The New York herald., 1876-12-02

Jersey !. Mutual Life. =. Bnnxsrnon repIisd:-
there exists no agreement relationship between this
company and the Continental The position we oc-
cupy IS simply this:-here the policy holders OF
the Continental, and we make arrangement with
them that II they desire TO continue lher Insurance.
Continental d,d. We have appointed MI. Lewis
osborn our general agent for the city Of Newark We
psee ourselves as !. we're IN the position OF attorneys
"Do you expect TO receive any reserve from the
continental on the policies assigned 10 your"
I'VE expect 10 receive whatever there Is TO pay on
those policies"
Are these transfers OF old policies to your company
II believe SO. The assignments are made out in
proper form and attached to the policies
lis the consent OF the Continental COMPANY unncces
sary TO the contractyn
II viii not be certain upon that point or course
everything viii depend upon what allowance Court
makes or the disposition OF the reserve fund II they
pay anybody they will pay u.s..
As TINS was point Of very great Importance. in
vovIng rs does the whole question OF profit by these
transfers 10 the two companies concerned the writer
again asked
stances that the New Jersey Mutual Lie will collect
The these old policies OF the
Il don't expect anything. can't answer that ques-
tom
THE LxGAL RESERVE
Desiring to elicit further information In regard to
the aliinporant point OF the legality OF tho assign.
ments and claims by the New Jersey Mutual for The
legal Continental policies, tho writer then
called upon Mr. j. H. Sledwcl, President OF the New
Jersey Mutual Life Insurance Company, whom he
iounl in the companys ofice IN Tins CITY, While
saing his business Mr. Siedwe1 smiled incredulousIy
and to tho questions propounded SAID thai
tncrc truth whatever IN The rumors OF = col
fusion bel ween his company and the Continental He
declared positively that officers belonging TO either
pany had any interest IN the other beyond that
which might be prompted by friendship He
taking these risks purely Tor It's own interests,
ana thai they would certainly claim irora the Cont-
mental legal reserve due on policies assigned
them by the holders. The rumors OF prearranged
transfer business, Mr. Stedwei said cmanated from
jealous rivals who had cndeavored to swallow tho Con.
tirenta themselves, and failed He said that tho busi-
ness they were accepting was OF good character aud
desirable 10 control
Tho writer also called upon Mr. Henry W. Baldwin,
who the agent OF the Middle Department Of the Now
Jersey Mutual Life Insurance Company, office No. 81
Broad street. in this city. He made virtually the same
statement President Stedwe had DONE and said the
whole matter lay IN the fact that the New Jersey Lilo
had been ..n The urss 70 sec that they could %
moss Of the dciunct Continental They had
acted promptly ant successfully. and quite
independent OF the Continental He said that these
being made not only in Newark, bus IN
ali places where they could get hold OF Continental
ton OF between the Continental and the New
Jersey Mutual founded merely upon the Jealousy
y '''A'' - xscrivsR ANDERSON
Mr.. John J. Anderson. the Receiver OF the CONT
mental Insurance Company, was busiy occupied in tho
office OF the company al the corner OF Cedar and Mas
sau streets The writer stated his business and spoke
OF the rumors Of an afiation OF the Continental and
New Jersey Life.
These runners reach me every hour, !" replied Mr..
Anderson Il repeatedly asked in regard 70 their
foundation VIII tell you there can be nothing be.
tween this company and any other The receiver
do nothing whatever; his duties are strictly defined by
the Court When tue company got into court all the
course. could do nothing for them. had no dis
cretonary power and all salaries ceased aferward
with the New Jersey Mutual I asked OF them IL
such the case and he replied that the New Jersey
Life had made h,m an offer but The matter was no. yss
IT, and advised him to do the bcst he could and
work for the company that would pay him most"
There considerable complaint Mr. Anderson, be-
cause OF the delay IN your statement"
"Ycs and it is very unreasonable have been
hero now tour woeks, and in all time havo
ccived statements their accounts from bu, three
agents. They keep holding them back, though write
to taem every few days insurance agents are not
that pays them the most money Now, 10 give you an
OF the fiabor to be performed in making
up this statement let me tell you that iherc are more
than 20 900 policies, upon each OF which the reserve
has to be calculated"
"Could YOU not e,timate tho whole amount OF the
reserve pretty nearly and furnish an approximated
statement OF the condition OF alfars?"
- have no authority 70 do any such thing. and
would DO rendered liable for contempt OF court, &C.
cording to tho terms OF my appointment"
Have you participated in any arrangements for tha
assignment Of Conf uncnial QQlicicsS''
.fhavc. neither directly nor Indirectly, done any.
thing to facilitate other companies IN obtaining the
Continental business On tho contrary. some agents
have been here 10 ask for lists Of the in-
surances various places, ana have refused them"
.'Why have You declined 10 ISSUE pad-up policies,
according to the terms OF contract with your pocy
holders -
..rhere is no one TO sign pad-up policies When
requests for them nle the application along
with the policy and that must answer every purpose"
Then he added very emphaticaily .'Not one single
thing do here without an order from the Court
.Werc you connected with the Now Jersey
Mutual Liis Insurance Company"
ssYcs but only TOR short time"
The then brought up the question OF the legal
y Of the assignment of Continental policies TO the
New Jersey Mutual Life. Upon this point Mr. Ander
son a,scalmed any knowledge whatever, but said
they cannot assign policies without the
sent OF tho Continental they will certainly never have
my consent"
rhls does not look very promising for early
ment OF the affairs of tho Continental. Tho mystery
which enshrouds its coalition and the unpleasant
above expounded, abet one another and are de-
pressing to the hopes OF policy holders AS one gen.
tcman, who is deeply interested IN the matter OK
pressed "It is bad enough for the unfortunate policy
holders TO have the Continental wound up
interests II right that It should be done In tho
interests OF the stockholders Of company and the
business Of another.