New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-04-27
TIE KNICKERBOCKER LIFE INSURANCE
COMPANY.
MEETING OF POLICY HOLDERs-sERIOUs CHARGES
THE LAW TO BE INVOKED.

MEETING OF OBSERVATION-DISCLOSURES CHARGEs
THE LAW TO BE INVOKED.
The course of the KnickerbOcker Lille In
suranee Company OF No. 1G Broadway has given con-
siderable dissatisfaction to its policyholders for some
time past many going far az to state that the co'
pany complete swndle. About $50 Of these l@tter
met together last night Hbners Hotel in the Bowery,
to decide as to the correctness OF their belief and as TO
the to be taken for the redress Of their grev'
ances At former meeting committee composed OF
DR.. franklin, +. " Curing, and T. H. Griinenthal was
appointed to investigate the matter aud take legal coun
sci on the subject should they deem 1t necessary AT
the meeting last night, Dr.. Franklin, on
behalf OF the Committee, stated that they had
made efforts to meet 8. Lyman, the President
OF the Company, without avail that he had then writ
ten him note on the subject; that On April 10 an
answer received from the President stating that he
surprised to learn the facts mentioned by tho Com
mtee was very much pressed with business, but wouu
soon as possible, answer the questions in detail A
week having passed since that received,
and no further communication having been received
steps should be taken rectfy the injustice done the
policyholders. Acting upon this idea, the Committee
York bar who desired that the policy holders should
answer certain questions, that he might determine
of its contract as would justify an action against IT,
complaint were to be found i'll the facts that the Com
pany had sent out agents to induce persons TO take poll
cies in the Company which agents had represented mat
the Company was the most liberal and prompt in the
city; that 1t would pay annual dividend OF from 50 to
80 cent that those who were unable 10 pay the WhOe
amount Of their instalmen down. could pay one half,
the Company credting them with the other mar on
account OF the aforesaid annual dividends ana charging
them but seven per cent on the loan thus made tha me
nstaments we're to be paid to the agents or collectors
who would cal for them when due, and not at the
Companys ofc0 that the agents so employed by the
Company spoke the German language, the poicy-hold-
upon the statements made by such agents and iniu-
enced solely thereby being generally unable to read the
policies, which in English invested their money
with the Company that no dividends had been pad by
the Company within the last three years; that the
appu nd collie of
charged and those who bad offered to pay their IN
informed that the agents would call for the
usual that such agents had not called ano mat
the installments offered at the Office had been eused
and the persons informed that their policies an
nued in consequence OF default IN the due payments OF
instaments IL further stated that some who had
objected 10 this summary way Of giving the cold shoulder
and threatened to return these unciy proceedings by
others civil and criminal had been obliged to submit TO
medical reGxaminaton and many who were and are III
sound health thrown out as consuinpuves -
Mr.. Klein stated that he held policy OF $500 in the
Company on which he had paid 500 in three years,
besides SIS interest," and had been offered s5 dividends
j. W. Hagemeyer OF No sA East Twentieth-st., said
that he held policies for s. 600 and 5000 that IN seven
years he had received s3 dividends on the so pohcy'
and nothing whatever ON the 5000, a., . -, :,
Adolph Jdngling OF No 5l2 East Twelfth-st said he
held a policy for $1,000. The agent had always come 10
the house for the premm the last nsallment was que
Jan IS. which vas sunday the agent qua MOI come ana
he sent the money to him the agent sad ne aa a
been dismissed, and that collector would call Tor the
money; none came, aud Wednesday he went to the
Companys office the clerk there told hint the collector
would come to him; he waited two days longer, anu
went again 10 the Company, OncIIhB " say
ment due he received paper, and was directed up
stairs there the doctor examined him, said nothing put
gave him another paper and sent him down again he
handed the paper to the clerk who told him that his policy
was annued; he told the clerk he had been ready TO
nav Int the collector did come, and lie had also re-
ceiycd no notice the Company he LETT ana AFTER
ward made fruitless attempts TO see the President
Mira orenZ MetZgcr No. III Eldrldge-st. SAID ner
husband held a policy from the Company went TO the
lector would call for liz waited several days, but col
ector came went again the office; they said her nus
band must come when ne went ,hey oAaAneu hii' anu
told him his policy was annuled
After these statements made, it was agreed that
all persons present should sign paper pledgng them
selves for small amount of money To create iund 10
defay expenses in their counsel should advise them
to proceed against the Company. number or persons
signed the paper. The meetny adjourned TO May j.