The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-03-18
N Y, Herald 18th inst.
NEW JERSEY MUTUAL.
Chancellor RunyOn Declares Death
Claims Preferred--R -Receiver,P Par.
ker's 6tatementabOutSec
ties and Assets. =

Chancellor RunyOn Declares Death
Claims Prefer ed-- Par.
ker's Observation-Disclosures
tieSand Assets.
A widsw lady, residing in Oswego,
| N. Y. whose husband held $4,000
policy in The New Jersey Mutual Life In
suranc- Company, having applied to the
Herald for Information as 10 whether
death claims we're preferred or not, re.
porter yesterday called at the Office Of the
defunct institution on Market street,New
ark. The gentleman present, in the ab
sence OF Receiver Joel Parker, stated,
that it was understood that Chancellor
Runyon had decided that the preference
should be given to death claims. As
such decision was directly opposed to
that given in New York by the Supreme
Court there he thought it likely that an
appeal would be taken to tue New Jer.
sey Supreme Court by some interested
party, otherwise, ifthe decision remains
unchailenged, such clsims as the Oaweeo
widows will, of fcourse, receive primary
attention. 1t seems, however that even
in that case another long delay is ineviia-
BILE. There is very little cash on hand,
and the assets and securities are of such q
character as renders il hard to realize up
on them at present. In circular which
Receiver Parker issued some time ago
he sets forth thai be has received very.
little money or other valuable property.
He says when he took possession-"Ali
the securitiessof value had been taken
out OF the State, except thedeposit 10 the
Insurance Department ofNew Jersey,
consis ing OF bonds and mortgages'cf the
face value afs8l00 600. 1 have been com.
PEELED to soreci6ss nearly an ofs these.
Some are litigatett; on others decrees.
were taken sopt aud, the. property, sold
Under order of the Chancellor empower
ing me to bid to prevent the sacrifice of
property, / bave in some cases been
Obliged tobay. For some of the proper
ty thus purchased have been offered an
advance price and will sell ss soon an
a reasonable sum can be obtained. In
some cases where sales have not vet Ia
ken place the taxes and assessment Of
several wears standing amount to almost
as much as the property will probably
brlng.at pu, lie sale, l doubt il over S50,.
600 will ibe realized; from these mort
cages which we're in the New Jersey De-
partment."
These represent a face value Of 800,
600. As regards the money realized last
spriug from the suits brought against
wealthy stockholders and directors, The
amount of which rumor, placed at $780,
600, the receiver says: "The public fell
into error in consequence ofsuch rumor
Not one third the amount reported In
the papers was received 10 cash. The
account of cash received was little ri.
sing $50 900 In addition to this a
Judgment was taken for $4,000 against
one of the eparties not responsible pecu
niarily, and from whom nothing could
have been collected il the suit had been
proceeded with From another in EN-
barrassed circumstances mortgages of
the face value OF $4,000 were accepted !;
and another, who is perfectly response
BILE, gave memorandum check, with
collateral, hearing interest at seven per
cent, for $4,000, which II is expected
will soon be paid These settlements
were advised by counsel after suhmis-
sion to the Chancellor. There we're other
defendants, who, through their counsel,
were embraced in the settlement, but
who have not carried out It's terms. and
against these the suits are still pending
and will be tried at an early day Notice
was given fixing time within which all
the parties might take a,ivsn'age of the
terms of the compromise Two Of the
parties, owing the sum of $4,000, on
the basis of the, compromise, have signi
fed their intention to 90 so, but have
not vet paid the money Against the
others, seven in number, who have sig
nified their intention to resist payment,
suits are pending and will be prosecuted
with vigor i suppose some of these
suits will be tried this month hope to
recover the whole amount against these
parties, and if 50, will obtain judgments
for some sixty or seventy thousand dol
lars of principal, most of which, / am
informed, can be collected. 1t requires
much time and labor to prepare such
cases for trial, and it requires more time
to hiring them to final hearing than one
not acquainted with legal proceedings
would suppose "