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Show INSURANCE DMDENDS: As Result of Upsetting! An Attempted Graft Albany, N. Y., July 25. Judge Andrews An-drews sitting at a ppocial term of the supreme court -at Syracutre has approved the report of William H. Hofchkiss, superintendent of Insurance Insur-ance and has directed the payment of a first dividend of sixty per cent to the certificate holders of the People's Peo-ple's Mutual Life Insurance Association Associ-ation and League. This dividend will be paid by Insurance department checks mailed to members at their home addresses Tho Issue of dividend divi-dend checks will begin August 1st. It is estimated that tho work of Leaking the payments to the 38.3.11 I members will take about two months. The People's Mutual is the frater-i frater-i rial insurance society which came into t ubllc notice In December. 1909. a a result of an attempt on the part of Us board of directors, to transfer the J control of the society and its $3 000.-, 000.-, (.00 of assets for a consideration of pbout $150,000. At that time, possession possess-ion of the society was taken by SupL Hotchklss uuder an order of the supreme su-preme court. The same court directed direct-ed the Ibiriidation of the- corporation on March 3rd, lflO, and the officers appealed from this order. All appeals ap-peals were withdrawn on April 11th, 1910. under a settlement which Involved In-volved the return to Superintendent llotchkiss of the sum of $150,000. which had been withdrawn from the society and deposited In a Canadian, bank. This is the first liquidation of a large insurance company under the new law, requiring departmental administration ad-ministration Instead of receiverships through court proceedings. A first dividend of 00 per cent bas br-en declared in less than four months, about ?2.ooo.n00 of securities securi-ties of various kinds turned int" , cafh. J.'iOO.OOO of matured ob'.iga-j ob'.iga-j Hons paid, and at a toUil expense of i lc?s than $13,000 or about 0 10 of one, per cent of the amount now to bo distributed. This expense includes 1.004.71 for clerk hire, $3.336 40 for postage; $1,031.27 for printing nd $792 tor rent. It has not been neces-fcr.ry neces-fcr.ry to employ counsel, and the $150.-(00 $150.-(00 was recovered without litlga-j litlga-j lion. |