The New York herald., 1876-12-12
LIFE INSURANCE.

MUTUAL.
Indications strongly suggest lively struggle for the
rights OF the policy holders OF the Continental Life lp-
surance Company. The evidences OF gross mismanage-
ment by the officers that have aroused tho
Indignation OF the public and will bo likely TO result
exceedingly close scrutinizing OF its affairs Al
ready meeting has been hold in Philadelphia, where
some ,s71 policies Of that company are held, and
committee has been appointed to look Tor the
tcress OF tho assured The Insurance superintendent
Mr. William Smy tn, is fully alive tho importance OF
the matter. and will vigorously perform his duties
therein.
Policy holders OF the Contin entail have waited pa
tiently long enough for some intimation from the
receiver concerning the value OF the contracts which
they possess Mr.. Anderson has been Eve weeks IN
office. and not ray OF information has in that time
been afforded The necessity for explanation Of
the Continental affairs has previously been made ap-
parent through these columns II is just to suppose
that Mr.. Anderson knows something Of the real condi
ton OF the concern and it equally just 70 pro-
sumo that the Court which appointed aud gave him
instructions could have objection to his furnishing
the anxious policy holders with such facts about the
situation already established. They asked
by another company to make transfer OF their old
policies and accept IN It's stead. Upon what
basis this be done, except that OF blind specua-
ton? The policy-holder ooes not know the value OF
that which he assigns, and the New Jersey Mutual,
according to tho statement OF its President, IL simi
ary ignorant OF the value they accept The latter are
OF course in the better informed condition, and It is
not likely they will enter into anything Improbable
to themselves Mr.. Anderson by his retcence indi-
rectly aids in supporting this unequal position. His
is that the instructions Of the Court do not
allow him to make any approximate declaration. He
says the long process by which knowledge OF the
precise condition OF things VIII be determined be
gone through with before any Information whatever
can be given out Mr. Chandler, the Actuary OF the
company further informed the writer that he cannot
hope complete his labors until after sixty days at
least. He says that specific calculation has to be
upon each OF 90 600 poices that clerical help
has been reduced, and he has eight assistants,
and that agents have shown provoking indifference
their accounts.
Policy holders may thus see that their patience
be tried much longer, according 10 the present pro-
gramme.
RERPoxsE TO POLICY -HoLDERA
A number OF communications have reached the
advice in regard to the Continental contracts held py
the writer's. These, contracts are OF all
BY way Of general reply. it may DO
stated that any company which asks tho assignm
OF these will not be likely to afford the hold
ers much the best OF the bargain Those policies
have any reserve or any return to the owners due
what has been shown and stated by the receiver
would appear advisable to hold on to them for such
payment The poicyho can takc out new ln-
surance and lot the other remain unassigned, or he
can II necessary, without insurance Tor the time
that may ISSUE previous 70 the Continental settle
ment. As the matter stands 1t is speculative bust
anyhow and this basis tho policy holder is at
disadvantage in dealing with his agent. Several in
quries have been made upon the subject o "apsing"
and in This regard it should be understood that no
policy which was paid for up to October 70 can lapse
or 60 out OF existence.
little examination into the statements made upon
the hrst OF the year by both the Continental and the
New Jersey Mutual Life will shortly be published in
these columns, and policy holders may be able there
from 10 form somo opinion TO the extent Of the IN
solvcncy OF one and the solvency Of the other.
Hero is one of the comm unicatons reccivcd:-
ssTo THE EDITOR OF THE HxRALD:-
''rhe commendabe manner in which you have fol-
lowed up the exposition OF the Continental Life In
fraud is deserving Of the gratitude OF all
victims Of their contemplate trickery. And doubt
not the whole public eel under many obligations TO
you for the light thrown upon the subject of life in
surance. Can you tell me If there any proceed
II, or had they any right to receive my premium due
on that dateg Mine is an endowment policy. Any
Information you give this point will be grate-
-. K p PINE.n
may be well to state that the suspension the CONT
mental announced upon October Is and any col
lectons made after that date unlawful
now IT IS DONE.
Tho following circular illustrates the method pursued
by former agents OF the Continental to induce their
policy holders to transfer their contracts the New
Jersey Mutual Life-
''RocHEsrER. Dec. l. 1876
.pEAR siR-You have probably learned that d re-
cever has been appointed tor the Continental Life In
surancc Company Of New York. have been with the
company since It's organization and always believed
IL sound in every respect, and the appointment OF
receiver has been great surprise to
US all The question at once arose, what
general agents and held consultation In
New York, to ascertain what arrangements could be
policy holders from loss, and last week arrange
meats completed with the New Jersey Mutual
will be loss to those that transfer their policies to
them 1t may be that agents OF rival companies Will
try misead you but allow to you that it
will be Tor your interest TO send at once any
OF my agents. your policy with last paid receipt for
transfer l will be pleased to furnish you with any
aw H. MoNTG0MERY, No Is Powers Block
The above IS printed upon the regular heads
OF the Continental, having the names OF that com.
pany' Is officers at the top and The following :"Cont-
mental Lite Insurance Company OF New York. Roches
ter Branch-W H. Montgomery, manager" That
agent was the first 10 form connection with
the New Jersey Mutual after the Continental failure
and longer be said to represent the latter ON
what grounds then can ne continue TO Continental
blanks? 1t Is plainly effort to mislead policy
holders with tho impression that the transfer is
by the sanction OF both companies Tho language
used in the circular is evidently intended convey
the same idea.
Yet the President of the New Jersey Mutual saws In
his statement concerning the transfer OF policies
mo coercion used misrcprcscn is au thor
ized; deception is practised" 1t should be
bcred that policy holders not with ssshot-
guns;n but in their dependence upon their agents are
easily managed with a little sharp practice Ike the
above.
A BREEZE FROM NEWARK.
The New JERSEY Mutual Lie Insurance Com pany has
its mead office in Newark. II would appear from tho
following that its operations do with ap-
proval, even upon ''its native heath y The Newark
Daily Courier after reviewing critically the recent
statement of President Sledwe and the relations OF
the New Jersey Mutual to the Continental thus con-
cudes:--
1--WE have scarce patience t. pursue this company
further. AS far as all outward appearance Is con-
cerncd, taking the last statements as basis we see
little difference these two companies Ii looks as II
they schemng set OF whose business is that
OF lie insurance wreckiEG. Wo sorry the city of
Newark is the neld OF their operations. Wo glad
however, that they are not of us-that their
management Is not by cItlzeus Its presi-
directors from New York, Marion, Paterson Tren.
ton and other places The company only squaiter
here. We don't own them, and wo give them lair o.