The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-06-08
THE CONTINENTAL RECEIVERSHIP.

NO LONGER BONE OF CONrENTIoN-MR.
WILLIAM n. GRACE RESIGNS TO SAVE THE
POLICY HOLDERS AN EXPENSIVE LITIGATION.
As foreshadowed in the HERALD several days since,
the contest over tho rcccivershp Of tho Continental
Life In surance Company has been brought TO sudden
termination. The policy holders had begun TO look
upon tho litigation ntermnabe, and II seemed as
If the law expensive delay would consume all there
was TO distribute But all this has been averted by the
action OF Mr.. Grace In gracefully resgning the Office
Within space OF seven months the Continental has
had thrcc different rcceverA First Mr.. John J.
Anderson, who resigned; then MIR. William r. Grace,
aud finally Mr. John r. o'No, who was appointed
by Justice Westbrook the ground that the former
appointments by Justice Pratt were illegal A long
contest was anticipated between Messrs. Grace and
o'Ne and II was thought Tho question could only DO
settled by the Court OF Appeals six months hence
THE SOONEST WAY TO MEND 1T.
Mr. L. L. Coudert counsel for Mr. Grace, appeared
yesterday IT Special Term Of tho Supreme Court,
brooklyn, before Justice Gilbert, and presented tho
petition Of AIR. Grace, representing the following
After reciting the facts Of his appointment and tho
service Of order upon him declaring his
appointment illegal, and requiring hun to account FOR
his frost and turn over the assets 10 Mr.. John l..
ONe, the petitioner says that he has brought nun
Der OF recover the assets Of the Continental
Company which still pending, and the difficulties
pertaining thereto intensified aud greatly aggra-
waited by reason OF tho unfortunate legal difficulty
above suggested Should he determine 10 contest tho
right OF Mr. ONcil great expense would be incurred
aud gre damage and delay cnsuo. all oi which would
tall the policy holders The petitioner
that after reflection aud bearing IN mind that
the object OF appointing HIM 10 protect the pol
holders, he has ~ the conclusion TINT 1t would
be greatly their interest that the contest should he
avoided and that he should be permitted to account
under order mentioned that hereafter all doubts
Us who 10 the lawful receiver may be avoided, and
the company wound up and the assets delivered With
! out unnecessary delay and expense.
/ The petitioner Therefore prayed that no might be d.
rcccd TO comply with tho said order issued
Westbrook. that upon his compliance he might be dis
charged from ull further responsibility aud liability in
| and that such further order might DO made as tho
| Court thought proper.
Justice Gilbert tLcrcupon granted tho petition, and
directed Mi Grace 10 comply with tho service OF tho
| order made by Justice Wostbrook. rE
/ Mr. Grace application was made upon tho modified
of Justice Wcstbrook, providing Tor the passing
! OF his accounts Ivy Morgan A. Dayton MS referee
| WHY MR.. GRACE RErlRED.
In an interview with Mr.. Grace the HERALD reporter
was informed that tho step taken had been resolved
/ upon ten days ago. ana he lad been waiting only
| for modification OF Justice Wcstbrook's order.
! lie said no hud nothing OF great individual
/ importance TO gain by remaining tho oiicc,
aud aside from all olhcr considerations the welfare oil
the policy holders required speedy settlement OF tho
issue. by consumnaiing this no thought he had sub
| served the protective purpose for which ho was ap
| pointed.
IL will DO noticed that M. Grace ms asked nc
definite remuneration, but leaves 10 the Will Of The
Court Tno sumo authority must regulate the sotLlo
men OF bis counsel fees OF which no has paid nothing
| whatever. Win tho exclusion OF taxes, the total cx
pendiiurcs during hrs rtgime VIII amount TO abou
Sl2 COO The fund which he leaves to the admnistra
lion OF his successor Is between three and four mil