New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-30
TIE NEw-JFRSEY INVESTIGATION.

THE NEW-JERSEY INVESTIGATION.
prrtIxc N THIS CITY IN REGARD TO THE ACTION
OF THE NEw-JEBsEY NEUTRALITY-SUSPICIOUS. OF
MIR. FACKLEE-PROBABLE INCREASE OF THE DE-
FlC1EXCY 70 $500, O0O-ATIENPr TO BRIBE TIE
EXAMINER.
The announcement of the reinsurance OF the
New,Jersey Mutual Life Insurance Company by the Ma
tional Capitol Life Insurance Company o "aah'nSoh'
d. c. which was published exclusively in THE TRIBUNE
Yesterday. was "a surprise to insurance m'h gen
orally. no one apparently having been aware
,t,t necoiiatGns we're pending between
the officers of the two companies. Benjamin Noyes'
President Of the National Capitol, busilY engaged
throughout the day yesterday AZ the Office OF the New"
Jersey Mutual. in Newark. In conversation WIN a
TRIBUNE reporter last evening he said be nau ead inc
report that receiver for the NcHJersey Mutual was 10
be applied for by secretary OF state Kelsey, Dut ms
could IN no way affect tine National Capitol
Life. over which Mr. Kelsey could have 10
control Its officers had rensured the New'Jersey
Mutual and in possession OF lts ASSETS
and any controversy about the matter must necessarily
take place Mr Kelsey and the officers Oh the
New Jersey MUtua Ar NOyes corrected his statement
mace The previous evening regarding new business by
sayug thai Tie National Capitol would probably resume
the solicitation Of new business after the affair, of tao
New-Jersey Mutual had been settled and complete
transfer Of It's accounts had been made
The New-Jerscy Mutual was organized in 1868 by the
late William NJ. simpson, one OF the early members OF
the Mutual Beuc1t Company. The Hon Joseph T. Brad
icy now II the supreme Court, was lis first President
william S. Force was the VIcePresid'nt, and William
Il Smorson Secretary Tne directors were leading cit.-
zcuS II Newark. For the purpose OF obtaining business,
tlo company OF. red 10 take policies al much lower
rate OF prmnm than taat of the Oh COMPANIES
but this plan abandoned after a iim,' ana
me policy holders informed that rates must he ad
vanced in order safety Many complied vita
the demand ana the company thereupOn extended It's
business 10 other states.
III. Bradley resigned, and was succeeded by Mr. Z. e..
La .urop, VINO IN turn gave way 10 theirs NeT-lOrk
men Obtained control. until company. nominaly III
Ncw-Jcrscy, was III effect N Ncw-York.
d. T. Facher. Of SECRETARY Keisey's assistants in
the invest CATION Of the mpaay, stated yesterday th'
Mr. Kesey's report would probably he made very soon
II had been delayed by thc examination OF peculiar
po.lccs. The ordinary policy Issued by an Insurance.
conuauy VT. referred 10 a common table. but many u
th policies Of the Newt arscy Hutla required special
tabcs MI Facklcr would not C!ly say what tIe report
would Gi.ccse, but declared tnat bad management IL
the aGlir- OF the cOrply very apVaent more par
cnary in years The hOoks Lad been kept N an
intricate manner and the AZ, had probably been paid
TOO large commissions On Js1. 10 the secretary II state
was informed jha there deficit IA the assets OF The
New jersey Mutual ~ the amount OF over 100000 IN
far as tie assets returned To Mr. Fachier Notice
WIS = ven tn The company mako good the deficiency.
assets reasonable period given to show these
sc- but they not prCu.cca About ten days ago.
Mr. FacGlcr suspected sharp practice aud wrote 10 Mr.
kelsey tLat the company might possibly transfer IT.
mortgages and securities elsewhere. Since Jan.
10 Mr. Facker had made more extended
examinations aud the present apparent deficiency would
he increased TO about 5000 600 and possibly Tho
as.ets were about 81 POO 900 A. tae WJersey
!ntcndcnt obliged 10 give :ine 10 company 20 MAKE
good "A deficiency before appOlu'nE receiver. hc was
put disadvantage. The officers had stated that pt
persons mad promised several hundred thousand
dollars II necessary Ia enable them u cont nf business
nut The COMPANY probably could not obtain these loans
or ans last step would been avoided The rcusur
ance Illegal The company had no right {" take the
lss. ~ out OF tho supervision o. kow-Jersey,
especially while examination OF Ito cen
dOn pending. and IL order 70 escape
tae action OF the state Government, place tl'm
in the hands Of company possibly ia worse condition
MI Fackpr said aso that director must Of course he
noicy holder hut Garrett d. W NrUOm Oh Trenton one
premium. lie hal received policy without "A medical
examination and not present AZ single meeting ot
the board untl after Jan l. D. r. LYdeCkcr IN the
same category, ana probably others mere ngure-
parent had Mr.. FdClcr the position Of consult
ing actuaTy, hardly prepared u he bought
over III tndt wholesale style
CaCptt OF Washington, Clement A. walker OF Boston, n
GoodcicA Fay OF NewYork, A. NJ. Capp OF Washington,
E.lwOOd +. Thorno and Henry d. Walker OF Ne"-fOiA'
and BENJAMIN NOycs of NcH-iiaVcn.
j. IL. Murray, whose published yesterday as
one the directors Of the New-Jersey Mutual. states
that he longer director. having severed hs con-
nrcOu several mouths ago The 0ilces-nO the Officers
a. cTrOncOusly printed III yesterdays THiBUNE-Ot thc
New Jersey Company III This city aud Newark viii be- re-
tanned the present None % the officers OF the New
Jersey Mutual will be connected with the National Cap
ilo Life if present arrangements carried out