The New York herald., 1877-02-01
PROCEEDINGS YESTERDAY BEFORE THE REF

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President National Capitol Life Insurance Company.
PROCEEDINGS YESTERDAY BEFORE THE REF
EREE IN THE CASE OF THE CONTINENTAL
LIrE--MIssINa BOOKS.
The Continental reference continued yes
tcrday afternoon before the referee William Allen
Butler in the ONCE o the Loaners' Bank, No 22 Mas
sau street formidable array OF counsel was
present representing various Interests among
whom were Mcssrs. Robert Sewe and John
L. Hill who appeared for Receiver Anderson,
and r. J. Moses behalf of the princiTa petitioner
Mr.. L. W. Van Pet watched the for Charles War
ing, Messrs. Bennett and Hammond were ON hand as
orneys for Wilson s. Taylor G. W. Lockwood repre-
sentcd u. G. Chambers, and s. G. Andrews OF Port
land, Me-, acted for Dresser and others; Mr. John A.
Finch Insurance Commissioner OF Indiana, appeared
on behalf OF 1O7 policy holders OF that state
Mr.. Moses examined Mr. Sewell, endeavoring to
show that the witness had been concerned as counsel
both ior the company aud the petitioner James
Mcdonald. The witness had argued that case IN court;
did not make examination OF the company's ac-
any purposes connected with the conducting
OF that case,
Judge Fullerton was sworn and testified that he had
aided counsel the New Jersey Mutual Insurance
Company He was not counsel for this company while
acting ior the receiver OF the Continental Company
Company; was not present at the settlement OF the
two companies aud does not know Their arrangements
did not understand that the assets OF the New Jersey
Mutual comprehcndcd anything claimed by the Cont
mental
Mr. Daniel j. Noyes, who acted as attorney for the
New Jersey Mutual Insurance Company. upon being
sworn said that he had not 'certan
TO the Continental Company IN bis ofce; he had not
appeared in suis iavorng. but IN suits against the
company TO Mr. Sewel the witness stated that he
knew a. r. Moses, who had been attorney for the
Continental Company; that gentleman had made ap.
pllcation have his professional fees paid over and
suits tho stay OF proceedings ana order to vaca.e
HOW RECEIVER ANDERSON WAS APPOINTED
Mr.. Frost President OF the Continental Company,
went TO the Office OF Mr.. Noyes to engage him as
counsel Tor that corporation, and gave wit
was first mentioned IN connection with the
rcceivcrship by witness to his brother; VII
Frost this gentleman did not say at the time when
witness saw him in Brooklyn that he would sign An
sonis bond; there was some contest about the Re-
ceIvershp 10 who should get II; r. W. Clnrk's
name was also mentioned; Frost SAID that ne would
prefer him 10 Anderson
Receiver Anderson testified that he had list OF
books and papers belonging to the Continental Com
although he looked for one; he had
made search for stock ieaser, % put was was
duty it was TO make transfers. the witness could not
tell who did this part OF the business. There was no
regular transfer clerk in the office when the Wit
ness took possession Of it, President Frost
! had not been in the Office Tor some
."e .s witness did seo HIM he did no, know
about transfers. two three days afer receiving the
Office witness commenced asking questions about
| the stock tranter ledger, but could not find
! any information about ~ there were clerks
who had been SIX years in the Office and
Mr. G. Rogers, formerly secretary OF the company,
tor TO where the stock ledger could be
but without avail TO ns Teeee the " witness tns
! company IN his possession were
of stock examined, showing a
number OF transfers In one case, that OF Norris, tho
| book and the stub showed a discrepancy OF twenty
shares There should have been stock ledger
and stock transfer book. The witness asked
several Of the clerks and The former secre.
tary about these books The latter SAID that be
never knew anything at all concerning them; witness
examined ledger there TO Try and ind an account OF
stock, but did not succeed in doing So Witness said
all his He took possession OF the compaDys
Office October rs, and made an inventory OF the
asked rcpea,edy Of nearly all tho clerks for
stock ledger and transfer books but no one knew
ything about them, never having seen such books;
The witness could not tell who made the transfers,
some one told him that Secretary Rogers did II; wit.
ness asked HIM, but no knew nothing about tho
matter; the sales all thoroughly overhauled for
the books Although the stock ledger and transfer
books not forthcoming the witness inferred from
certain marks on other books In the oftce that the
books sought for had once been used.
TESTIMONY or FORMER EMPLoYEEx
George w. Thomas, formerly a bookkeeper In the
made from stock certificates showed that $50 shares
are represented; tho witness testified as TO the correct
ness OF a list OF the directors names; he also
tried show that the only way 10 tell tho amount OF
stock transfers would be ny payments OF interest on
DIVIDENDS which ought to appear IN the ledger. Sec.
retary Rogers had 10 do with transfers. and
also Prcsidcnt Frost. The practice for the
officers of the company TO receive semiannual
payments OF dividends had been in 1867
dividends were paid in checks; don't know case
wherein money paid TO an individual when the
stock was IN some other mans name.
Mr q
to tho effect that ho usually paid the dividends In cur
rency Mr. NJ Is. Wyncoop drew dividends to the
amount of $685. so quarterly; Secretary Rogers
kept the minutes OF the Board OF Directors
meetings; there regular method Of pay
ing dividends; IL might be by check; five years
ago tho company had stock book in the Office; orders
we're sometimes given 10 the stockholders the
cashier, when he would pay In currency; the Secre-
tary gave a simple list Uf the Names with the amounts
due opposite each; tho witness thought that
there was ono time stock ledger, but
he had not 1t Tor number of
years; It book the Secretary had charge OF; the
witness judged that he had not II in live years;
1t kept IN the Secretary's private closet
The proceedings were adjourned until Two o'clock