The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-06-06
AMERICAN POPULAR LIFE.

THE STOCKHOLDERS WILL NOT OPPOSE THE
APPOINTMENT OF A REcEIvER-THE ASSETS
AND LIABILITIES FROM TWO srANDPolSTs.
receiver will shortly be appointed the American
Popular Life Insurance Company. all opposition to such
a course having been Withdrawn tv the corporation.
meeting was held yesterday before Referee William
Allen Butler, (which this arrangement was formally
concluded There were present Sir. John r. smyth,
superintendent OF the Insurance Department; Mr..
John Mccall. Deputy Superintendent; Ex.Rccordcr
Rosondae, o: Albany, for the Attorney General; Mr..
George Bliss Tor tho company. together with number
OF officers and directors. Mr. Bliss announced that
a meeting OF tho stockholders had iakcn place that
morning, at which tho action OF tho Committee OF d.
rcctors had been approved ana all opposition TO tho
appointment Of a receiver withdrawn. They had
deemed this expedcnt. and under tho circnm-
would appear unnecessary for tho referee 10
20 mo the taking OF testimony Under the order Of
appoin tmcnL however ne was required to IND proof,
and Mr. Bliss thought, as matter OF FORM, that the
ac,uary OF tho company. Mr. Alexander j. Rsd, should
be briefly examined. This Testimony would be sum
cent for application of receiver and all disputed
points as what should be classed might DO
left 10 BIO passed upon hereafter.
Mr. Ruscndalo made reference to tho requirements
OF the law tho case, and agreed with Mr. Bliss
regarding tho taking OF some formal proof Hc sad
however, that tho Attorney General and Insurance
lid not desire TO be regarded concurrnR
with The figures that tho Actuary might present
MIR Bliss then made an admission before the referee,
which no said tho company acccded 10 the appont-
ment OF receiver ana admitted that the assets aud
funds insufficient TO rensurc the outstanding
risks
THE CoMpASy's ESTIMATE
Mr. Reid was sworn, and testified that ho was tho
assistant secretary Of tho American Popular, and had
made examination OF Its books Tor the purpose Of
obtaining the proportion Of the assets aud funds TO tho
liabilities. The latter he estimated as iolows:-
Reinsurance $2S7, S33
Death Claims taboup. ...-................. So.ooo
Fromiuns pnid IN ADVANCE. i'u-o
Other Indebtedness. 1000
Total liabilities ..... ...............S 373. 85S
or assets Mr. Reid said .borc were S2O5 y22 leaving
admitted deficiency OF Sl67, 1856 All tho company s
property was PERSONAL aud s33 900 OF bonds and mort
cages included in tho assets were estimated at
face value. MIR. REID said tho amounted liabilities
gwen above did not include tho capital stock.
DEPARTMENT FIGURES.
In surprising discrepancy with the above estimate 10
that made by tLe Insurance Dep tmcnt. and upon
which tho application or receiver was based Tho
last Official statement OF tho liabilities is as follows:
Reinsurance S4lo 200
Death losses. 70.
Premiums paid advano e................... ,025
Total liabilities. 1912 sol
The assets o the company, as estimated by the do.
partmcnt, are 4 little moro than IS CLAIMED by the
actuary This principally owing to tho fact that tho
former allowed So 900 OF Salem bonds hypothccat ted
Tor death loss, asset. Below Is the list oil
sets as found upon Official examination
Bonds and mortgages. S33, go
Unllod states oonds.... l07, 500
Salem bonds 5,0Ou
Cash .............. Observation-Disclosures. 3,9la
Notcs anu ioaho sust
Uncocctcd and deferred premiums ........ 10, 96a
Accrued interest,". 100,
Coliatorals ......... OBSERVATION-DISCLOSURES. II:
Total assets. S2l4, 12l
THIS Will leave deficiency OF SOS, $50. The
main difference between the estimates OF tho CON-
pany'saaotes IS due 70 number OF new poncies, on