The New York herald., 1876-12-06


that they received but little attention. The informant
characerzes these managers well organized body
OF wreckers who have since absorbed the World Lilo
Insurance Company and arc now engaged in manipulate
ing the Continental
MR. ANDERSON INTERVIEWED
The writer called yesterday afternoon upon Mr. An.
derson the receiver OF the Continental, with view Of
asking his connection with the above and any addi-
tioual Information he could give upon the subject
When the business was stated to Mr. Anderson be dc.
clined to be Interviewed unless the questions
written out beforehand. The HkgALD representative
therefore wrote out tho following interrogut,ons and
read them to Mr. Anderson, who made reply.
'.At what time and III what capacity you
nectci with the Hope Mutual Lie Insurance Com
panyy"
can't recolect exact dates"
when an analgama alton made with the New
Jersey Mutual did you become treasurer OF the laci
company
II dd-
''Do you remember payment Of about 5000, o00 ia
Mutual IN coz Liberation Of the transfer OF assets
OF that company to the HopeF'
''ios. OF course. do. don't rccocct that that
was the amount"
ado you know where the money for tha. payment
from ~
wnen this question WAS read Mr.. Anderson answered
very abruptly: II think you arc going too Tar in this
business; think you are getting out OF your line;
must decline 10 answer that question.
THIS OF course terminated the interview, though In
an after conversation Mr. Anderson said that he
officer Of the court and quite ready to answer any
question concerning the CONTINENTAL but he could nos
reveal what he knew OF the affairs OF another concern
VICTIM OF AxALGAMATIoN. :.
The article in Mondays HERALD on the subject o
life insurance quoted the language OF Insurance Sue
pernscndcnt smyth in regard 10 amAlgamations AZ ex
pressed IN his last annual report In the chapef
the Superintendent refers ~ the resolution
introduced IN the Legislature al its last ses
Tor investigation into tho practice OF tho amalgama
iion OF hic insurance companies. The subject VIII
doubtless the next Legislature Senator Bixby
yesterday gave the writer the following letter. coming
IRON with whom he Is unacquaintcd but which is
Indicative OF tho Importance OF the investigation pro-
Bosros. Oct. 10. 1876
n @ s s. ~ 81 TN . ann Ia @ Co
ISSUED ey sha, eompany on the life my fsthsr
sl y as s
] ut Ss a s o sa' Hs .
ate. we received otiec that the company was IL .hs
premium for hs iowng Yea. wsr, no.ssd sa., the
Ss s Il, r'as.
assume s M nsr ",s Ny ass, a ds 81 is7S
Dany the blank. which prsperly
isiaetoiy saicient But proper sne. when
s SSp W. a I mot sas ~ s the
but took their matters TO see a. trustees and that there
loss and thu. that we must take whs, they are pleased
noisy aoS and aks " our nsc.
.s.i..s Deposit, nv ~; sS
,s q = ss .Sas q M
and which tho Treasurer tho writes mo worth
s have :. sssys that these pss; s
policy holder. I'll. New York company and collecting
@ p,s.sa.sa ssss si:lm sAss trustee: .aS
ss1: ss,i ns % %
claimants must 4 they Try 20 enorcs their rEs
is
e Sssa ',ss 's 'ss.;s.psaas%ss @ r.s.ass:
% has been unsuadsa and esralns fully Some measured
w,ss BY your A.sornsy General ! prosse living policy
sn any IL sns
sner ! such nanpaations arc known and such tckssen
''' ~ ". cnAs.EsLIx, 1.s: E..suss.; ..s s:,o,
THE CONTINENTAL ON THE PACIFIC COAST
A HERALD reporter yesterday met gentleman WIG
we'll informed ic matters generally
who made the following statement concerning the
Contlncutal:-
s.About two years ago the Continental introduced :
system of policy called the twenty year Continental
plan.' That plan merely insured the party Tor tho
period for which the policy and the pany kept
no reserve TO meet such policies AZ the tmo this
system adopted the company notified persons
holding endowment and other policies to call ut me
office. When these parties called they wcrc ndnced
by spccous arguments to change The policies which
they held Tor the new tangled policy The great ma.
jorty these policy holders ignorant OF tho rcal
drt OF affairs readily complied with the request
made by the company. The object OF the company In
gaming possession of the policies was In act TO got
possession OF policies that represent
and 10 gvo IN return policies comparatively
worthless About Two years ago tho company sent Al
agent 10 California who reported all round that
cempsuv was hopolessly insoivent lie told tho
policy holders that he would give tncn u cortain
amount for their policies rather tnan have them lose
everything. THIS dodge cmincntly succcssful
and the agent preycd upon tho Tears Of the policy.
holders that many OF tncm gave up their policies Tor
out Tor hun the resident agent ~ San Franclsco Mr
Blake, making public announcement IN the
papers that tho policy had better not pay any
more premiums. This its face looked rs though he
advising tho policy holders TREND when he
really playing into tho hands OF The agent who wan
taking up tue policies or the frightened policy
holders nnd giving them small sums tor tho sacrihcc.
Mr. Ford The Insurance Commissioner q
In tho newspapers. He called attention 70 the acs
that only few months previous tho president OF the
company had In his annual report mado sworn state
mcnt 10 tho ofcct that the company had surplus
OF S75O,0OO, and drew the inference that the
agents action in declaring tho company insovcne
very strongly Of intended fraud. The stand
taken by Mr. Ford became known TO the company, bue
neither president any other ofccr Of the
pany In authority ever rcpudiated the acts OF the
agent. who had under tho plea that the company was
insolvent succeeded in inducing many OF give
up their policies 1t great loss to themselves Nor
any attempt over made 10 answer MT. Fordha
charge OF fraud against tho company Tho next dodge
to lapse every policy they could get chance at.
For instance, clergyman up town tthc instance -
only Of mauy) had a ten-yesr endowment policy.
ing TO 125O II should be borne mind that he war
entitled 10 paid up policy after three years.
appointment OF the tho day arrived when he
should have paid hrs annual premium He was few
as ss aae an 70 ho
policy lspsed Ho then demanded paid up policy
Tor tho amount OF premium already padn.nas , 70 70
policy. alleging that hc should have applied for
when his policy was IN force. They then offered ts
change tho policy to tho Continental plan, which he
indignantly refused. Up TO this time he has goe
nothing The sysom Of lapsing policies was carried
to such an extent that tho company lapsed
policies because q little trifo OF interest
renamed unpaid on them. As an instance
paid on his policy $3.50 cash, and who was In.
debtsd very small trine OF interest," was informed, ON
sending tho amount OF tho interest few days later
than tho regular day OF payment that his policy was
Iapscd. The company, on beng threatened with legal
finally accepted .ho and restored
the policy. lhs 10 only ono Of many similar cascs-
Again, where premiums Tell due on sundays tho com.
psuy declared the policies lapscd and refused 70 ac-
cept tho premiums rendered Monday, although
they wcrc legally payable Monday As TO this fail-
urc business Il is SIMPLY dodge to alarm the policy
holders so that they might .hs easily induced
10 accept any offer which tho New Jersey Mutual
might mako them.