The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-25
LIFE INSURANCE LITIGATION.

MR. GRACE THE coNTINENTAL's RxcEIvEn-
HIM.
II s generally believed that william T. Grace will
be retained receiver, and that 1t would be injurious
to the Of policy holders OF the Continental
he should be set aside to make room for new APP
pointec. IN view oil tho TACT especially that he has
already mastered all the difficulties OF the situation,
He is the receiver of the company for New Jersey
and has begun several suits in various parts OF the
country behalf OF the policy holders, which
would in all probability be damaged 10 some extent
by being handed over to new party VINO
would have 10 make hmsel sm:iar by weeks oil labor
with their ntricacies before being able 10 prosecute
properly Mr.. william Allen Butler, IN his able report
~ referee portion OF which published in yester-
days HERALD, gives convincing proof that IL would
be the best interests OF Tho policy holders that Mr
Srace should be retained as receiver MI. Butter says
that upon the examination made and the evidence adj
auccd by him he found that The assets in the hands OF
the present receiver, Mr. William Il. Grace, are sale,
and that they have boon thus tar and in his Judgment
win. long Mr. Grace continued in office be prop.
erly and udicously managed that tho trust reposed
in him will be faithfully executed; that he has COM
menced numerous aud important actions TO enforce
the rights OF the policy holders, which u was neces
Sary commence without delay, and which were, IN
hts (Mr. Buter'sl Judgment properly brought and
10
the scrviceable discharge OF the dutes OF
his Office In which will secure 10 tho policy
holders distribution ut the earliest possible mo-
ment and from time, all that can be realized
from the aud from the enforcement oil existing
CLAIMS.
ia another part OF his report Mr.. Butler says
she present receiver cannot be expected from choice
prolract any personal risk, struggle as TO his
title Office which he accepted in Aid OF the policy
holders aud under the sanction and ut The request OF
Court exercising Its jursdction when invoked on
their behalf Tor the purpose OF securing thcr rights
so far as the Is personally affected might
well recommend HIM to ask 10 DO relieved from
trust beset with such embarrassment But his pos.
that OF tho Court 0f which no officer and
relates property of the policy holders who
are entitled 10 the protection OF the Court. II their
interests 10 be regarded as OF primary Importance
their property Is under sale and competent man.
sgemenI their behalf 1t may properly be urged
that their will manifestly be best subservod II
title oil the present and the acts done by
him should be confirmed by his appointment IN the
proceeding OF the Attorney General not only To
save all necessity nducemsnt Tor further litigation
risk growing Of steps already the
oil the tho expense TO the fund attendant
its transfer 10 a receiver II is very plain in
view OF these suggestions and convictions OF the 1T
Of MI Grace receiver OF the company
tsrsely expressed by Mr.. Butler, that 1t would be u
his place at tho present crisis OF the company's
affairs II is rumored, however, that efforts are being
exerted by certain clique to put some person In his
place who will better supscrve interests that are not
inimtcal ut least. not advantageous 10 the policy
holders Meanwhile, the policy holders, whose hopes
outrageousy misused by the officers OF the company
made light by the appointment OF Dir. Grace,
and watching with jealous eye every move made
TO deprive them Of their rights.