The New York herald., 1877-02-01
LIFE INSURANCE.
What is Thought of the New Jersey
Mutual'S Game.
SECURITY OFFICERS NOT INDICTED.
Examination of Witnesses In the Continental
Reference Case.

course, the New Jersey anu us Ticky
transfer to the national capital varons opinions are
expressed to the ability OF Mr. Kelsey, the New Jer-
sey Insurance superintendent, to compel receiver
for the company and publication OF the
contract with tho Washington concern. II is
freely stated that such contract was fraudulent
IN intent contemplate, but there Is difference OF
belief regarding the points of law. Nr Kelsey cer-
ainly has the sympathy Of all right thinking people,
thor best wishes Tor successful termination OF
his Efforts There can be doubt OF this gentlemans
arm conviction Of the wrong that has been consum-
mated.
The Continental policy holders who, despite the
warnings OF the HERALD, transferred their policies to
the Newark Company, are now ready appreciate
their mistake OF the Two investments perhaps the
former is considered the better Receiver Anderson
says that a number OF these unortunates have applied
TO him in the dim hope of getting back
from the fre into the frying pan, they had SO much
dreaded. In reference to his published report Mr
Anderson says that he had not sufficient time To say
all he had intended He appears TO be much relieved
now that his statement has been furnished, and
presses Indifference to whether he remains in the
Office further or not.
Mr. d. r. Fackler said to the HERALD representative
yesterday that for the present at least he had no fur
ther duty to perform In regard to the New Jersey
Mutual. He had made the best statement he could
ton Mr.. Fackler said the deficiency OF the company
would amount to about oo,Ooo, or 100000 moro
than he had reported in his provisional
statement Tho writer made inquiries
concerning the fabulous mortgages" which
related at length in the HERALD some time since.
These securities ~, to tho amount of more than
$50, 900, alleged to have been frauduienty pro-
cured by Daniel J. Noyes, the attorney OF the New
Jersey Mutual Mr. Fackler SAID that the Identical
mortgages upon the list of such assets held by
the company, but the officers had declined 10 produce
them. The amount Of mortgages claimed to bc held
by the company December 81 1875, was s7Oa,2s7 TO-
Oi this the officers submitted to the examiner mort
cages amounting TO but S37S, 500
In reference to the Continental securities alleged in
Receiver Andersons report to have been transferred
TO the New Jersey Mutual as payment for certain in
surance, Mr. Facker said he had been unable place
the entire amount OF $500 900 from the accounts sub
mitted to him. He bad found number OF uncx.
planned matters, involving considerable sums, which
he had doubt part of this contract.
One amount OF s57 900 was found, beyond question,
20 have been portion OF the transferred securities.
Mr. Facklcr OF the opinion that the main available
assets and important possessions of the New Jersey
Mutual n ad been quietly conveyed to New York and
were ut the command OF the National Capital
MOVES, THE WASHINGTON CAPITALIST.
At the branch Office OF the New Jersey Mutual, at
No. 261 Broadway, everything was in confusion yes
tsrday ard OF tho officers clerks present APP
pearcd to understand the situation. No work
being done at he desks and the main duty of tho
cason apparently the reception OF visitors. In
quries for Mr.. Stcdwcll revealed the fact that
the willy President was still in Washington, whore ho
went OH Monday last Tho man Noycs was present
part OF the day and continually surrounded by nqur-
hope OF enlightenment The writer conducted 10
the presence OF this cnerprsine individual, when the
following brief but expressive interview took place.
''Mr NoyesW
eyes, SIR
81 am tror. the HERALD''-
s.May speak with you for a moment'"
"No, SIR"
THE SECURITY OFFICERS
A report circulated Yesterday that Robert |.
Case, President; Robert j. Case, Jr., Actnary;
MIR wetmore. Vice President, and Mr. Allen
Semoas Tue peon ndcsa by I6e
Grand Jury for perjury Such report is untrue and
20 indictments OF The above persons nave yet been
lively informed at the District Attorneys ofco
That the Grand Jury had not taken action on
the matter. 1t is believed, however, that II has
or will be brought to the attention OF the
jury and under the circumstances 1t IS thought that
indictments must surely follow. The officers above
mentioned within easy reach, with the possible
ccption Of Robert L. Case, Jr He has not been seen
positively known that he has left town the vicinity
EXCITEMENT yEwARK
large number of policy holders called at the Office
OF the New Jersey Mutual Life insurance Company,
Market street. Newark, yesterday, and gave vent to
their outraged feelings The place in charge OF Mr.
u. NJ.
lishment for seven or eight years. TO him
referred the angry policy holders.
Although there full force Of clerks on hand,
Dther business was done than 10 hear the bitter com
plants OF injured policy holders. kase said he had
never received such a censuring in all his
to be done. lie and tho clerks were paid to
the 3lst OF January. but no longer AT haifpast four
O'Clock he received despatch from New York in
structiug bm 10 remain I'LL FIVE Soon after that
hour MIR, Whittemore, Secretary OF the National
Capitol Life Insurance Company arrived and gave
ipstr cfI1ug fora no he
Mr.. Kase IN charge Mr. J. II. Cannin. cashier of
the Mutual, handed over the keys aud money
in his possession IA few dollars) to Mr. Kasc.
WHAT THE NATIONAL CAPITAL PROPOSED.
To HERALD representative Mr.. Whlttemore stated
that they held charter from Congress- aud that the
Secretary OF the Interior, when instructed BY Con-
grcss, could make examination OF their affairs the
same as Secretaries of State could examine companies
doing business on local charters. He said also that
while the National Company did not recognize State
control they nevertheless proposed TO place proper
curty IN the hands oil State authorities States whcro
they did business, thus guaranteeing the safety OF
policy holders In lew days, he said the consolida-
ton papers would be subm the New Jersey State
authorities. and statement which he considered
would be entirely satisfactory them and the public,
MS showing hey ond cav that the company was able TO
do a bona fde business. Mr. Whutemorc claims that
the National has been doing business for
year, has paid many risks and Is ready to assume all
have their policies changed TO tho National
continued as Of old II they do not
pay their premiums they will of course,
lose their policies. Ia order show that this state
is correct he said that the company bad capital
STOCK oil SlJOUuo ana had IN It's Board OF Directors
such men Government Printer Capp, II. d. Walker
OF Boston, and other prominent business men OF the
country The assets be SAID, nearly 81, $50 600,
with surplus Of fully 100000, which
more than enough to alleged
0clt OF the New jersey Mutual, which
allegation, he insists, is grossly lie gave
the company's opinion that the proceedings before
Chancellor Runyon would have material effect
the Nationals AFFAIRS although the state could
doubtedy mold the 500 900 deposit IN posses.
sion policy holders. Another 100000, held
by the New York authorities, at Albany, could like
wise be held
RuMoRs CRIMINAL PROSECUTION.
II was noiscd about IN Newark yesterday that the
officers or the Mutual would be civnly and or mlnay
proceeded against Prosecutor Abeel, when applied TO
Tor Information on the point stated that he had been
summoned Trenton by the Attorney General, and had
with him q long consultation, the nature OF which
hc could not dvuIge. He could say, however that no
steps had been taken SO Tar TO warrant the pubic
rumors Tho Grand Jury will not be IN session Il