New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-24
agencies with commission Of 80 per cent on hfS'
vcarly payments and 10 per cent subsequent pay


mens Under it he received S27367l Il anu a sp %
quenty for Communication Of commissions no
and while he was president otner sun, 1 DRs "a ana 1he
payments to him for all accounts $3.50 s63 a. Al st
ish commercial Life Insurance Company by winch the
Continental Life Insurance Company agec nut , ~ ~,
vide among it, stockholders more han per csIt pr
annum on their stock yet 1t continued to pay not less
than 10 per cent In 1874 the policy OF purchasing rshs
was entered systematically. 3 u. HAMMOND WIS te
employed agent IN this. The payments We're aoo ,o
per cciA of the reserve Hammond received ,o
favorable contract for purchases and new business nr
which he received in nineteen months S22,ooY d1e
Ney-Icrsey Mutual Life Insurance Company was atgel
ailcl by unsecured loans by this company ahu ccnhct
reinsurance OF risks was made with tne n6wJr%y
company then nsolvent. under which 100000 u Oods
and mortgages and $4,000 OF Government bonus MeIc
delivered to IT, After TINS SUIT was
45l % from the apparent assets OF me compahy 70 u
counts repre- ,ening eApend1IeS ~ 00 & hoy nm
A. 70 Mr. Anderson the referee finds that while his in
innate relations with d. j. Noye the facilities he afforded
him and the transactions between them Justified grave
snsnicion and suggested many grounds OF censure ne
mnst hold upon The evidence 1t stands, that tie
charges are not sustained. lie. however recolhIoUs
that Mr.. Andersons claim for compensation as rcceer
Mr. Butler states what suits have been begun by The
receiver ana LecG9SnGs ,1i me Ewnirr Mutual
Life Insurance Company ana some others anu o,'t ~
evidence as to the officers statements he submitted 10
In bis recapHaii6n Mr. Butler points ont that many
of the processes OF the officers which might have been eX
cusabe IL intended to strengthen the om2any were III
fact intended for the benefit of the officers Ihe measure
Of redress to poicyholders must fan short OF resu
ton for the wrong DONE but he calls SPECIAL atehtoh
u the tendencies TO extravaganza aDhse, ana bisna
Inherent in the life insurance business anu is
injury to policy holders the inability OF policy holders
10 protect themselves 10y scrutiny or oversight ana 10
the iuadcquacy OF Government supervision as " las ooe
administered
THE ATToRNEY-GENERALs APPLICATION.
The settlement OF the order decreeng the Attorney
Generals application the dissolution of the Continental
Life Insurance Company and appointing receiver 10
wind up its affairs before Judge WestOrook yese
day in Supreme Court, Special Term Inc ATTORNEY "o
eral submitted brief ordei leaving the hiihe vi ~,
blank aud emitting to amount vi me tS. ra
ycentin from the assets 10 be turned over To the re-
celyer the fund deposit with the Insurance DepaF
mcDt. A., e,a,,..s ho droctod
Ia ME renort within four months OF the amount III ms
hands and that referee he appointed 10 pass on %
questions raised i'll the receivers TRANSACTIONS ana nc
suggested william Alien Butler lie desired that tne
Venue of he proceedings be transferred 10 TINS COUNTY
The most I'M pOrtant amendment made by MI. Moses
was to incud In be assets be taken by the receiver
the fuui i'm the hands of the Insurance Depal tmeh
loan l. Hal argued for this amendment. AttoIncy-
General Fatchid said this fund was the property OF he
policy holders He did Hp want II to be eaten up ny
Mr. Firchd declined to suggest one for receiver
Winchester Britton urged the appointment ot lillian X.
Grace claiming That he had given general Sa'siacon
ana mad shown great care, caution, and th IN MS trust
so far Mr.. Moses, while couceding that MI Grace was
personally acceptable, said he was satisfied tlat tne
holders o unaccrucd policies had no nights Ill the BROOK
I'm suit in which Mr.. Grace was appointed MI iIII
aud Frederick Il. COudcrt supported Mr.. Grace. Mr.
Sewc suggested that tie receiver nc appointed Du MS
acton be stayed untl the matt'I co"'" Do "0'" VII
appeal. =, ,-,,.., .n,o..
alone was be considered. lie represented Z,UoO OF
Tn,so with policies aggTegating three and hall mil
lions view OF the widespread dlstldst OceasioheI
by Inc charges in this litigation and the substitution oi
one receiver for another, he urged that II was wen W
appoint man entirely unconnectod with this litigation
ana even with insurance matters lie lhcrclOrc s"5-
gcstcd Ezra Il. Dibbc, retired merchant
Judge Westbrook reserved Ills dcclsioh'