The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-02-04
APPLYING FOR A RECEIVER.
WHY MIR. ANDERSON RESIGNED FROM
THE CONTINENTAL 90.
Mr.. q. Hilton scribner's Proposition to Issue
New Poiicies-Mr. Anderson Suspended
Lawyers Fighting for the ReceIvership.

Mr.. q. Hilton scribner's Proposition to Issue
New PoIicies-Mr. Anderson Suspended
Lawyers Fighting for the Receivership.
Tho investigation OF Mr.. John J. Anderson
puts the cap Of acknowledgment on the rumor
that the officers Of tho Continental Life Insur-
ance Company had concocted scheme to
divide among themselves the assets OF that
company. by making asupposititious transfer to
the New Jersey Mutual.
Il advised him to resign" said Mr.. Sewell.
Whyl Because the public thought that he
was appointed for tho purpose Of shielding the
officers Of the company.
You acted as the attorney for Mr.. Hoyt upon
whose complaint receiver was granted. did
you not2"
Yes"
How then did you become the attorney for
the receiver2 ?"
81" At the suggestion OF the receiver was ap-
pointed by the Court"
=. 80, then, you act for both sides2"
what about Mr. Whitney; was he he not the
counsel for the Ccntinental?' '''0
Yes; but when this trouble originated nd
yised him to step aside. He is a politician you
know, and he did not wish to be compromised /"
He was director Of the company; was he
g Yes. and counsel too"
,, His political reputation stood higher than
confldcd in him through the representations OF
company Of which he was director -
., Il wouldn't like to say that, but advised him
Mr.. g. Hilton scribncr and his friends stood
around making most magnificent offers to put
sition amounted 10 tlis We will issue to you a
now policy; we have putin this company money
enough to cover ts impqirment; it was
lnsOVcnt before we came in, il ia solvent
aow, surrender your policy and we will give to
you you new one THIS seems fair on It's face, -
sad an Insurance President, but If you held
policy thut had run for ten years you would
huvc on II u reserve. 1t does not hurt you as "A
policy holder. but the reserve which these
sIl',urrs would goDOle up would help them
Tho petition OF .J,.J. Anderson. tho receiver
OF inc continental Lifc Insurance Company,
asking for leave Ia resign and for the appoint
ment 81 another receiver IN his stead. was TAX
Jp lin Tor r NJ 'sI"IIcny, on ivptlob OF Mr
Moses. presenting an order to show cause why
the receiver should not be removed, asked
why MIR, Anderson had not filed a new bond ms
he had been ordered to do 10y the Court. He
said that tho receivers accounts had not yot
been examined by the referee; hence IL would
be- precipitae to allow the receiver to retire be-
fore the Court knew how he had performed his
duties. Z. Il. Lawrence was suggested MS re-
cclVer. Counsel representing the policy hold
ers snggested the names Of +. Il. Wesley, Sam
ucl Mclean, Charles Storrs. George L. Nichols,
Mr.. Finch. State Insurance Superintendent
on INDIANA, the representative Of $50 policy
holders. objected TO tho appointment of Mr.
lAwrsncc. and said that the word broker" in
the West was very like the word - statesman .
IT was sometimes worn in the ponitentiary. He
suggested the Hon. w. Barnes formerly SUPER
intendent OF Insurance in this State. or Cen A.
a. smith. who organized the Insurance Depart
mont in Kentucky.
=, The names Of Wilson J. Hunt. Chas. VI. Fry,
Henry Sanger. Mr. Howell. Aaron Clailin,
brother oi II. b. Clallin. and others were sug-
sci for policy holders.
Mr. Moses asked for an order suspcnding tho
receiver. pending the Courts appointment Of
another receiver. He said that the receiver
ought To have prevented tho transfer 10y the
New Jersey Mutual of all TIE funds the Conti-
10 the National Capital Life.
Judge Pratt ordered an Injunction against tho
receiver transferring or making any change
IN inc securities. or from paying any moneys.
pending the decision Of the motion for "A new
RECOVER. He nude an order adlourning the
iurther consideration until Monday. In maxi
ing TINS order he suspended the receiver. Mr.
Anderson H. restrained from paying out. trans
itrriny or IN any manner interfering with the
property OF the corporation. except TO preserve
IL until the further order OF the Court.