The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-14


Included in above amount OF unsolicited and de-
ferred are tho gross premiums 10 date, 500 1917 "a, on
policies given for advertising This amount then, III
in sense asset, but simply expenditure, and
such should have been charged expense account
and thence transferred 10 profit and loss No CORE
spending deductions are made in computing the ac-
crucd interest ON premium notes aud loans. which
would be allowable, and would further reduce the
amount OF actual assets
An analysis Of tho cash account shows:-Cash in
bank Of saem 81, 1856 81 in the National Trust Com
pany, So s63 90; deposited IN National Trust Company
from January to March IA, 1873 4SS So The last
named amount is allowed by the receiver although 1t
may not perhaps be strictly correct. The company,
It's Official statement included memorandum checks
TO the extent OF $50 900. gwen the company as sub
scrpton new capital stock December 81, 1872, the
same checks beng returned 10 the makers without
equivalent on January 81, 1873. There was ALSO
$s267 80 in memorandum checks Tor advances ana
receipts for payments to officers OF The COM
pany and others, stated by the late assis
liant secretary 10 have been carried as cash
Included the reported amount Of uncolected
premiums the OF S2i 05S 49, being on void poll
cies Ia excess OF the State valuation 1t should be
in the companys office hands OF its agents though
never in force they duly reported IN common with
serving as basis OF valuation. The company bone
fitted by these transactions, AZ the accrued unpaid
premiums amounted to $2l 05S ID more than the re-
| CURED Stale reserve
The special deposits from holders of endowment
policies added to the liabilities by Tho receivor, never
appeared on any exhibit OF the company. They bore
interest and 10 be returned, principal and inter-
est at the expiration Of the terms Of the sndowmensa
PAYMENT OF PREMIUM NOTES
In relation TO the call made by the receiver for tho
settlement Of premium notes given BY policy holders
some explanation is necessary. The American Popu-
lar had none Of the usual class OF that along
year after year, and In OF death deducted from
the face Of the policy. The notes for which payment
Is. demanded before dividend be made merely
temporary convenience given 10 policy holders. by
| which they are givon many days grace for pay
| ment OF premiums. On their face II Is expressly
stipulated that the transaction binding as OF the date
| OF their issue and not expiration.
| During tho last stages OF its remarkable existence
the company under the guise OF dividend, but really
to reduce It's reserve cancelled many Of It's Oldest
policies and issued new ones Tor slightly increased
amour. instead TO the victims OF such q scheme the
following notice has been issued
| NEW YORK AnguAt 2, 1877.
| SiR-You hold policy, No. -, in this company, Tor
which you exchanged No Owing TO the numerous
requests the old policies and the should
be The basis of settlement by the receiver tue ground
that the old policies given by reason OF fraudulent
ccucealnen oil facts when the change
effected. the Court has appointed Ira d. Warren,
dor law referee take such proof as the hold
ers such policies may ohar In regard matter
Please therefore present policy 20 the referee at his
Office No. 10 broadway, New York city. before the
3Oth day Of August. 1877. T. q LAUkENCE, Receiver.