The New York herald., 1877-03-06
LIFE INSURANCE TROUBLES

THE ATTORNEY GENERALS CASE AGAINST THA
coNrISENTAL--cAN THE COMPANY BE MADE
SOLVENT ?-THE FAR AWAY ASSETS OF the
NEW JERSEY MUTUAL
The Security stockholders experiencing consider
able trouble about dividends that have been
properly paid them. few weeks they
politely requested by Receiver wckham TO refund
they had received. and about half their
number compiled. Now papers are being served on
tho remainder, the aggregate amount pending in the
individual suits being about S35 900.
Abraham DO Wit, appointed rcfcrcc In the suit Of
the Attorney Geuerai The Continental Lilo insur
Company. held bret sitting yesterday afternoon
at No. ~ Nassau street. II understood that me
meeting called merely a matter oi legal form, ia
order to comply with tho terms Of former ADJOURN
mcnt and to terminate tho reference properly The
Attorney General had already proved by previous ties.
timony that the conpany was inscvcnt, the
only fact essential to- his application Tor the
appointment OF receiver. IL is probable
that this application will have DO made at Albany
before Judge Osborne. to whom Mr.. De Witt must
port Is generally believed that another receiver
will be appointed, and that the Court OF Appeals will
have decide between the rights OF such person and
William H. Grace, the present receiver, who was APP
pointed by Juigo Pratt, OF Brooklyn. From all that
inferred IRON Mr. Grace's attitude IL appears
likely that he Will submit the IN friendly way 10
the courts and not seek To delay proper settlement OF
the point IN dispute
pKocEEDiAos nxyoRE xErEREE DE WITT
Several attorneys were In attendance upon tho rcf'
crcncc yesterday all oi whom were more Or less non
pIusscd by tho singular situation Oi affairs. When A.
torncy General Fa'rchild arrived, h"wcvor, thcif
minds set mofc at case by tho unfolding OF the
programmes The Attorney General an nnounccd that ho
desired 10 take no testimony az he was already In
possession 0i what ho needed.
Mr. Raphael J. Moses announced his dcslro to take
assets, AS u question which would come before tho
Court Hc accordingly called upoE Mr.. Seth Z. Chand.
Ter, tho former Acusry OF Continental who test.
ied that ho Ind iound tho outstanding liabilities Of the
company to DC about So. 800 OOO calculated upon tho
American table ut four aud halt pcr cent lie mad
calculated tho future premiums ON the same bass and
had also estimated them ona commercial valuation OF
per on this plan tho liabilities Of the corpora
ton would bo reduced by more than 81 O0O 900. Tho
ordinary life policies, he SAID had actually reserve
TO mo sixth year and x2 900 of the $j2 900 600
Of the outstanding Insurance OF the Continental Was
of this class. lhc closing out cost, Mr. Chandler
mum receipts; aud hc Ind DOUBT that II tho funds
OF the company were held and the expenses limited 10
tho burc collections and disbursements there would DO
sufficient TO meet all insurance MS II maturcd.
Mr. William Barnes then questioned tho wtnesa
upon another lead o this novel proposition ana
ceeded in putting the project IN less favorable light
IL has been iavortc theory with some insurance
that where only sixty per cent OF premiums had to be
hold, and the remaining iorty per cent 'loadng,
that running an insovent Company Mt an expense OF
only pcr cent must eventually bring u clear OF
liabilities ON thus supposition the moro outstanding
policies insovcnt company had the more money u
would make Mr.. Barnes showed In his exam nat ION
that this theory is pretty wc exploded by practical
measurement
Receiver Grace called by Mr.. Moses aud testified
that c thought the expense OF running the Coniihcn
upon the plan would about 500, 900 per
mum. Tho reference then adjourned.
Referee William Alien Butler will hold sitting at
two O'Clock this after. Oon at No. % Nassau street.
Tho hearing upon Mr.. Andcrson's accounts which WAS
TO have taken place yesterday has been postponed Tor
iow days.
JERSEY
william Geasa obtained an attachment upon tho
Office properly OF the New Jersey Mutual, No 100
Broadway, which yesterday 10 have been sold at
auction, but the sale postponed until saturday
n they claimed any title 10 tho property but found
they did Governor Parker, tho receiver at Now
ARK, has pctoncd that he may DC made Of all
the assets Of tho company IN New York as auxiliary
to his appointment IN New Jersey. In case this be
not granted he asks that some other person IN Now
! York may be appointed
The assets IN the possession OF the two absent prcs
dents-Stedwe, oi the New Jerse. Mutual, anc Noyes
OF the National Capital-are still bono of contention
| benjamin Noycs was in town on Sunday and has now
gono TO Now Haven, Conn. Stcdwell's whereabouts
aro unknown. William Fullerton, tho attcr's coun-
se said TO tho writer yesterday that he had NOyes
In Washington few days since, and that he ught
both he and Sedwc would appear at favorable tilne
ana give bvnds the summons against the
o did mink the matter OF tho return OF the
sets as feasible or soon to be accomplished as s
generally supposed
Vice President Walker. OF the National Capital said
yesterday that President Noyes had stated his ntcn-
tion OF coming To New York somo time during the
week cfIccting sort OF settlement with
tho New Jersey authorities