New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-30
INSURANCE TROUBLES.
NEW,JERsEY MUTUAL DENOUNCED.


SECRETARY OF STATE KELSEY DECLARES THE RI
INSURANCE IN THE NATIONAL CAPITOL BOLD
FRAUD AND CHEAT-HIs DETERMINATION TO
APPLY FOR RECEIvRR-THE TRANSFER NOT
TO DE- RECoGNIzED-A DEFICIENCY OF S42OoOo
DISCOVERED
fBY TELEGRAPH TO THE rRTBuSRI
TRENTON. N. J.. Jan. 29.-Secretary of State
Kelsey, in conversation with TRIBUNE correspondent
this evening regard to the affairs OF the NewJersey
Mutual Life Insurance Company, said that ne began al
examination Of the company last September preliminary
10 n thorough examination Of It's business wheh he
found that j. ]. Anderson. who was FORMER
sholder and officer OF the NewJersey Mutual was
receiver Of the Continental Life of NewYcrk ana tne
New Jersey Mutual was reinsuring the Continental Lies
risks He put Aciuary Fackler at work The Ne"'elS!
Mutual officers found fault with Mr.. FacKer, ana "ahleu
him removed They brought political and soclai ihnu
enco to bear to effect the purpose MI fachier iou
the affairs badly mixed, the records so much cohd
that he could find investments or assets Inc
company's officers appointed several different Jays W
make an exhibition and explanation OF the bonds ana
securities but failed to keep the appointment Al 'no
order Of Secretary Kelsey, Mr. Fackler MADE preliminary
report and had prepare estimates winch sHo"ed
deficiency OF 100000. On Dec 20 Secretary Missy
issued notice 20 the company to make good the deficiency
by Jan 20. On Thursday last VicePresdent f"rce
gave notice to Secretary Keseys lawyer that the com
many could not make good the deficiency. Secretary
Kelsey then took steps before the Chancellor through
yanata, for the appointment oi re-
ceiver This morning going to Newark SECRETARY
Kelsey said that he heard Of the pretended transfer Oh
the business and assets the National Capito Le vi
this Mr. Kelsey said that it concern WHICH, VI IL
had an existence ALL had Status in NeW-Jersey anu
could have none and if ii had any status anyWher'' IL
gained It By wrccking the American Life and Trust COM
pany OF New-Hayen
Mr. Kelsey Gale on President NOyes OF the Nanohai
CapIto at LIS Office to-day. MI NOyes said the NaOhi
Capito had assumed tile liabilities Of the NewJer7ey
Mutual and the transfer business and assets was
complete. Mr. Kelsey will not recognize the company
OF The transfer, and will make application to-lnorro"
before Chancellor RunyOn for the appointment OF u
receiver who will be a thoroughly satisfactory man lor
the benefit Of the stockholders and pocyhDlders Inc
New-Jersey Mutual has 100000 in goOd security
deposited with the New-Jersey STATE Controller ana
claims ownership Of $l5OOOO deposited at Albany ~
Y by the Hope and Continental. when were par'aIly
rpusnred IN the New-Jersey Mutual The NeW-ioih
authorities do not recognize this belonging to the New"
Jersey Mutual.
In conclusion Mr. Kelsey said that IL was one OF the
boldeSt cases OF fraud and cheating ever perpetaei III
the history Of lie insurance IN New-Jersey lie eA-
pcctcd fight. and bound to get hod OF All the rs
SETS wherever they might be. The receiver VIII Dc an
uUunced tomorrow.