The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-30
THE AMERICAN POPULAR.


4 PROJECT DEVELOPED TO REINsuRE ITS
nrsKs-No OBJECTION TO THE APPOINTMENT
OF REcEIvER-cURIous FEATURES OF The
ORGANIZATION.
In view OF expected developments the hearing yes.
terday before Referee William Allen Butler at the
Office of the American Popular Life Insurance Com
nanv was quito numerously attended There were
nrescnt ex-Recorder Roscndale, or Albany, for the
Attorney Generals Mr.. George Bliss for the company
and Mr.. John A. Mccall, Jr., Deputy superintendent
OF the Insurance Department committee OF the
directors OF tho company had been in session
in the morning and woro in consultation win
Mcssrs. Rosendale and Mccall for time previous and
extending beyond the hosr for the reference.
When MIR. Butler arrived and ready 10 proceed
Mr. Bliss arose and said that he was in a somewhat
embarrassing position from the fact that he had agreed
to 60 on with the reference and was ready to do So
yet events had transpired which induced him to ask
for another disposition OF the case. He said that
after the report was issued by tho department the
American Popular directors had met and from funds
outside tho company retained him to oppose the
appointment OF receiver They had also appointed
n committee to look into the affairs OF the cor
poration and ascertain just how far it's solvency had
been effected. These gentlemen believed that there
were some things about the company worth prcserv
Ing and thought they had hit upon y plan OF sub
scrp!on by which the company, fit could not be ro
habitatcd might least be disposed OF as 70 So
cure the policy holders Tor tho money they had in
vested
A LEGISLATIVE FROST.
Just as this plan assuming practical shape tho
new statute was enacted at Albany placing tho power
to reinsure companys risks only in tho hands OF
receiver This made. of course, a complete alteration
in thor schcmo and Mr. Bliss said that ne had finally
advised the COMMITTEES or directors To oppose no
thart IN
appointment OF receiver anu aid him making such
dispositions OF the risks night be considered best
The committee had mgr eed to this ana II renamed only
submit the proposition TO the main body Of directors
in order to officially decide the matter. Mr. Bliss had
no doubt that they would nd0rsc tho opinion OF the
committee yield the appointment OF receiver, and
render unnecessary further proceedings under tho
for week and mean while, II tho directors agreed
upon the subject as he anticipated the referee could
Mr. Rosedale Tor the Attorney General spoke OF tho
dony had already attended the reference proceed
ings, and said that was not only expensive and try
ng 10 the policy holders but seriously interfering
with the duties OF the insurance department he said
that the Attorney General was merely proceeding 70
appoint rcvlew, as the law directs, Tor company
that was hopeesslv nsovent He could SEQ no pro-
pre.y In delaying this STEP although he desired to
avoid the expense and labor OF the reference II possible
Tho referee thought there would be necessity for
another Adjournment; but II, as the counsel for the
COMPANY had stated Cd belief therc would oppo
sition appointment OF receiver the reference
could be terminated anu he could report TO the Court
allowing course weeks time Tor the directors 10
take their action After further discussion by tho
counsel an agreement was drawn up between them
embodyng tho ideas expressed BY the referee and the
proceedings were adjourned.
ROYAL BKNGALE, NO. z.
Despite the diSastrO nature OF the failure nus
many aspects OF the ludicrous about il. The COM
pany's novel management and singular departures
fordco no little sport insurance sort OF by
gicnic chart upon the Office wall was one Of The Gu
rosios that attracted the attention oil visitors yes
terday. They tried to dccpher it's meaning and dis
cover what possible bearing had upon tho subject OF
insuring lives, but mo fellow could make
II OUT There several policy holders
in attendance who had been summoned as Witnesses.
They amused themselves and others by relating their
several experiences One SAID he had a policy Tor
$4,000 on which the WAS about $500. They
issued him u policy tor $5150, upon which the
reserve but SO, aud gave as u reason Tor this
generosity that the company had been SO prosperous
Mono Of the creditors appeared 70 expect much return
Tor money they had expended, nor Is It likely they
will be disappointed.
Lets all CHIP what little there may be coming TO
said one, and prosecute the officers and directors
US they deserve"
"But /" interposed another "the directors mostly
good men who did not know the company's condi-
ton"
EXACTLY SO. But lot prosecute them tor not
knowing. as they should have done ~
Mr. r. s. Lambert, the president, has been unsparing
in his criticism OF the Of tho Insurance Depart
ment, within a few days past has issued circular
to discontinued policy holders, in which he says the
superintendent IL interested IN throwing tho company
letters very deceptive, and call out OF character in
public Official" Some vi the directors yesterday said
they did approve OF this course at all, and had
ordered that no more circulars should be issued.