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1 Insurance Investigation 1882

handle is hein.trials/xinsv0001 and id is 1 raw text is: TESTIMONY.
The Special Committee of Assembly, appointed for the purpose
of investigating the Insurance Companies, met at the Metropolitan
Hotel, Saturday, March 11, 1882, at 10 o'clock A.M.
PRESENT    Alfred C. Chapin, Chairman; George Z. Erwin, T. V.
Welch, B. F. Baker,4Jaiips Haggerty.
Robert Sewell, a witness being duly sworn, testified as follows:
Examined by Mr. Clr'iN:
Q. What is your name? A. Robert Sewell.
Q. What is your occupation? A. Lawyer.
Q. You are a member of the firm of Sewell & Pierce I A. Yes,
sir.
Q. And you were a member of that firm in 1876? A. Yes.
A. You represented the plaintiff in this action of John 0. Hoyt
against the Continental Life Insurance Company ? A. We were
his attorneys.
Q. What was the nature of that action ? A. The Continental
Life Insurance Company was then existing in the city of New York,
it had been created under the general laws of the State of New
York relating to Life Insurance Companies, it was what was known
there as a mutual life company, although it had a capital stock of
$100,000, and its stock holders were to be paid a certain interest
upon their capital ; but after that the whole profits of the company
were to be divided among the policy-holders, and it only differed
from a purely mutual company in this, that it had a capital stock
and the owners of the capital stock by their votes elected the officers.
In 1876, - the summer of 1876, my attention was called to the
condition of the company-

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