The daily gazette., 1880-11-29
THE SUPERIOR COURT.
sATURDAY's DEVELOPMENTS IN
THE LIBEL SUIT.

NEW OAsTLE, NOV. N.-After
the report Of the GAZETTE up to
one O'Clock to-day, the proceedings
were as follows:
Chas. G. Ash, Of Delaware City,
one OF the incorporators named IN
tue Insurance Coppany's charter,
said he was made an incorporation
without his knowledge or consent.
Afterwards he was u Director about
one month, but retired because he
was not satisfied with the Com
pany's assets. He examined the
assets, and estimated that they were
entirely insufficient to meet any
claim for loss that might be sustain
ed. Mr.. Ash also said he was ac-
quainted with the James Gray farm,
in Red Lion Hundred, and consId-
cred it worth about 81 900. "a
mortgage of $4,000 on this farm is
claimed to form part of the Com-
pany's assets.)
Anthony Higgins, Esq, testified
that policy OF the Del. State Fire
and Marine Insurance Company had
been placed in his hands for collec-
tion. He called to see Mr.. Bright
| VII VI dOOub JhC SOu vi Dl III ld5b.-
The policy was on hotel in Parker
City, Western Pennsylvania, and
was for ST. 600. Mr.. Bright said the
Company had defense TO this pol
icy, that the premium had not been
paid to the Company by the agent
of the insured party. Mr.. Bright
went to look for this policy, and
said, ~ guess this policy is in the
bogus book" "What do you meanp"
said Mr.. Higgins, why" said Mr..
Bright, 1.-The policies i'll this book
( are bogus"
On cross-examination Mr.. Higgins
testified that Mr.. Bright said he had
, notified the insured party some time
before the fire that the premium on
b the policy had not been paid and
that the policy would be cancelled.
The impression he received from
Mr.. Bright was that the Company
+ had given the insured party all due
i notice, and as the premium had not
J. been paid, the policy was considered
r bogus.
VIM. E. Cleaver, j. Thomas
I Price and John L. Cheairs, gave ties.
. Limouy in substance to the same ef.-
feet as that of Charles G. Ash, ex-
II cepting that Mr.. Cheairs, though an
J. incorporates OF the Insurance Com
J. pany without his knowledge or con-
sent, was not Director.
Court here took a recess until 8
O'Clock, pm.
AFTERNOON SESSION.
+ On the reassembljnO of Court at
O'Clock, VIM. Muir was called to the
e stand and sworn. He said he had
been connected with Insurance Com
e panies of New York and Philadel-
phia for twenty-five years. In the
il capacity of an expert he examineo
the affairs and condition OF the Del
A, 5. f. & NJ. Insurance Company in
" September, 1879, at the request o
John Il. McFee, Esq, Insurance
Il Commissioner. The officers of the
> Company and Mr.. McFee were pre-
sent at the examination. He sale
a he found no records of assets on the
Company's books, and was unable
to determine from them its condl
r. tion. There were no marketable
% securities in the shape OF govern
ment or State bonds, and the largest
y items of assets were bonds and mort
cages to the amount OF $50 900, as
signed TO the Company.
The assignments we're Oh separate
ID pieces of paper, enclosed in tho mort
{ rapes, and most of them bore no evi
l. Jence of being recorded. The copy o
the mortgage on The Dauphu Count.
" form IN evidence was shown witnes
81 and recogn zed by him as copy OF tn
ie mortgage forming the bunk oi tne Com
=, uauy's assets. Among TIE LENS oi as
sets witness recommended the Commis
.ioue- TO set aside were number
shares of the Empire passenger Kail"a
Company, which seemed 10 nave d.
market value, a deed for 42O acres .
E. land In Clinton county, Pa, the consld
IA Grafton for which was So 900; an item
ce bills receivable on promissory hotes
n which seemed TO have no value, as Inc.
a. were given to the Company by varlou
ce nersons and were all overdue. In
An secretary stated that these notes wer
,r. given for stock. They amounted L
as Something near $4,000. The neat iten
nd we're premium notes, which were ex
"a. bibited AZ assets. Notes If this charac
1t. ler are given simply as basis ior as
nv sessmenLs on losses, and can nave ID
uegotiaDle value. Interest was paio "
these notes in this company, thr Jug
this is not done in all companies
III Another item was the Office furnllur
he The value of which witness had no mean
hs of asceItainiug.
ldi The Court here asked If the witne'
rejected the emium notes what coh
DIE sLItuted the assets Of Mutual Com
on pany. r. ofr,red a
re- the assets ON which the stock pusiie'
ap- of the Company was based.
ne The witness, however, SAID ne ulu u
ed, know what they were put forward l
nd as assets OF the COnpsny's STOCK OF HI
M tual business, but lie supposed
Did MIR. Lore interrupted the witness, SUP
er- poslLion and the examination was Ine
ing pI Ioceeded with. =
The next item rejected was tne a
q. crued interest Cd premium hoLe
amounting to ss,05l, ,4s, which he co, co,
sidered prospective and not cash asset
The witness said he found no secul
tie. in the assets of the Company IN
OF OF could be quickly and readily convert convert
her into cash. The cash on hand amouht =
,m ,1n to between $500 and S4oo. he a. a.
2at. reisct.d four morlgages-three Tor
nv leJOS'Na ' =, GOT huO-On land