The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-04-05
MOVES UNDER EXAMINATION.
ms yERSTON or THE MUTUIL INSUR-
1NCE COMPINr TiNGLE.
A History OF the Transfer to the Washington
tompnny-rhe Disputed Points about A.
sets Deposits la Trenton md In ALBANY.

sets -Deposus Ia trenton ana In Albany.
At the examination of Ben Moves i'm New
ark yesterday, Ludlow NcCirier the attorney
for Receiver Parker, recalled, testified that
among the assets surrendered by Moves were
100000 in mortgages, 81 which $4,000 were on
th" Avonal property in MiddlescN county, N J.
There were also $4,000 or ego 900 in mortgages
OF the Marion Building Association. about 81 500
in coupons but no other securities of value. nor
Government bonds or premiums. Receiver
Parker signed receipt for the assets.
David r. Facklcr. an actuary, of Eighteenth
street New York. testified that he was employed
by Secretary Of Stnte Kelsey in December to
examine the condition OF the New Jersey Mu-
tual I.ifc Insurance Company. The exnmina-
ton was held in the company's Office in Newark
Among the assets shown to witness by the
officers Of the Mutual were United States eou-
pom bonds par value sl320O0; Virginia regis-
tered bonds, si1 500: Louisiana coupons slO.-
600: bonds and mortgages for $751; 500; and a
$4,000 deposit in the Second National Bank.
Newark None Of the mortgages were on the
Avenal property. There was deposited with
State authorities $3.50 600, and Scdwcll told wit
moss that the Mutual held loans secured amount
ing to $4,000: also accrued interest on pre-
MUM notes $4,000. and. possibly 80 900 cash
in bank. The President Oi the Mutual, !. Is. Stnd-
we'll showed witness the u. y. coupons and the
mortgages were exhibited 10y the Cashier.
James II. Cannn, late cashier OF the Mutual.
testified that he had charge " tho mort snr.s of
the company while he was cashier. Tho annual
mortgage amounted To- nearly $4,000. Up to
four years ago the Mutual had exactly the
amount OF mortgages on its books that the
annual report showed. Outside 81 accrued mort
Cages the company had on its books mortgages
T. prcsrntng about $1,000 and in its possess
sion s3lsOOO Mr. Stedwcl told witness that
mortgages of the Continental Life Insurance
Company. amounting To- SlU2MOO hnd been re-
turnrl To that company, The MUTUAL had
100000 on deposit in Trenton. and izOO.OOO in
Albany. IL also hnd large amount of premium
unry last Dr. Burt Mr. whitney. q New York
n.t9aryi DR.. Bg5neu, and other gentleman. met
insuring the Mutual in some other company.
Ludlow McCartsr. recalled. testified that Re-
ceiyer Parker told him that he had traced some
of the assets TO a Mr. Martin Of New York. that
gentleman having purchased between $200OO
and 10000 worth Of the mortgages;
BENJAMIN Noyes. President OF the National
Capital Life Insurance Company. testified that
u propOs ition was made 10 him IN January last
by J. Is. Stedwcll. President OF the New Jersey
Mutual Life Insurance Company. to insure the
latter company in the National Capital. lie re-
fused Stcdwell sent for him again, and on the
night OF Jan. 70 "a contract WAS drawn up at III
broadway by Daniel J. Noyes. the attorney Tor
thc MUTUAL. II was signed hy Noyrs and Strd-
Moh. Moves term, of contract i3r relnsuring
tn" policies Of the Mutual in the National were
on pro rata basis That is the policy holders
OF ne Mutual should be entitled To- all that
could Ice realized from the assets after settle
nleht was made. and mat none OF -url ass''is
should a'cru" 90 the benefit Of the policy hold
tr, ot the company insured INTO. nor should the
liabilities or assets OF the latter aflet tho rein
Sured. No INJURY was tp bc incurred "a either
company by the transfer. Before the contract
was signed or drawn Stcdwell exhibited "A
seh' iule OF assets Of the Mutual ~ follows:
Bonis and mortgages. 1924 1873. STATE bonds
!l23ii real estate. sl2OuOl; pr'mium notes.
suupp; loans on policies. SO OOu; furniture
~. Ell AZ; ae'rued interest fiO.l7l; un-
collected and deferred premiums. SJh2.W
agents balances, $4,000. The assets
figured VI sl.5ln177. An cNccss OF slOuuuO
liabilities WAS admitted. Tie contract WIS
not ratified when the schedule wis first
produced. b"cau~r Of insult ricnry Of a-~,.t-
St"dwell again -"nt for Nuycs and rroN Iscd am
amount of premium not,'s. THE contract was
then signed ON Jan. 20. The object of the con.
tract was 10 protect both companies. All that
Noyes ever received and all there was delivered
To- him was mortgages md ass lgnments 10 mort
Cages. amounting to Si24 1870. OF this amount.
he understood that there was 100000 AT Tren-
ton and $500 900 at Albany. lie never received
either directly or indirectly, any United States
bonds. securities or other assets except what
was contained in the tin box delivered To
the Receiver last Monday, and the assignments
for mortgages. Among the assignments were
deeds for two houses In Washington. ID. C. Wit
ness declared that he never told Secretary k"l-
sey that he had received all the assets aud had
no c1ny' rshti"n With him about the hour Of
transfer. The reason IL" contract WIS signed
az ~ i. W was that policies frequently expire
at that hour.