1877 0723 - New York Senate - Testimony Taken Before the Senate Committee on Charges Against De Witt O. Ellis, Superintendent of the Banking Department - [PDF-1557p-GooglePlay]

• (p1177) - By Mr MCGUIRE:
  • A. I have parted with two or three life insurance policies.
  • Q. Sell them for the amount of the loan, or at a discount ?
  • A. at the price the insurance company would pay for them.
• By Mr. TRACY :
  • • Q. That is what is called " surrendered value ?”
• A. Yes, sir.

• (p1189) - New York Senator Augustus Schoonmaker Jr. (14th) – Mr. President, just one single suggestion.
  • Here was an institution (this bank) fearfully insolvent.
  • It now appears - at any rate, the testimony is offered to show that another corporation (an insurance company, also insolvent), became complicated.
  • Now, one question before the Senate is, what influences were at work about these institutions?
    • What prevented an investigation?
  • Those are fair subjects for our consideration.