The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-05

mortgages amounting to $4,000 on Avonai property
in MddIcsex county, 900 In mortgages Of Marion
Building Association Louisiana State bonds go 600;
Virginia State bonds, some detached coupons, about
SIS 900. and miscellaneous securities; there
government bonds or premium notes, and deods OF
property in Washington Chicago or elsewhere In IlIi-
nos where the Now Jersey Mutual Ia alleged TO own
property.
David D. Facker, consulting actuary, testified that
the 1stn Of December 1870, he made an examina-
tion OF the New Jersey Mutual Lie Insurance Com.
pany Ito found tho following assets - nited States
coupon bonds at par, $4,000. or $4,000 market
value; Virginia bonds, SAL 500; Louisiana coupon
bonds, $40 o0o bonds and mortgages, ss4 800 which
were In the companys Office and tho Second National
Bank, where sl4 600 had been hypothccated saw no
Avcna mortgages; The company had ON deposit In
various State Offices mortgages amounting to $3.50 900
Tho secretary that the company held premium
notes amounting to about $3.50 0o0 accrued interest
and estimated ut 500 600 and So 900 allowed
as possible cash in bank On his cross-examnation
witness said no was employed by tho Secretary oil
State the total assets o. the company estimated
at 81 500; the president OF tho company told
half OF tho $3.50 900 bonds virtually belonged
Mr. Daniel A. Noyes. the attorney OF tho company,
for money he had advanced
Secretary OF State Kelsey gave unimportant tcsti-
mony and James II. Cannin late cashier, testified that
the securities OF tho New Jersey Mutual nearly filled
two tin boxes each Of which was twice as largo tin
box shown him. This latter contains nli the assets
turned over by Noyes last Friday. Tho then
adjourned till three o'clock
Upon tho roasscmbling OF tho Court Mr.. McCartcr
again tho stand and testified that he had been
told by tho receiver that named Martin, New
York, had said no purchased so, 900 $50, 900 In
mortgages OF tho Now Jersey Mutual. held on New
Jersey property.
Benjamin Noycs was then called aud testified rs fol.
In New Haven sncs 1881; was brought up a book
binder, printer and publisher; since lss7 have been
National Capital Coup any as President OF the same
made contract with the New Jersey Mutual tins 10
s1py & sss wl pans on s
Noyes, IN New York: Daniel J. Noyes was attorney
for tho New Jersey Mutual; tho contract IL 10
the usual form OF such contracts, according to my
knowledge; think never saw Mr.. Stedwe more
than six days before the contract was signed my NC
quaintaLcc with MIN began with this transaction; !
never knew Daniel Noyes until thus transacon hc Is
relative OF mine; told stedwell We would rensure
pro contract, and Daniel Noyos WIS requested
draw such contract TINS was at my second inter-
view with Sedweil; supposed knew what liabilities
We were and what assets receive (schedulc
OF shown witness) this il the only paper ever
had IRON sIodwcl this subject It statos tho assets
State bonds. ST. s54 roai estate. sisoSoo premium
notes, 5000 OOo loans on policies $40 OO0 iurniturcs
and deferred premiums, sso2 200; agents balance.
xI52, 00o there were no government bonds; stedwei
said thus was as near tho amounts as no could gve tho
amounts might change, be more less; according TO
this schedule tho assets loot $l5lO,lI7; to this
paper the National company made the answer, assots
insufficient" and the negotiations were abandoned.
Afterward tho negotiations were resumed and con-
tracts agreed upon there was delivered TO me on tho
26th OF January small portion OF tho assets; alto
geiher received S128 600 OF assignment OF ortgages
understanding that 100000 OF the remainder were
deposit with the state o New Jersey aud 800 900 with
the state OF New York; received no premium loans,
no cash, no accrued Interests There was among tho
deed not acknowledged, aud Siedwei took 1t TO
havo the corrected; have not seen II since: all
they returned to the Receivers never took any
thing out Of the box; told Mr. McCarter or Mr.
Kelsey that rcccvod all the assets OF the company;
| Mr. Kelsey Is entirely mistaken.
OFFENDING THE TRANSACTION
Witness said:-lt Is not novelty Tor ono company
to buy mother; 1t has been done throughout tho
country and It would BIO disastrous to stop III u ID not
true that tho National Capital nm Imaginary company
or without substantiabty has the largest percent
age assets on It's gross liabilities policies
standing OF any company In tho country; l say this
knowing what / say; everything down TO tho last
scrap received, turned tho receiver
received anything elise for me- directly or ndi.
recty the negotiations the differed not the
| slightest from any other transfer Of one companys
! business 10 another company; II was perfectly
straightforward Legitimate pieco OF business; alter the
ir41sier did not absc at myself; renamed IN New
York week after Mr. Kesey's proceedings against The
company; never avoided al interview with Governor
Crosse Examined by Prosecutor AbeeL-i aid not
agree to surrender the contract with the sssets:
never heard from Stcdwcl anything about government
bonds IN tho possession OF the New Jersey Mutual;
think first eit tho asscsts the Office OF attor
neys In New York. afterward put them tho sale OF
the National Capital Com pan IS Office New Haven;
next deposited them with friend in Washington. aud
they remained with him until lney camc here; they
never went into tho Office OF The National Capital Com
pany In Washington shortly aitci receiving The assets
saw Stedwcli in Washington; have not seen him
since nor David J. Noycs; the gentleman to whom
gave tho box in Washington did not know what It
tanned thing about IT, aud no received It In tho
form In .ich II received here.
This concluded the examination transcript VIII
DO made and furnished Ia Judge Dcpue when the
question OF Mr. Noyes' bail VIII again come up