The New York herald., 1877-02-14
LIFE INSURANCE COMPLICATIONS.
THE coNrINENTALs RECEIVER CONTINUATION
OF THE REFEREES ExAMINATIoN-surr

THE coNTrNENrAL's RECEIVER CONTINUATION
OF THE REFEREES ExAM1SA11oN-surr
AGAINST THE NEW YORK LIFE.
An order of rcsettement Of the ap ppointment Of Will,
r. Grace recover Of the Continental Life In
surance Company was granted by Judge Pratt, of
Brooklyn. yesterday, . summary of which was gwen
In the HERALD on last Sunday.
Receiver Grace stated 10 the writer yesterday that
he should proceed at up correct state.
OF the assets and liabilities OF The concern Tho
valuation Of policies made under Receiver Anderson
would DO checked over and the whole statement pre-
sened to the Court for Instructions He did not OK.
pect any opposition to his occupancy OF the oice OF
receiver. and as the Insurance Department had ex-
pressed satisfaction with his appointment he did not
Dclicve that they would spend the money OF the policy
holders in contesting its validity.
Mr.. Grace has engaged as his counsel the Messrs
Coudert John l.. Hill and General b. +. Tracy.
AFFAIRS or THE SECURITY.
Receiver Wickham Is quietly bringing Security mat
into shape, and has nearly determined the rela
condition Of the to tho liabilities Of tho
company. His requirement upon the stock holders for
o return OF tho msapplied dividends has met with
far response or the total amount of $66,o0o con-
siderable portion has been paid in and after tho 18th
inst suits Will be brought by the receiver tor the
recovery of the balance.
Tho termer actuary Robert l.. Case Jr IL stu miss
ing, and there much speculation his whereabouts
Many OF the opinion that he has fled from this part
OF the country believe that he IL still In the
Vicinity and Will eventually appear ana GIVE bonas
AS reasons Tor the delay suggested that he waited
until his ather's indictment had been answered, and
that he may have experienced difficulty in pro-
curing his suretieA
Mr. wetmore, the former vice president who has
gwen bonds to answer a charge OF cmbezzle-
ment, stated to a HERALD representative that he
felt most Keenly the unfortunate position In
which ne ne and the other officers Of The com,
simply tried TO save insolvent and such
an attempt extreme means had TO be used. The pre-
note system, he said had alone brought ruin on
the company ana deprived the management OF sufi-
ccnt ready funds whercwith to meet The expenses In
reference the charge against him ne said that when
the timc came he would mako the transaction clear
and Tree himself from suspicion
THE CONTINENTAL REFERENCE CASH.
Before William Allen Butter, referee, ~ No. 20 Mas
sau street, yesterday further testimony taken In
the Continental transactions There were present
the opening oil tho Investigation
Mr. Moses was not present, and the referee
nounccd that the order Of the Court made it mpcra
tive upon him TO give all persons opportunity 10 be
heard Ho had received letter from the new
ccivcr Mr. Grace ntmating that he desired TO prove
facts Mr. Butler stated that he would daily
at two O'Clock, r. NJ, until saturday, tor the hearing
OF evidence.
George W. Thomas, a bookkeeper OF the company
was first called ana on being shown entries In
the books was examined as TO HIS knowledge of them
Tho witness stated tha, no found the books certain
entries in the account OF tho Reinsurance OF policy
holders in the New Jersey Mutual Life Com
pany On tho ledger he found one item Of $29l 900,
policies purchased. Witness had no actual knowledge
to the alleged transfer OF securities he did not
know that the bonds and mortgages by these
entries had been turned 10 the New Jersey
Company
Lelever Styles, bookkeeper Of the Continental In
surapce Comrany examined the entries referred to IN
the testimony OF the previous witness stated that
he had kept tho bond ana mortgage account. In an.
swcr to question by counsel he stated that shortly
after the appointment OF Receiver Anderson he found
that there were securities to the Of $291
missing These securities IN The of1ce " least
thirty days before the appointment OF Mr.. Anderson;
be detected their absence about five days after such
pointmenL Witness asked Mr.. Anderson for an ex.
PLANTATION, but he could not explain II; witness then
spoke OF tho matter to Daniel Noyes who went over
the Inst checking the items on and stated that some OF
Mutual Lie Insurance Company and were still in
the receivers hands Witness stoted that Mr. Noyes
marked the items checked TO the New Jersey Mutual
Lille IN. j. n. and those skill held by the company
"Contl." Mr.. Noycs checked TO the New Jersey Mu-
tual 1921 900 worth Of securities Witness knew Of
account except that OF the New Jersey Mutual to
which these securities could have been transferred
Tho investigation Will be resumed at p NJ. to day.
SUIT AGAINST THE NEW LIPE.
John H. Earle has brought SUIT against tho Now
York Life Insurance Company to balance on
50, 900 policy OF insurance on the life OF Daniel
add, deceased The policy assigned by the deceased
debt Of ST. 80O OF which TACT II claimed the deien
ants were notified. The company refused 10 pay the
81 500 admitted to be due Duncan Johnson and they
sued The company 10 recover that amount, which was
finally paid. The executor Of the deceased assigned
the claim for the balance 10 the plannR, who has
brought suit thereon. Trial OF the was
commenced yesterday before Judge j. +. DAILY In tho
Court Of Common Pleas. The defendants admit that a
several claimants and they do not know to whom tho
money belongs Mr.. Raphael j. Moses appears for tho
plainii and Messrs Henry +. Knox. Charles b. Crosby
and Sanford T. Ten Eyck for tho defendants