The New York herald., 1876-12-02

HENRY W. BALDWIN.
STATEMENT or Mr. W. W. gyISGroS.
This gentleman Is we'll known insurance stafis-
tcian present IN charge of agency depart
rncnt an Newark He has already made some pu6I,ca
lions regarding the Affairs OF The Continental company
IN The local press. The writer approached him
upon the subject and elected the following state
ment OF his knowledge OF The case:.'it IL evident
ina. there is reason Tor holding back the statement
Of the Continental Insurance Companys present con-
ditiop with which policy holders should become ao-
quainted Mr.. John J. Anderson the receiver is SAID
10 have been connected with the New Jersey Mutua'
Lfe OF Newark. II is quite well known that this com
pary has been trying hard 10 get tue business of the
Continental and II seems has succeeded IN . way
hardly 10 the credit oi either company. II the
policy holders OF the Continental could have new
policies issued 10 them by another company and have
al! their rights protected would, OF course, oe de-
srable Bur the qucs ion comes up the New Jersey
company can carry these RISKS why cannot the Con-
tnenta itsct DO Il. The Continental is about three
times the larger company OF the TWO 1t had risks III
force at iac beginning oil the year amounting 10
sol, l.e, 23i, while the New Jersey company had only
1859 lsJ, and tho reported Of the former we're
tlrec large those OF latter company. lf
the Continental mas not sufficient carry these
risks VIII the other company have enoughy III the
Continental IS insu.vent WITH them VIII The New
Jersey Mutual Lie Company be insoivent with them?
The assets OF The Continental are not sufficient for
their liabilities, YET win no change oi cuLtracs the
New Jersey Mutual are 10 assume The risks There IS
preteIce cven that what asssls tne nsoivent
company has are be turned over. There
no authority with the receiver 10 do so,
Tor he has even enough authority 10 issue paid
up policy called for by contract ~ secrs impossible,
therefore, hat company with Sl9, 600 coo OF risk,
only 81 SUs So III asscis. take N $50 0OJu 900
OF RISKS from company waich cannot Itself carry
them II has not enough in assets Tor the re-
serve required by law.
There is bu answer to tins. The New Jersey
Company do issue tDer policies, IN place OF CONT
mental policies, Tor the same amount ana ut tie samo
rate party pockets his policy and goes away TO
wonder Row II was doue-how Insolvency MAS SO easy
changed solyency. Tins M.li tell HIM. The
policies in CONTINENTAL iull lie policies TGey
being exchanged Tor twcnty years term policies In
The New Jersey Mutual oi the poiicies here
fhat has TsntE
issued uy the Continental eight and hali years
ago 600 the tiriy-vc. AT iull lie rate
legal reserve OF s97 BY the New York standard II
was exchanged ast saturday tor policy IN the New
Jersey oil 900 tho twenty years term plan at the
sem-annuai rale and on which tho legal reserve
at the end OF the first year Will be but 50 "a The rcgu-
lar twenty years term rate al the present age o ne
party, the same basis the u lie rate, would be
Sll 10 scmi-annual or $22 70 for the year You can
easily thai the arrangement is very handsome tor
both companies Almost the entire reserve Is saved
TO The Continental and more than sufficient OBJ
tained BY the New Jersey IL really amounts TO can
ceiling OF the contract with the nsovent company and
giving than good contract to the other one.
This is The way II appears TO me-, said Mr.. Byng-
ton. THAT the affairs OF the Continental are to he
wound up, and this Is the reason why Tho receiver
does not tell OF lis present condition That It VIII
the stock OF the Continepta so that its owners
worth while to hgure up how much moro it VIII give
them. the policy holders, all or nearly all, accept
this Will simply leave all nearly all the assets OF
the Continental with no liabilities" I"
QUESTION HOLDERS.
The above statement represents much OF the senti-
that ic, among The distrustul portion OF the
policy holders OF the Continental he question ;or
them TO decide OF their own interest, anu much
TOO dinicut OF solution Tor most Of tLem While Moth
ing is known OF tnc true Standing OF the Continental
whose policies tnev hold, they lett in pcrplexins
situation. Many OF them have made claims Tor paid
up polcies according clause contained In the Con-
tnental contracts, which VIC quotc:-
And the said company do further and agree
that 4 after having three Or more annual prem
ther premium when due then AMI IN such case upon sur
premium shall be due said company win in exchange
therefor issue paid up policy for the l amount .. even
These claims, as before stated, unavalling be-
cause the receiver hus no right to issue the paid up
brought by some OF those who have made assignments
to the New Jersey Mutual, and who desire
gain their Continental policies, the ground that they
were taken from them under ia!so preences. This
merely rumor, however, and no such actions have as
yet been commenced The New Jersey Mutual
discriminatcs carefully as what risks Is
takes according 10 the statement following made
by its oncers, ana, II this be true, they must obtain
good rates their twenty years. term pulcies,
addition to the value OF the legal reserve which
CLAIM Tor the tai policies surrendered to them.
With view to getting information ut xss tnethod
and motive OF the transactions OF the Now Jersey
Mutual thewrter called at their agency oficc in New
ark.
INTERVIEW WITH AGENTS.
Mr.. X. A. Whiting, whose signature Is attached 10
the preceding letters, was found at No GIL Broad
street. Newark. IL was formerly and 10 all outward
appearances still remans the Office OF the Connena al
Lie Insui lance Company OF New York TIE name OF
Lewis A. Osborn Is prominently posted as manager.
When Mr. Whiting was asked by the'wriicr il he know
any prearranged transfer OF the business, he
plicd:-
II am aware Of anything OF the Kind. I can
tell you simply what came here for. My business
IN New York. am IN charge OF three OF the city
agencies the Middle Department OF the New Jersey
Mutual Life. came here simply 10 offer TO the pol-
Icy holders Of the Continental in Newark policies OF
The New Jersey Mu.ui, OF The same general charac-
ter, Tor the same amount Of insurance, and the
amount Of premium they had been paying In the Con-
tInental."
What is done with the old policies surrendered to
your"
IL neither know nor desire TO know"
''ln what manner is the New Jersey Mutual pronted
by this exchange?"
"vhcir profit in the first place derived from what
ever benefit accrues from the old policies; and again.
from the large bulk Of business they Hardly
any risks that we takc have ocen running than
Two years. Then, too the business to us free
OF brokerage, tho expenses OF medical examination
ana all that BY this means. you see, we obtain con-
troll OF large amount Of risks without tho usual
penses that attach 10 irst insurances."
"And this is effected without any collusion with the
Continentalyb
Nothing OF the sort exists, 10 my knowledge AS
SAID, am here simply oner the Continental policy
holders an optor which they can accept or decline,
as they please iE no way DO we ;orco them 10
change with u.s.
rs it not iitto singular that statement Of auy
sort mas yet come from The ContIneDtaly'
Il DO not ihsnG SO. was told by friend of m!no
that the would have 10 wait uuul year had
passed before he coIid Close up accounts and make
statement
is your company making these transfers else
where than IN NewarEy' ~
II believe so; but my present business Is confined
entirely TO this place. l don't know whether stall
90 elsewhere or not. Tnc business Is wholly legit.-
mate. IL policy holders come here for advice tell
them just how the matter stands. They
decine our option. as they please. II there any
ring the business aware OF IL. II not
my business 10 know IT. and don't know Il. am
not acquainted Mr. Anderson. tho Continental
recover, and don't think ever nin
'Were you ever connected with the Continental
Company
Yes. but that was many years ago. since have
been steadily in the employ of the New Jersey Mutual
Lilen
..You have changed your office IN Newark several
times aud are now III that OF the Continental
II into this Office merely because the New Jer-
soy Mutual Lie made oilcr 10 Mr.. osborn
agent. he had sni,iar oilers from three iour
otner companies. ! don't think nc now considers him
sell the agent OF tho Continental
SOME SIGNIFICANT REMARKS.
This terminated the interview Win Mr. Whiting, and
the writer IemaiAcd Tor the purpose OF making tcw
inquiries from Mr.. Osborn While thus waiting a
gentleman enterld who appeared TO the writer's