The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-02-25
CONTENTS OF A CASH BOX.
THE CONTTNENTADs ASSETS SHOWN BY
RECEIYER W. X. GRACE
The Attorne Generals Investisation into the
Company's A asirs-some Worthless Bonds,
Mortgages, and Deeds Used as Security.

Mortgages, aud Deeds Used as security.
Attorney General Fairchild conducted
tho examination into tho Continental Com
pany's affairs. yesterday. before Referee
Ahram b. Dewitt The Insurance De-
partmcnt OF tho State ignore tho pro-
cecdngs instituted against that company
before Judge Pratt of Brooklyn on the COM
plant of J. o. IIoyt. claiming that any proceed
ngs to throw company into the hands OF
receiver must como through tho Attorney Cen
erals office and not by original proceedings OF
n stakeholder OF that corporation. The object of
the present investigation ia to show that tho
company In insovcnt. Upon the result OF these
proceedings will be- based the subsequent action
OF the Attorney General.
The first witness called was Mr.. Seth G. Chand-
Ter. Jr tho former Actuary of the Company.
He was examined with regard ~ his estimate OF
the outstanding reks made at tho request of
John J. Anderson. the former receiver He gave
the following prepared statement;
ou~tamlins ,ae s55,
Reserve Xncrican standard, "a per cent =. ssa5glt
MHturCd cndownents. "a policies 90 $1,000
Mr. w. r. Grace tho present receiver. was
then examined as To the maximum assets oi the
company 40 far as he knows Mt present. He said
that he was unable 10 give any opinion OF the
value OF the assets he could only show what
had been turned over 70 him without pretend
ing to give any total valuation. Many OF them.
he said were worthless. while others hal u de-
precintcd value He then made the following
statement OF everything turned over 10 MN Dy
Receiver Anderson:
Cash - equivalent .... observation-disclosures. sit7a
BONDS aud n9risas,- iacc value
10 Yonkcrs city water bonds, 500 CACHE. io,vo
Under the head Of deprecated and worthless
securities are classcd the following:
stock bonds. Win trust deed OF " Pickett Chca
Wax wn q .tass OF Con%c"tai sto's amounting 10
s2i2ii II Me-onnerp- note for 81 WIN isi
Lite Insurance Companys stock In name oi II G Frost
srbncr with blank transfer 10 shares of name
iw Frost with blank transfer not for $50 TO " e.
whitney. security tor which are 3Ah shares. Slchrh, OF
| Metropolitan steamship cumyany-uhc cashier OF the
that the ccurc. worth more than the iaec Of III .
loans mote lon s33n TOW whitney. security - shares
says that entry the book. this note appear. to have
destruction OF the same was an oversight
The following securities Of the broken Loan
| ers Bank were also delivered;
Fifteen hundred shares q stock ot the condne n,a Rail
way and Trust COMPANY; 2econd mortgage bonds o. the
81 Lcai, Alton rsrre lIsats RsilIssd for sic s.
Of The stat o. New York pay value ~ Zach =, share
value So each 80 shares q The street Railway = u.
dianapos par value sncach II bonds Of the Adrondack
bS araas Sr sS Zach ~ s''" WV" '"' '~' '''''' N
Mr.. Anderson also delivered:
Forycnc and half shares OF the Louisville chem
ss.er morisss bond Of tho Frcdcrek bars and Cor.
worthless mortgage and papers pertaining thereto.
The defunct Empire Mutual is thus repre-
! scented in the cash box of the Continental:
Mortgage for si7rn, made by o u scrhncr, for which
stock uf the Empire Mutual cff collateral The
following shares the Empire Mutual turned over
IN blank VI. amount received on uvm not aprearins
Chauuccy n,pew shares, ~ Hilton Scrihncr. 10
shares q II rrofut 10 shares, ". n, wyukoop, 81
shares. ! J Htcut,ck. 81 shares; J. 7 Rogers, 10
shares iu.tus Lawrence. lOp shares; l. W Frost. "a
shares amt numerous others varying from nNe to ten
sharcscaoh. Then comc several dccds and bonds t.
gciler With the hst oi mortgage many Of Mi are
worthless and a nearly all the others largely dclfc
cint'i from even their face.
Under the head Of bills receivable appears
various worthless checks Of the Aggregate
value " 81 $40; notes for $4,000 If l.. W. Fros
on I. {. Durant for fl275O The list con 'ludes
with nine drafts drawn ON the New Jersey MI
tua by L. W. Frost aggrcgatng sl9.59l.ii.