The New York herald., 1877-01-04
LIFE INSURANCE.
PROSPECTIVE LEGISLATIVE ACTION ON THE
sUBJEcr-How CONGRESS MAY TAKE

PROSPECTIVE LEGISLATIVE ACTION ON THE
sUBJEcr-How CONGRESS MAY TAKE
HAND--rHE CONTINENTAL SUITS.
Now the Legislature is in session, people wait
ing with interest TO what action that body will
with regard 10 insurance matters II Is generally be-
leved that they cannot again ignore the demand Tor
their assistance in placing the business OF life insur
ance IN New York q less treacherous basis. During
the past lew sessions every effort in such direction
has been coughed down by legislators who openly
identified with insurance interests. Men OF inhueu-
tia position, many Of them attorneys for large
insurance companies, have strenuously opposed
anything that might infringe upon the profitable
operations OF these corporations. But the experience
OF the past few months tho astounding developments
Of corruption and intrigue that have been made the
uncertain prospects OF the insurance business the
immediate future and tho indignant demands OF an
incensed and suspicious publical tend TO neccssa,e
the prompt interference Of the legislative power Ono
member some days ago intmated his determination to
bring this matter before the Sepate early In tho
SION. He advises inc appointment OF special COM
mttec TO inquire into tho affairs OF New York life
insurance, and make their report IN tmc for prompt
legislative action 1t Is stated very reliable ahthor
ity that petition embodying the same point ana
purpose will be sent TO Albany by number OF IN
surance compan here who seek to pcrpetuato the
best interests OF their business Although special
committees OF this sort are not always regarded with
confidence II is thought that there are sufficient
whose iecings on this subject are strong enough 10
lead them 10 thorough ana impartial investigation.
Al tho same time some hopo exists that Con
gress may hnd means OF aiding the work OF in
surance reform. IL ls rumored that prominent
member OF the House intends TO introduce "a bill with
such intent BY what means Congress can touch the
matter IS Gne point OF interest Apparently II can
have right to interfere with the Affairs OF distinctive
State corporations. But IT happens that two ie in
surancc companies have been chartered by the direct
Nationpi Capital. The former was chartered August
/, 1858, and Will be remembered AS tho socaed organ
ization OF Jay Cooke Co. II is claimed by the mem
Der Congress referred to that his body have right
to investigate, through these two companies every
insurance corporation that has had dealings in COM
mon with them, or every concern that Is now repre-
sented III tho District OF Columbia.
TYE CONTINENTAL ASD SECURITY
As will be seen from inc above, there are good
probabilities OF legislative aid In the much desired re-
organization of the insurance business Meanwhile
tho Insurance Department and others are making
good Efforts TO bag some OF the game The Con-
tincntal and Security are now under cover, and
drive them thence appears TO be the main object AT
present. On Tuesday, the 9th inst, tho General Term
cQpvencs Albany and the matter Of the Continental
re,eivcrshp comes up. II Is confidently believed that
tie stay OF proceedings obtained by Receiver Ander
sh viii be vacated and the referee once proceed
take testimony in New York. Several well known
attorneys OF ms CITY, wn" represent 'hS claims OF
in procuring such result Independent OF this s
the suit stated IN Mondays HEIALp OF Grant vs. the
Continental and PhGnix II Is expected That action
against former concern will begin, ana somo
Interesting developments are anticipated
The plaintiffs and prosecutors OF al these actions
against the Continental are anxious to obtain some
result as speedily AS possible. The manipulators of
the Continental have been lighting tor ,ine and " Is
feared tnat unless done very soon there Will be no
assets left to reach That concern has always been
noted for its beraity. Its expenses alone for ten
years OF its existence werc S. 4659, ll4 or about thirty
two and halt per cent OF ITS entire receipts Tor the
period, including capital. With such a past
record II Is presumabe that the counsel fees IN the
present suits viii cat up no little portion OF tho cred
itor's money.
In an Interview with the writer, Mr.. Anderson, the
receiver. stated and desired 1t TO be known that all
policies upon which nothing was due up 10
the 25th day u last October good with
subsequent payments, and will be en-
tered among the liabilities. beyond this Mr..
says that many policies allowed thirty days
grace for payment OF the premium. some Of which
kept the holders insured Tor that period. Such con
tracts where premium was paid up to September
25, held as liabilities Mr. Anderson does not con-
sider himself authorized to collect premiums that fall
due alter the date Of dissolution, tor 10 do would DC
to continue tho business of the company.
Assistant Insurance superintendent Mccall Is still
employed upon the books and accounts OF the Sc
cury and does not expect 10 conclude those iabors
before the end of this week. Ex-Mayor Wickham has
assumed his active duties receiver, ana, with the
assistance OF Mr.. Samuel Hurd, Is settling up Affairs
RAPIDLY possible