The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-03
LIFE INSURANCE COMPLICATIONS.

THE GAME THAT BENJAMIN MOVES UNDER
STANDS HOW TO pLAY---THE DIFFICULTY FAR
FROM SETTLEMENT PROSPECTS OF THIRD
CONTINENTAL RECEIVER.
Benjamin Noycs, President OF tho National Capital
and Knight OF tho TIN Box, has become tho central and
most imposing figure In the disordercd OF life In
suruncc From the time he walked lcisurcly into Con-
ncc,icut with his little collection OF New Jersey Mutual
assets until ne himself down TO meditation tho
floor OF Newark jail, he has not ceased to be an OBJ
icct OF increasing attraction The army OF legal lights
that has been engaged upon either side OF the Tray
have found in Mr. Noycs most peculiar subject Tor
dissection Those retained his interest have tailed
20 penetrate the full extent OF ihcr clients intentions,
his has been OF nature to tax their pa
tiencc tho iarlhcst limit II has been difficult TO
understand tho real motives which have led him 10
disregard the ADVICE OF both friends and counsel
stubbornly 10 persist in clnging to the securities
which tho law commanded HIM to release.
II seemed few days since though tho long-windcd
struggle between Noyos and tho New Jersey officials
was really ended; but now thcro is another phase
which suggests resumption OF hostilities. On Friday
last the celebrated tin box containing the securities
transferred TO Noycs by tho New Jersey Mutual was
taken Newark for tho purpose OF delivery TO tho
proper authorities the subsequent release OF Noycs
notes and miscellaneous securities aggregate face
value OF SIT, 000 This was supposed to DO but a
small part OF the assets transferred Noycs by Pres
dent Stedwol and further search was inado IN New
York Tor the balance. No discovery made how
ever, aud II was rumorcd that Mr.. Noycs' statements
would be accepted and he would be released 900
bail.
UNRECovERED SECURITIES.
BY those best posted in the matter It Ia firmly be-
cinls and has by no means made full return of all tho
assets which came into his possession copy Of the
contract for the reinsurance between the New Jersey
Mutual and National Capital would probably show the
truth OF this position.
A HERALD representative yesterday called upon cx-
Judge William Fullerton who acted for time as coun-
sci tor tho New Jersey Mutual 10 inquire his opinion
as to the amount of for which Mr. Noyes should
be held responsible. Mr. Fuller said that the
tact for reinsurance, which was drawn by Mcssrs.
Boardmnn L. Boardman, was brought TO him by Noyes
Tor his opinion He passed his judgment upon II and
heard nothing further on tho subject until he learned
from tho newspapers that the had been ratified
As nearly he could remember the terms Of tho con-
tract were general, not special, and no had no idea
from that instrument OF the amonnt conveyed.
He had subsequently seen Moves but not
IN capacity OF COUNSEL and had cndeav-
orcd 10 bring about settlement between HIM
and Receiver Parker. This undertaking had failed
NANNY because Noycs was unwilling IN spto oil re-
pcated PROMISES 10 give an account Of the property in
his possession. Mr.. Fullerton informed the writer that
he had reason believe that Noyes had returned only
portion OF the securities aud that The end OF the diff
Guilty by means apparent lie thought those who
dealing with Noycs understood these iacts, and
that they would keep him IN confinement until a .ul
rendering OF ms rather extraordinary stewardship had
been made.
CONTINENTAL REcEfyERsHIP.
Justice Pratt, Of the Kings County Supreme Court,
Yesterday afternoon dcniu TWO motions argued before
HIM on saturday In the suit brought against the Con-
tincnlal Lilo Insurance Company. One motion
behalf certain creditors aside the appointment
OF Receiver Grace on the ground that no authority
was given tho Court to make the appointment except
on the Attorney Generals motion. The other was on
behalf OF the British policy holders to be declared
preferred creditors.
Tho much vcxed question OF who shall wind up the
Continental estate and In what manner that very de-
slrablc result is to be attained VIII most likely
be settled within fortnights time. Judge West
brook, before whom the Attorney Generals pro.
ceeding had on Saturday ut hudson
will hold under Amusement the effect OF the
former proceedings ol dissolution In Brook
Ign, and when determined upon that preliminary
point will call the up again Tor further argument
The question Of how TO dispose OF tho companys affairs
will then BIO considered and Counsellor Moses and
possibly others viii urge project rcvi,alizc the
company. The question Of the rccclvership IL o
parainonnt interest and cxcitcs much difference OF
opinion between the counsel Some INSIST that
amend the entire proceedings OF the Brooklyn court
will ncccssitatc tho appo ntmcnt OF in
place OF Mr.. William X. Grace. Others condemn this
us useless and urc firmly impressed with the belief
that Mr. Grace ~ not to DO supplanted. The best in
fercnccs that can be drawn, however, point 10 the
selection OF another receiver, and contest between
the Court OF Appeals IL is strongly limited, oo that
the new appointment Is to BIO more or less political
one heavy influences oil that nature arc said TO
nj work