The New York herald., 1877-10-23
DON'T KNOW"
THE DEPLoRARLE MEMORY OF Ex-PREsIDENT
LAMBERT CONCERNING THE AFFAIRS OF THE


THE DErLoRARLE MEMORY OF Ex-pREsIDEST
LAMBERT CONCERNING THE AFFAIRS OF THE
AMERICAN POPULAR LIFE.
second hearing in tho case OF the American Popu-
lar Life Insurance Company was had before referee
Ira D. Warren yesterday There were present the re-
ceiver, Mr. E. z Laurence; his counsel, Mr. wingate;
Mr. Barnes. as attorney for some policy holders and
several Of the former employees OF the company Mr..
wingata conducted the examination Of ex-Prcsi-
dent Lambert, who tho only witness called, and
whose ndispostion to dispense his intelligence occa.
stoned some little annoyance and great deal Of
amusement. The examination VAS manly based upon
certain American Popular transaction known as tho
"Centennia dividend" whereby the policy holders
were invited to exchange their old contracts for new
ones having little larger lace value but no reserve
value circular issued by the officers inviting this
exchange and modesy excusing generosity on the
ground OF the gratifying progress OF the past. The
fact was that the proceeding had the effect Of wping
Oh the reserve from such old policies as were cx-
changed ana greatly reducing the Liabilities Of tho
company which from developments recently made by
the rsceiycr appears 10 haveebeen nsovent at that
time.
THE EXAMINATION.
II Is to determine tho comparative value OF these
two kinds OF policies that this reference opera
ton. What transpired yesterday was productive Of
far fun ana legal chickering's than OF infof
In the first place. Counsellor Barnes objected 10 the
examination Of Mr. Lambert, on the ground that TINS
the receiver. under statute which ne quoted could
not intervene IN any matter that lay between the
policy holders aud the Court Referee Warren said
ne could not pass an opinion upon the validity
OF the action oi tho Court, and the examination
number OF questions concerning the origin OF the
"Ccntennial dividend" plan and tho issuance OF the
circular alluded TO, and IN answer the witness almost
invariably submitted the reply tnat he did not know
or could not remember. Finally he was asked wnat
were his duties as president OF the American Popular
and ne could not remember them eithcr he was
SHOWN copy of the bylaws describing tue dutice OIL
his former olce and alter careful perusal he stated
that some notifications had been made IN them.
When or how they made he did not know,
ana only cited one unmporiant change IN tho date OF
whether the bylaws had been changed according 10
the prescribed rules or otherwise He said ne did not
supervise tho investments OF the company except as
directed. Whom he was asked who give him drcc-
tons IN this regard Counsellor Barnes objected 10 tho
question, and long argument cnsued as 70 the proper
scope OF the examination then holding. MT Wingatc
stated that he desired 10 prove fraud IN several ways
on tho part Of the company ana 10 show that at tho
company was practically insolvcnL Mr.. Barnes
argued that too much was being assumed, and that
by FIRST determining to whether the old or new poi
cies were most valuable From tus point OF the ex
animation to the close there continual objections
urged by Mr. Barnes, which were generally overruled
ny the referee AND exceptions noted
DISCUSSING.
Az one point OF the discussion Mr. Lambert rose
from his chair cxctedy and 10 address the rel
erce
witness making speech or argument
MIR. Lainbert-I don't want to DO called fraud-
the Relerce-Thcre has been no attempt. Mr.
Lambert, 10 place you in that position
Mr.. Lambert-Yes; but 1t has been Insinuated that
/ am fraud, and don't want 1t to 60 out through
tho papers, Tor far us connected with the
American Popular in irxnsactons were honest.
Here ensueu genvsa. effort to.sooi hc Mr. Lamberps
ruied feelings the mast Of which the witness ex
claimed, pointing TO Mr. WDgatc, ''He wants 10 get
information here with which 10 intimidate the
stockholders aud get some money from them."
general laugh followed this piece OF lrascibnity,
and the examination proceeded on another tack.
ASTONISHING IGNORANCE.
The witness, 10 Judge from ns replies, was very
slightly acquainted with the past affairs OF the CON-
pany. He did not remember AS TO having signed the
annual report OF the company 1874 or 1875 or,
tact, any OF the last three reports made He did not
remember whether any reports were ever
sent to Albany without having bccn first
submitted to him. Ho did remember whether 500
OF stock OF tine Ninth National Bank reported in
the statement Of December 31 1874, was then in the
possession oil the company or not. lie did not remem
ber whether The company actually possessed the
S33 QUO in various stocks anu bonds entered to its
credit the 3lst day OF December 1874 and dcbted
again the 3Utn Of April, 1875. He exercised but
subordinate direction over the financial Investments
cash claimed by the company 10 December. 1875 was
actually In It's possession at the time Did not remem
ber the company At any time between 1873 and 1877
had much $40. 900 cash hand
Subsequently the witness was asked about two Of the
C0mpauy's most important transactions with John
Il. Trow and W. II. Sharpe, aud could or would give
information concerning them. Having achieved
all this the referee adjourned tho hearing uuIil to-
morrow, at two O'Clock.