The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-22
MR.. MOVES EXPLAINS AGAIN.
NswARK. April q, ISL
To TEE EDITOR OF TnE HERALD:-

NEWARK. April II, 1877.
To TEE EDITOR OF rnE HERALD
Before leaving Newark this morning noticed Ia the
HERALD Of this date article headed "Iic Insurance
Muddes" major part OF which article desire you TO
give the benefit OF your journal TO correct First
purchased the charter OF the National cap,io.
Lie Insurance Company sccond-I never purchased
the charter OF the American Life Insurance. and Trust
Company. The first was chartered oy Congress- as you
state; tho second was chartered by Connecticut anu
IT'S president doing snug. careful business
IN New Haven, in It's own insurance building, OF
granite, which cost TO build $450,0 00 anc PAID
for and never dollar VAS borrowed upon II. and
owned by the Capitol Company. Third-Tne National
Capitol Company OF the District OF Columbia had rein.
It's risks two years before, and had up all Of
It's liabilities with the exception OF few thousand ao
lars then dispute. To reinsure risks In that
company and escape excessive taxation and the per-
secutlon OF malicious Official and desiring 10 protect
our policy holders from the mcshcs OF conflicting
rctaiatory legislation OF the States advanced money
enough to liqudate these unsettled and disputed
claims. And, subsequently, by tho concurrent action
OF the directors OF the New Haven and
the Washington companies, reinsurance or
consolidation OF the two companies effected in
New Haven, the Washington Company being prcsent
by committed After some months on request re-
signed as president OF tho New Haven Company ana
became the president Of the Washington Company and
sun hold that Office and shall carry out my agreement
to become resident The charter OF the Washington
Company the statutes OF Connecticut authorized
the transaction. Al the time oil visiting Washington
and making all oil these preliminary arrangements
had never heard OF Mr. Fay. AS 10 there being another
lilo company charter by Congress- II h not true.
But there was sort OF mutual benefit mot hicl
company charter by Congress to persons connected
with tho departments tor clerks III Washington, TOR
their special benefit but IN manner applicable u
tho business oil a lie insurance company The cor
poraors all unknown TO me- and Tor II no lilo nsur
ance company would giyo ono cent FOURTH dd
not approach the New Jersey Mutual to Obtain thor
business for knew Of no reason why they desired 10
rcinsure But early in January, Mr. Stcdwci before
unknown to mo by sight submitted a brief schedule
OF assets aud Liabilities OF his company, and
asked II u offered any Inducements Tor to rcinsnrc
The was, "Assets Insufficient aud here tho
matter dropped. Subsequently II was revived by him,
and pro rata contract was made which would not
harm either company, and believing we could reduce
great advantage TO the insured, and 1t would havo
done, had not Kelsey interiered.
Mr. Fay became acquainted ana was made d.
rector and attorney, but his connection as
TO both terminated months before the New
jersey Mutual contract. As TO what services
Mr. Fay rendered tho Now Jersey Mutual parties
what compensation, u any, thcy pad hun or
offered 10 do not know, for In such matter had no
knowledge or ASSOCIATION, and yet learned after our
contract that Mr. Fay aud some others wont TO Wash
ington to look into tho matter of charter for the
clerks In departments and iound IL as sad avail
able for life insurance AS to who they saw or what
they did in W Washington only know by hcarsay. You
Will oblige by correcting the wild assertions OF
some one who deceived your reporter
BENJAMIN MOVES.