New-York tribune., 1876-12-23
LETTERS FROM THE PEOPLE.
THE INSURANCE CONTROVERSY.
- M Edffor or The Tribune.

To the Editor or The tribune
SIR. Twenty years ago the Ohio Life and
ruSt Company startled the country by its failure The
fact that within the past year suits by the assignee OF
that company to recover part OF its assets were s in
tho courts 40 that some creditors had been waiting more
than nineteen years for their may be OF interest
inst now 20 those who grayey informed tlat Ihey
are foolish IL they exchange policies IN bankrupt co-
many for policies In sound company. Undoubtedly
tbey have an absolute right stick to their policies, and
70 wait UNTIL In The OF legal events their share OF
the assets of the deinct company may he ascertaned
collected and II not eaton mp by expenses paid over TO
them But life is short Most persons who insure their
lives do 80 they want some protection for their
families in ease Of death. and claim against company
whose affairs process Of legal settlement Is not In
all respects the most desirable protection conceivable
II not strange, therefore IL the majority of those VINO
have been insured In q mOrbund company accept lhe
best terms they can get for reinsurance.
But I observe that the company which Is reinsuring
the pocyhoders OF the Continental Is by some journals
ip;emperatey assaed " IL guilty OF very I'M
proper conduct There does not seem to be any alarm
ing secret about the matter TIE NewJersey Mutual
offered terms the policy and the late agents OF
the Continental which they at liberty to accept or
decline The fact that those terms have been generally
accented seems indicate that in the belief Of the par
ties Interested they the best that were offered
Why there should be any expenditure OF Indignation on
the part OF any dsintcrested person. fail to perceive
4
secure the business, and one with an average
knowledge OF human nature, viii be amazed these
other companies in agOnes OF holy horror because some
body esc has succeeded where they failed. But why
any Journal not employed by those companies should DO
unhappy who can discovert
II IA said that r Anderson, the receiver, does not
make detailed report of the value OF the assets OF the
Continental. Probably he could make loose guess at
any time but strongly suspect hat he could hy To the
moon about as easily as he could make trustworthy re-
mort Of the value OF the assets the present condition
of real estate business NewYOTk large part OF the
assets OF the Continental In real estate Owned OF IN
on real estate II IL safe to say that no
Indy who owns any considerable real estate here knows
what IL IL worth anybody tell what mortgaged
Iroperty would bring II forced TO sale IN these days MT
Anderson has the reputation of upright man. and IL
but r TO presume that he will try 10 discharge his trust
bonoraby. II he does Motif any proof appears OF fraud
or cousioa-it will be time to censurc sharply But Is
not q time to suspect merely because he cannot
tcl IN month what hundreds Of mortgages in this and
other cities at present worth.
fthe comparative sOnndness " the New-Jersey Mu
tual aud any other companies which offer to re'ure
them. pocyholders OF the Continental must judge for
themselves That lists OF the pocyholders are known
TO the reinsing compny IA not evidence OF fraud since
nearly all the former agents OF the Continental. who
doubtless had ss OF their business have been engaged
by the Jersey. II they do not got proper pay Tor
their services II they msrvprsen facts In order 70
get business, there proper remedies But preciSey
the same method to tile business Of crippled
company which appears TO have been adopted In this
case has been repeatedly adopted in rensnrng policy
holders OF other concerns which became no longer able
a. protect them aud would have been gladly adopted, II
they could no doubt. By The companies when are
~ ncscnf nng the air with yiruous outcries because
they tried and failed. Let us have peace! Yours
Nelr- IOrL, Dec Is, 1876. W.