal calves were lower, and 24 Bucks county were Wadvcllac ot about te, 6 e extreme range for native and for Texane 414 Cherokees sold eent., 1s8te reaching 117 10-08, 109%. The tharket | heretofore mention sold at 530090, # iso strengthen tn os Were seliln, ‘82 Wall street, rep Tr. Boome, Ga......112M 1124 5-28, 1885, coup, 113, SW, 1887, coup. 2 5-208, 1s6H, coup. 116 10-40e coupon... he of ae ree MARINE INTELLIGENCE. MINTATOR® ALMANAO—THTS DAT. 4.83 Moon rises..11 Mf HM WATRR—THIR DAY. Gov. Ueland, .12 42) Hell Gate $6, 184. coup. Bae, 1N6, cou A usiness Was note, jut lesa active. Sandy Hook,.ii Arrived—Tuenspay, Deo. 5. teamship Great Western, Steaunship Cresent City, Havana, mdar 10, Liverpool, mdse. and pass. ah, mdse. aud rookiyh Water Loan 64 at 9. $4 and Kouth Carolinas erchante’ Bx Ninth Natio ‘bonds, prices being ‘There was a loss active business in sales having been made as f lot's; Union iste, + and incomes, OKC fales Were as aunexed: N.Y. Tong dock, $834 ew, Janus and July, at tharee’ sold as follows: at’ 109, and Bank of Brig Christian, Rio Janeiro, coffee. Aiso the usual river aud CoMst Wise Vessels, —— ¥ the Pacific mortgs Soa: land yr other achine ie extremely simple elaborately finished enting, compmDR to every variety of fami Itembraces all o} {te constructiot nd light manufac. the Important and essential elements embodied in sewing machines patented witht with late and tu of eminent mechanical ex: inthe employ of the Wilson Com nid has reason to be proud om at 17 Broadway, New York. in the United States. The company 7 avd Busquehauna dx, $8 Southern binking Fund at 101 Galena aud Chicago lasts, yne, and Chicago Ist Derts and inve (8; Milwaukee an ‘4; Hapnibal and St. Boston, Hartford, ana Erie ‘Chicago, and Indiaha Central 8, BM. The roliowing were the highest, lowest, and closing prices of stock: Y.C. & Hudson Con.. want agents in ine has taken more It is simple in construction, nolseless, kD, be furnished for trial without charge) upom porary), 9 CHAMBERS 8T. AND 8 AGENTS WANT with machine and an Instruct Application at our ‘areroome (tet Northwestern Northwestern r iIwaukee ond St. Paul ukee and St, P for the selection ot way and under th t variety of ail the noderate prices, NOX, At bis stores, 218 Isr Fifth Avenue Hotel, exhiolte a great prevailing styles at qiaintances buy thelr hate—to KN The dest place in New York to Tich, fashionable jewelry preavhts, isSQUIRE'S 97 Fulton Diamonds a specialty. FREER FRY ns x Hoeton, Hartfont kad BFié, en saz q Hannibal and St; Joseph aaee Beat place tn N. gaiters, fudla rubbers styles dnd prices, igintl 3) £88. American M. U. Express. United States Express. At an annual election of the stockholders of the Ni York Gold kxchange Bank, held Dec: Harney, Alfred L. Pa M. Benedict, W Cox, John F.Underbitt, b 2 Burke's bats are the ben & 1872, Charles H. adway, cur. of Fulton et, Ura ne manuf i Manufacturer, 210 Proadway, ih was chosen coruer of Fultoi 8. Mathews, Cashier; Georg: For a Stylish an, the Imanufacturer, —— DIVORCED. McLAUGHLIN.—In the city of ber 4, by the fon, Claudius L.. Monell, Justice of the Superior Court, Courtney M At, go direct te AND FINANCIAL, Bayxin@ Mover or HENRY CLEWS & CO.,} Yew York, on Decem ‘Wall street, New York ’ Bills of Exchange @ughlin from Florinds Commercial Credits issued available in all parts of the received, subject to check on demand, lowed on atl Dally Balances dation and facility afforded usuai with City Banks. December 5, Hannah, relict @ . re invited to attend the funeral t1P. M., from the Reformed Dutek Le de Si SOR OR morning, rt, Real Kaate Market. ayes, relict of the iate Mathew I is of the week's trans- i ange falceroow afternoon, at 1 o’clocl le Fealdence, 5 Attorney st HAHNLELN.—On December 4, of consumption, Jone Habnlein, aged 4 years. Funeral on Friday, December vited to attend, al op Monday with « rder Supreme Court (1. M and lot, 2x10), north eree) building His friends are tm Jou, referee), sold the prem- his residence, Sherman ting of four-story brick aud ‘On Wednesday, of croup, Annie Elizabeth, ughter of Alexa was large and the business or Supreme Court bold four five-story brick rand the late Annie A. Innes, are respectfak fend the funeral, ¢ the renidence of her parent beloved’ wife of Will 66th Year of her age. ly Invited to attend the funeral, at 2 0 SCOTT.—On Thursday, 0 nt, north wide also, five-story brick ‘ten f We C, for $11.0 nee, Aix Loe eaRt order of J. A. Moni ie Boulevard, ives of the fami E.H. Ludiow & Co. sold per order of exeeutrix of Bi, Hendrieh, deceased, the mausion and twenty acr: of land in West Farm Bix acres Drought $25,200 Macdougal street’ for $10,i00, andthe | bles, 8 West Thirteenth Wilkins & Co ntieth street, with teenth street, for $64.00 et, tor $26.20, east of Eleventh avenue, for 882, lier, per direction uth aide of Thirty-Afth atre The homestead and ‘ame firin sold the pretmis mber 5, Patrick Scott, = native of county Westiieath, Ireland, in the 52d year of and friends of the family are respectfale n Saturday, December attend his funera from his late re TROWBRIDGE 2, of chroule pheumouia, George A. r A.W. Nichol, sold two ‘Iota # Tenth avenue, S0x98.%, for $1 ee We Tote one by Messrs. V.K. fourstory highstoop brown-at @, lot WIN) feet, borthweat corner of Park avenue to Commodore ©, K. Garrison __ Special Rotices. STURTEVANT HOUSE, 2th and 2th st. Brondway. EUROPEAN PLAN. Rooms per day, 505 Proadway ir coniparison with the jonth, and comprise one | LAFAYETTE HOTEL MAISON DOREE CHARLES HOTEL SWEENY'S HOT! orth side 140 d four lots #outh site Itiat enue, 19,28: twenty-elght lots, 1th and 1691 west of Broadwa 618 Broadway 6 Chatham at 40 unre fadinon avenue tat of Madieon + hth avenue and 114th street, north side 14th street, adjoining, #63,000 southwest corner Fourth avenue and street, €0,00; three lots north tide Fifty-elgi THE WEEKLY SUN. THE DEST FAMILY PAP’ York Sun, 6 pages. $1 @yoer, Seud your Dollar, 4 The Weexly New sold per order Supreme Nol, referee) the premises known as 47 e interest of Henry e'in Jot 83 Beekinan street, to W. B. Duncan, plaintiff, for $40,400; also, per direction J. 8, Lawre Banvridge ia ior ss Beekinan: THE BEST AGRICULTURAL PAPER.—The Weekty New York Sun. Spages, $1 year. Send your Dollar, fide of Avenue ( THE BEST POLITICAL PAPER.—The New York es, Felered, side of Firat nue. south of Sev Me Plunder, 8pages. $1 year. Send your Dollar, north aide of Kast Thirt THE BEST NEWSPAPER.—The Weekly New Yor Sun, § pages. $1 ayear, Send your Dollar. corner of First ayenue and 10 plaluttm, for 9,50, order Supreme Court, G. H Crawford, referee, sold six lots northeast cor Fourth avenue and With street, Om WILD wtreet, each 25x10, for BS] 50, oe Was fair At the Exchange Salesroo on Thursday, and several luportaut legal sales wer consummated. wars. Muller, Wiki Court, M, M. Budlong, referee, two DOF Hide Of Fifty-eight 940; alo, w four-story HAS ALL THE NEWS.—The Weekly New York Sam Send your Dollar, ‘THE BEST STORY PAPER. ~The Weekly New Yor® Ble year, Se: THE BEST FASHION REPORTS inthe Weekly New York Sun, @pages, $1 ayear, Send your Dollar, ‘THE BEST MARKET REPORTS in the Weekly New York Sun. 8 pages. Sia year, Send your Dolla T CATTLE REPORTS tn the Weekly New Send your Doll nd 16 lots adjoining order Supreme Oita, 16.6% 100.5, weet of Lexington do uneliy sold per same order, F, Smith, referce, Y house and lot, 2x1 4, went of Fourth aver fis lotw togelner, 1s2xi0x 1449, north we file roda and 120th atre York Sun, 6 pages. THR DEST PAPER Sn Every Re ages. $1 a year, Send your Dollay THE SUN, New York elty. New York Sun, story brick house i av Fairchild sold per orler bupri Demarest, referee, ® fourstory. brick J6.0x100.3, north ington ‘avenue house, 8 Gouveneur street, + 16t, 26x10, nort xis, north site of Ninety-eighth street, east of Nith a the ale of lots of thy a the sale of feasehont ct by Jere, Jobuson, Jr., have not a D., F.R.8. of the Roy tal lectures on the PHYBICS OF in the great ball 0 Prof, John Tyndall Bi Cole in Brooklyn, Thirty-fourth Ook store of D, ¢ VAL HAVANA LOTTERY. 10 Wail ot, Pest Ofice box New York Markers. AND | MRALy Duyers, ‘present ( actions were mont} rades slack, aud m ‘Western winter whole tickets, 610, ads New Fore. i ahed Saline New Yet rtm extra Bhate. 0.