New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-10
INSURANCE EXPOSURES.
CONTINENTAL LIFE REVELATIONS.

TESTIMONY OF THE CASHIER AS 10 SINGULAR IN
TRIES IN THE BoOKs-LARGE SUMS REPoRIED
AS CASH ONLY REPRESENTED BY WORTHLESS
RECEIPTs-AY EXTRAORDINARY TRANSFER TO
NEw-JERsEY NEUTRALITY-SUSPICIOUS. OF JOHN o.
HoYT
The examination of the affairs of the CONT
mental Life Insurance Company continued yesterday
before William Allen Butler referee, at No % Nassau
ST. Mr.. Van Pelt. Raphael j. Moses. and Mr.. Rudi APP
pearing for the policy holders and Mr. RansOme for L.
V. styles, who the only person examined. He test
ned substantially as follows:
The eash-boOk was in the possession Of James p.
Rogers the Secretary, from oct "A. 1876 Jan. %,
ls17, and could get it. The entry dated sept 30,
1876. COMMITTED annuities S155, l46 Os" is in the
handwriung OF Mr.. Rogers. 10 represents various
amounts drawn by different persons In cash, and which
paid by under the direction OF Justus Lawrence,
the President OF Rufus C. Frost the acting Prcsi-
dent Lave copies Of the vouchers FOR all but
Frost. q total Of S3O.275 SO; from Jamrs P.
RG:ers SSo8os IL Rsigs frost $50, y
d. b. wy koop g 296 20; G. Hilton scri6ner, 1000
way mad these vouchers IN my drawer carrying them
a. cash, ard they appclre cash ia banks III the
Jusius Lawrence knew all about~his. These vouchers
were taAen ou OF the cash drawer by James Rogers
N August 1876, and never saw them again, but while
they were Ia there told my counsel, ir RnsOmc, low
matters were going and he advlsel me 10 take copies of
them al These vouchers were All receipts signed uy Tie
Hheitht persons or M morahhuls 0l lhe chechs "heh
We're paid inem The money was paid BY me as cashier
2
Tho entry. oct ., 1876. Empire stock. SJ39i5 49,"
was another entry made ~ J.n,s r. Rogers, while he
advanced to the Empire Mutual Lie Insurance Company
and other parties, aud paid by me. Another entry
winch Was compelled by Mr Frost 10 carry as ea4n,
S2S.1t 3d. paid for Empire stock this also ap-
pcarcd in Tie annual statements cash. There were
some certificates OF Empire stock among the assets OF
tie COMPANY, but do not know on what plan u war
REDEEMED ny the company bus believe that it was re-
whlen the Fros mad when tie knpIe Muual went INTO
BANKRUPTCY Mr. Rogers aid the fI"sts knew al dDoat
ON page l02 of the cash book the entry is cash
credit. and the charge ~ 20 the NewJersUy Mutual Lie
" Oct. g. 1876, y. j. Mutual Lie bonds AID mCrtgaRcs
ETll6AOO' made tnIs entry by the direction Of RGus
&. Frost, from memorandum which he handed me- No
cash passed through hands - represent TINS Hans
foows n yJcrsey Mnuai re irsi,r1nne Comnqy-
To mortgages S77.OOO; bOnds, ri5OO0; TO Interest
per statement o2iJ4 90; 10 interest due Oh bonds
SIif 80 10 5a.ance THIS makes Th.s eur5
would 20 o. show the face TIE cash book and on
the account with the New-Jersey Mutual that this
cent % cash paid IN, and there no vouchers IN the
matter al al,
Mr. Moses here remarked: In other words, it dis
ch rses the NcwJersey Mutual OF ts indebtedness with
out Of consideration. or. in plain language, the
officers OF the Continental Life Insurance Company tie
dag before the injunction had been granted by the Court
estopping them from paying out any money or otherwise
dsposng OF tbs property of the company turned over TO
the New-Jersey Mutual SllG4cO."
This Mr. styles said tie truth Of the matter. It
was brought ou' plainly the examination that Mr..
STYLES felt that THIS carrying 100000 cash in lot Of
worthless receipts wrong, and he consulted is
counsel VINO advised lin 10 lake copies Of al! these
BOGUS vouchers ard lay the copies away. This lie IND.
HEARING BEFORE MR.. DEWITT.
The examination into the efairs Of the Continental,
and Tie appointment OF its former receiver John j. An
derson az The suit Of John 0. Hoyt sOckhcder-the
purpose which to show that ht appointment was
c0llusivc-was Leld yesterday before Abraham d. De
witt referee at 80. 20 Hassau-st Frederick Coueri
stated that he represented the present receiver. NJ
Grace that hc had opportunity Of examining the con
Gitou of this proceeding ana asked Tor adjournment
ury sIith no Represented the AttUrney General OBJ
POSED adjourlnt ana the referee decided TO 20 Du
Sir touGprt entered protest, the ground NAT TIE
rni,,.,ur LaJ bpou d,so.y,tL SIR Anderson removed
ana j.. Grace appointed aud thar De- vas now
III posse,sou Robert ;eWel Appealed for JuHn o. Hnyt
AMI John NJ Keon, William Barnes, z. W. Van Pet and
l.. 4. Aoscs i0r several policy holders.
john o. Luyt test.od, ia s;ilatu'", nat ne uVed III
Brooklyn, aud bad been l.l estate AZ az ana operator
f0l dLot /. year, at 80 III BrOauNav. Re owned j.
SHARES 90 CoEiiLeuta! siocE TLch He pufcHaStd rCl
Il. G. Frost ia August io.C, p yg 2! OO2 ior l. mare,
ar, j, u bee stocahoid'r 4 would help MS rti
estate and mortgage business; Mr. Frost Gci'rrra ne
stuca m his tHuyt, Office ald hC paid 20 Frost $1,000
W - n n ,ai-, MAI he could make no loans as
the company was running helro; is real estate Wa SGT
down m IT,, r.yCl ~ 100000 a~OOOOO, bur tie Knew
that it couid not ID" sold ioi - 600 ne heiu thI"'gh
IuInOrs company had los, rJoV)O hj III Loan
ers' Bank. and 100000 or T3VOOO by SOUTH
ern Insurance company MI, hO.t ""9 cioSyS
Nr seNcI objected on TIE gcuA" tLdt Dir HCrt phi
yatc affairs had nothing TO 10 with the c"se ing re-
general leCuuary condition, UhercuEon hr ho itali-
lid tha hc owned both real AID personal pIGprl ana
yy,, worm free o; all nclmbrauces @SOUU0 He stated
tht be ha c0guectiOB VITA c;ncr I'll IN ir0,t ad
Frost Tie rurl,usc VI yesterday, examination was 10
show bat Nj hoyt vas imprcunOus al tae tlnc. Il.
nuurt tr stock. the inference from which WOu.a 5r y
W., claimed That ,Lcrc collision. The examination
was ADJOURNED until 1850 to-day