The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-02-09
4 REcEIpiR ron Nrw JERSEY MUTUAL.
The Company Practically Abandoning the
Casc-Ex-Gov. Parker Appointed.

TRENTON, Feb S.-The argument i'm the
New Jersey Mutual Insurance Company's
case. which was 10 have taken place be-
fore Chancellor Runyon, was virtually
abandoned by tho company to-day, Mr.
McCaricr. counsel for the company, falling to
appear. Mr. H. W. Smith, an actuary, and Mr..
Fred rich Kingman, u Trenton attorney, whose
services had boon secured at half hours
notice. represented the company The state
wns represented by Attorney General Vanatta
and Mcssrs. Barker Gummerc and Ludlow Nc
Carter. Mr.. stephen English editor Of the IN
snfdnce Times. was present with his counsel.
Mr. Raphael j. Moses of New York. as
one Of the creditors md policy holders.
The Chancellor having called the ease.
Mr. Kngman said thai he was informed by Mr.
Smith. consulting actuary OF New York, that
Mr.. McCartcr was not to bc present but had
sent "a communication to the Court that the an
ewcr had not been prepared. He had pre-
viously asked for time to prepare the answer
Mr.. kingman said he did not know what course
tho Court intended to take in the absence Of the
answer. Mr. Smith thought that the company
was not insuvcni. and under judicious man
ngemcnt might be- nhlr 10 meet all liz obliga-
tons, tn" usscs that had been transferred to
the National Capital Life Insurance Company
were all inti t, AMI would be delivered TO the
person entitled t. receive them He SUGGEST I'd
thnt receiver be appointed nd interim. and
uut III. company have time 10 HE an answrr
Mr.. Nunatin said that he did not understand
the gcnu"mhns meaning OF u receiver ad in
tcrim. Every receiver WIS appointed and wis
subject to h' rrmov. ii when the interest of the
tht't" ol viii II he had charge required il. lie
dii NOT intend to ask that the company be do
rlured inspiNrni or for nm order of dissolution,
nut SIMPLY to nave authority TO secure the ms
sets pi the company for until that WIS done the
p'Duuiury ability Of the company could not be
known. The granting Of the inIun ton and
tne appointment oi receiver wore necessary
and imperative.
Chancellor Runyon referred to the course
taken in the Grnut Locomotive Works rn4n i'm
whi'h receiver had been appointed and dis
Charged. and the company stll existed.
Ihr Attorney q mrrnl urged the granting of
the injunction and TN" appointment of a re-
cover IN tac ground That all OF the assets had
utrn trans erred To- a foreign corporation. hay
ln- ~ 'i.iUl I'D 'thhsu-i hu-lhrs IN Illus Sit'
ana no Summing or responsibility The New
Jersey Mutual lusuran 81 Company stands be-
Tore the Court confessed hy counsel to b" liable
Tor 10000 pol lcs with not one dollar to meet its
liabilities. II had Invested itself Of everything
ana hri nothing To- fall back upon except a
corporation intcrdi,trd low the laws Of New Jrr-
soy. 1t ~ u ease OF hopeless Insolvency. COM
pl'tc anu perfect drSolution with an Ont re- nh
s"ncc az any assets whatever, Thc oflfr by tho
other sd" was to show that the assets were in
@'r MhuSr uss'ls ihey want 4" snow a. the
Court the MSS t. ol the National CAPITAL Life In
suruure Company. Everything IN the case
shows stat 9i M incs that calls FOR the umodi-
ate action of The Court.
Mr.. Knsmnn said he entirely coincided with
the Atnrncy-Gr neral ~ b. the appointment of
a. receiver. but IA" ius -trd that the company
should not hc doe arrd insolvcnt. That may be
true, hut the parties whom he represented de-
sired that 10 should b. investigated.
Tn" Chan 'rlior said thai the Injunction pre-
vented any StrhutiOn OF the assets, and the
appointment OF the receiver would authorize
him 10 take the assets transferred to the Ma
tional CAPITAL Insurance Company II found in
their jurisdiction. as TINT company WIS a party
10 in" suit. The receiver may receive and hold
prem ums for the benefit of those con .rrned.
The decision of the Court wua not one OF inso-
v"nry, bur % suspension merely Ii il the ap-
p"iniin"ni Of "A r'f"iv"r under nm nd interim in
Junction, the adjudication b. take place here
alter Thr policies would not boz forfeited for
npn-paym"ut of premiums. and the order to re-
cHN" th' prem unls WIS merely Tor those who
clos" to pay the samr. II docs not mike the
payment obligatory. The order would bc grant
ed Tor the injunction and appointment OF "a re
cDiNpr.
Secretary Of Stnte Kelsey nominated for re-
ceivtr Henry W. Duryru oi Newark. Mr. smith
nomInhted William VI. Force of Newark. and
Nlr. Moses. who asked that some one who WAS
known outside Of the State be appointed nom
mated cN-Gov. joel pHrkor
The Chancellor appointed ex-Cov. Joel Par
kcr ~ receiver.
Mr.. Bnnjnmin Noycs the President OF the
National CAPITAL says that the assets Of the
New Jersey Mutual are In his possession. aud
that H. shall not turn them over To- the receiver
appointed by Chancellor Runyon, except by ad-
vice OF his own counsel