The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-26
LIFE INSURANCE PERPLExITIES.
THE NEW JERSEY MUTUAL INTERPOLATION
BENJAMIN MOVES AoAIN-coURr PROCEED

THE NEW JERSEY MUTUAL INVESTIGATION
BENJAMIN MOVES AoAIN-coURr PROCEED
INos AGAINST OTHER COMPANIES.
Evidently tho Newark Grand Jury intend to reach
tho OF the New Jersey Mutual troubles for they
have this week reopened their inquiries with increased
zeal Among the last summoned Witnesses are Daniel
J. Noyes, Henry w. Smith. j. A. Brady and John J.
Anderson The investigation al present - said to be
bearing chiefly upon the assets mentioned
In benjamin Noyes' receipt, which have not
YET been accounted for strong effort Ia being made
ascertain what became Of the $780, 900 In cash. Tho
statement has been made that 900 OF the amount
was drawn from the Chemical Bank by A. G. Fay on
the oay succeeding the transfer Of the assets One Of
the bookkeepcrs OF the New Jersey Mutual, who
compan,ed Mr.. Fay 10 the bank on that MISSION has
been called 10 testify before the Grand Jury. The
after disposition OF tho money, and upon whose order
1t was disoursed the important questions TO
be determined.
ANOTHER STATEMENT BENJAMIN MOVES.
Upon being asked what he had 10 say touching the
evidence given on Monday by Daniel J. Noycs Benja-
min Noyes handed to HERALD reporter tho following
which he mad prepared touching this subject
To rHx EDITOR OF THE HRRALD:-
II 10 almost impossible to Keep track OF the various
courts and newspapers at present having TO do with
the New Jersey Mutual Lite Insurance Company
and mysc. However, heretofore Will do the best
consistent with not beng IN TOO much Of hurry
Your types yesterday make Mr.. d. j. Noyes say on
the witness stand, among ''other items United States
bonds vi the value OF SST 000 and cash $50 00O which
Mr. d. Noyes has not yet paid over 10 Receiver
Parker" do not believe Attorney Noyes. IN fact so
SAID II he did am prepared, believe TO show the
numbers and class Of United states bonds referred 10
sold, by whom aud what day or days, as incon-
tetabe proof that such other United states
bonds were transferred 10 me or my company or
the avalls OF any part thereof and cash. $50 0O0
that Is equally false. Checks, like United States
bonds be traced, and money PAID out s capable OF
proof 10 where It from the source from
which IT was derived
Again in the testimony oil Mr. H. d. Walker you
Haven had claim upon by The Insurance Department
Of Connecticut Tor $780, 600 aud you add, ThIs
fcts IN Eject with tho letter oil b. Noyes TO the
HERALD April % In which he speaks Of this granite
buiiuin.." The fact Is that never dollar was Dor.
rowed this property (cost $3.50, 000l and II has
debt whatever upon H. neither tho old the
company ever indebted 10 the State OF Connecticu
nor the Insurance Department., nor any one else
But there was difference Of opinion among the drec.
tors TO the number OF stories the building should
have, and this was adjusted ny the following arrange
ment which was carried into effect ny the Lcglsla-
ture:-This was 10 30 amend the charter as 10 admit
OF tho 500 600 deposited with the Treasurer OF the
State for the benefit OF policy holders being used
complete the building six stories hgn, &C., and then,
by regular deed OF conveyance transferred TO the Stale
policy holders for the 800 0O0 the elect OF which
and i 10 anchor tho whole building property costing
$3.50 00U tor tue benefit OF policy holders, Instead OF
500, 00O as before. All this was done under special
by the Legislature when IN sessiOn IN New Haven,
and go highly was the arrangement approved that II
received the UNANIMOUS vote Ot both houses.
There IL thus one life Insurance building, at least,
anchored to ts policy holders and never be alien
aied, and NO debt by mortgage cnn get upon H. como
what will Is. MOVES.