The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-26
LIFE INSURANCE MATTERS.

THE AMERICAN POPULAR REFERENCE AGAIN
ADJouBNED-A NEW WAY TO PAY OLD DEBTS
ILLUSTRATED.
The nrst bearing before William Allen Butler In the
matter OF tho Attorney General against the American
Popular Life Insurance Company, took place yes,cr-
day in the Office OF the referee Recorder Rosendae.
OF Albany, represented the Attorney General and Mr.
George BLISS the company. Assistant Insurance
superintendent Mccall was present. and quite num-
Der OF Witnesses were IN attendance comprising
mostly policy holders, summoned by tho prose-
cution- At the opening Of the proceedings Mr..
Bliss arose request adjournment Tor short time
in order that certain points upon which tho
company and the Attorney General disagreed might
be quietly settled and avoid considerable portion OF
the testimony that would otherwise have be tai
He thought the means he suggested would DO profit
able saving Of both time and expense.
MT. Koscndale said he did wish IL to be under
stood the Attorney General the Insurance
parsment desired this possponemenr bu, he was will.
ing accsde to tho request Of the company's counsel
Tho referee then adjourned the hearing until Tuesday
next, 1t two o'clock
Az KccESrRic CORPORATION.
Considerable specuIa alton occasioncd by the
panys desire 10 postpone the proceedings, and many
we're OF opinion that IL ioreshadowed yielding OF tho
by the defence Assistant Superntc ndcnt Mccall
said that even should q new CONSTRUCTION DO put on
some oil the departments statements, II would still
tribute to tho department, and one which makes q
difference oil SC0 900, In estimating The upon
poIictes that changed during The past year. Sir.
Koscndao said that in addition TO rewriting their poll
cut of the reserve, they claimed their books
1000 policies more han they really had In existence
The company's method oil calling In old policies Tor
the purpose Of issuing and decreasing thor
liabilities was novel and, 10 ono at all familiar with
lie insurance, udicrous The circular they issued
ablc-bodicd policy holders reads as ioows:-
At regent meeting OF the directors II was determined
that In consequence Of the low Of which
each since It's ORIGIN tho company has
aud considerations. the centennial
celebrated by small bonus be added
those who good condition the present time
This will much hut have anything thus added
the assurance will IL is hoped prove pleasing to those
have stood hriny BY the principles methods oil
.nes system" rs yet practsed only by the American
Popular, 40.
the document Is signed by James Cruikshank,
secretary ana TO all appearances generous donation
70 the happy policy holders Instead, however, OF
sending dividend slips to be attached 10 poIcls
Is done by insurance companies, the new SYSTEM
required that the poiccs should be sent 10 the ONCE
OF the company and ones issued In place, with
slightly increased amount OF Insurance. but reserve
Tho 'other considerations" mentioned IN the circular
meant much more than II implied TO the unwary one
gentleman remarked yesterday that the company could
well afford TO ave away Mule OF us assurance, ms
tho circular evidenced 1t had moro than sufficient tor
homo consumption.