, 1879-01-02
THE CONTINENTAL LIFE.
SLOW Progress Toward a Dividend. fs )a-
scribed by Reerlvcr O'Nci1l'a Represents

Slow Progress Toward a Dividend. - Ia.
kcribed by Keerivcr 0'Ncill'a Represents
tive.
Frnn, Our t'srn CofrrsponAtnn
NEW York. Dec. 29.-Julgfng from pAssonat
experiences, It ia not at nil ca.y IN find Mr..
O'Neil1. who was appointed Receiver of the de-
funct Continental Life-insutanrc Company bY
Judge Westhrook In May, 1871. After several
Intellectual attempts. It may be- well 10 eirc first
the statement made by Ar. Tob'as, the gentle.
man VITO answers for Mr. O'Nct1l at the Con.
tinental office, though IL Ia not known exactly
whnt bis position Is. Whether clerk or attorney
his title, he ia practically the Receiver. Al
many uf the 20 go po'icv.ho.dcrs nre eager 70
know what has or Inns not been done toward
closing up the affairs Of the Continental, Mr..
Toblas' account will bs Of interest, IN advance
Of further Information. II wilt he remembered
that the Continental was placed In the hands
Of Mr. Andesaon, the first Receiver,
.Uct. 81. 1916, with liabilities OF sou,a
$6,0Oo0o0 aud assets estimated It over
8l,h000o0. Subsequently, thera was sonc
costly litigation over tic lsccctycrallip, md,
after large ssnount OF money-not less than
&O, ,000-had been speut, Mr. Grace, the second
Receiver, Withdrew In fasor OF Mr. O'NeilI.
whose appointment waa sud 10 he J,se to tlolItl-
cal influences. not having any connection with
.he inserests st of ths policy.hu1ders. From tho
time OF AIr. O'Aclll't appointment, tic policy
holders have been unab1e to learn TINT any
proKress In particular was being made To In.
QtltFers, the answer was Rfrenitlat tho Receiver
was going along n rapidly a. the courts would
n!tow, nnd that tho necessary tit'eut.on retarded
progress. VERY recently notice has been Issued
Of the appointment Of q ltcfcree to pass upon
tho disputed clntma. JadRe Wcstbrook ap-
polnt,Ssd Morean A. bD.asyt9nl IT,. of n. city,
le presented before him untit Juno 10, 1s7R.
Thus dFst dividend rannot bc declared before
scptember next, at tho earliest. according 10
Referee viii ask for an extension Of tic time. :.
ia uow year and lalf since Mr.. O'Nclll
entered upon tho olllra Of Receiver, and his ap.
parent Inactivity has caused tnucl, Jissaiisihc-
lion among the poftcy-ho,lers. as II naturally
might. Mt. Tobias, however. considers that til
policy pursued is one OF "mastertt inactivity"
atd That the pollcy-holdcFs hare been benefited
br tho delay. Tha reason Of this Is, he enys,
that the assets OF the Contihenshl consist 1nrgc-
1y oi rcal.cstatc mortgages. Ths value Of the
real estaie 10 believed TO be increasing. whereas
forced aales of rea! cstAte. at pFescnf, would
certainly result dasastroualy. Mr. O'Neilf has
600; has forcciosrd several mortgages. sold the
real estate covered BY them; and maid ont some
sA)0, ,000 tn settlement Of Judgments for death
claims-by order OF Court. lie could not give
more sppc,1cai1y, then, whnt mortgages we're
forecloaed. The moner collected had nearly
all been Invested In registered per cent United
States bonds, which were deposited with u
trust company. The bnntis wcrs issued Ia the
name Of John r. o'Neill, Receiver, srtl eoula
not be used In any way o. collateral. OF cou-
vertcd into money for tic Rrcctver's nso c1copt
by order OF tho Court. Tho actua1 running OK
pcuacs OF tho Office, Mr. Toblas su,d arc lieht,
mud nearly covered By The interest received from
the bonds. Mr. Tobias fs confident In his ex-
preston shat the present management IL direct
" n tho interest and for the benefit Of the
policy-ho1ders. IIo believes there has been
great dishoncsty In connection with tho Contl-
.uenta' IN othrr days, but that the prssent Ec.
ctlver Is worklpE cepnosnHally for sho btat good
Qt klnad lntcYratCd. IL -.