New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-03-14
THE CONTINENTAL LIFE.
EXAMINING MR.. oNEILI1s ACCOUNTS.

TESTIMONY BY THE RECEIVERS CHIEF ClERh-
LARGE SALARIES AND HEAVY COUNSEL FEES
Although the time fixed for the second meet
inc ~ The Assembly Special Committee to Investigate
the receivership management OF nine nsolyent lie IN
surance companies was $50 Yesterday, the mem
bcrs did not begin work hour later Chairman A.
e. Chaplin of Kings absent George H. Erwin, "i 81
Lawrence. conducted the examination. The DAY was
spent In investigating the affairs Of the continental O"
pany al No 20 Nassaust the Office OF the present re-
oeiver john T. ONein. who was appointed - successor
10 Receiver william r. Grace by Judge Westbrook on
March 81 1877. Mr.. ONc did not take ia posSeSSio'
however, until July, 1871
Joseph O. Tobias chief clerk to Receiver ONeH since
July TO- 1877. at a salary of 500 MONTH was exam
ined in regard to the clerical force employed by ME-
ONr he stated that the total salaries outside o n't
Of the receiver amounted first TO $3.50 month"; ana
aftcrward ron 81 100 to $1,000 month Inc
included D. Westbrook, brother OF Judge WesbrO"K
who received 800 month for some time. and after
wnrd 5000 month 4; ]. b. Westbr0Ok cousin OF me
Judge who received 500 month up 10 August lo'8'
when he was dropped from the payroll; and james
ONciiI of the receiver, who was employed as gen
eral clerk at $50 Il mouth The witness then was ex-
auned at length with regard TO the assets turned over
nv Receiver Grace 10 Receiver ONt and their suhse-
ouept d position large part OF the assets consisted
of worthless bonds aud stocks sadded on the company
by the former officers The value OF the bonds ana mort
Cages on real estate Included in the assets was
Nearly al the real estate mortgages Hau
been paid OF or disposed Of; about eight were due
and now drawing interest, and about dozen,
amounting 10 between $4,000 md $4,000, were in
litigation. The sales Of properly under foreclosure pro
gs were nearly all made after public advertisement
according TO law Some properties were sold nj private
sale after being bid I'm for the receiver at pubic sae
but always at an advance the first sale. This was
done when there was little competition and no demand
for the rroprrtv Clerks Of Wngate Cullen counsel
for Mr. O'Nou, occasionally were employed 10 bid In
properties for the receivers they not paid for that
service Such bids held hy the receiver for some
time in the hope Of getting better price than the hrst
bid Property in Saratoga. n. y and Planield. ~ j.,
was sold AZ rvatn sale Theodore Myers real estate
broker on Ntwt il WAS sold n loss on interest anu
cost cf about 5000 Some proptry was als' SOFA a. pun
Non, of the rrotrty which the receiver had bought in
al foreclosure sale cleared the Interest ana cost Oh pro
W. Wcich-Fow about the prorerty ct oTehUndre4
xteeuh-s ana the East liver so by the receiver
to edward kearney On Decelhbcr II 80 49,, ,o W..
bonGht in M foreclosure tale for $3.50 After try
ug 10 dspUse of ii ana considering several Offers. We
sold 10 NJ. kcarncy Tor sllOo. he highest oLer We
Mr. Welch-There some taxes on 'h1t properly 10
Mr.. 'biasYrs. sir; they were paid by receiver;
We always had to pay the taxes ana costs 10 acquire
'SGirtWeich-wss not Mr. Kearney one OF Mr.. CNcils
boudsmeu
Mr. Erwin-What did the receiver actually get from
that sale and above the necessary disbursements
Mr.. Tobias hal to make a long search IN hs books
before hc answered Tie receiver got T5o'l 81 after
Nr Nricl-ls II moi It faot that Mr Kcaruey got that
property for one Liar c1nsid eIAuonI
Mr. T9Ker But according toyour atement tho taxes
aad attorney ie 10 t.a instant I1suiIf ~ s'in9
$4,000 OF the $4,000 before The money re"ch 'Ae c
Ar rohos-Yes. sir
IN the rinc by the witness of the worthless secur
lies included amorg the assets Major ha-Sefy ahhea
- gI.o x~ffu H.
equally good-Contlnentn Life Insurance Company
further testimony revealed the fact that an emplQye
" Controller Keys Office bad been paid = 900 Tor slSt-
In in opening Receiver ONeiii D2oar' ne W
7sy mont 81 81 Is 80; 1s7S, SO 100; 1879, Sl2lo7;
s-O 5000: ISL SIOI4O; up to date, 1ss!, ~ $50
he'd fnpIcd an order o the affidavit Of Mir Tobias that
he needed addtioua CLERICAL s,siSnuce. appointing ).
ancc, and Joan Koran, n PARLIAMENTARY 81 yep
uty-SupeIintcadent Mccall clerks a. flOo
tie policies from the Continental COMPANY ~ As
peut Raphael j. M"se',Jr, attorney loI P"loi$ 80,
coulesiin1 the rcc,Ncrsiip nduagemcn, s%lua i lev
say just ne that We heye appGaeu 10 nave aht.
aside. We think the Work these Two ele-hs
have bon hired to do wll entail useless expense "i,
the company. The policies have ah1aH Pee1 S"iu0'
and the claims arr already decided ana aaJ ulgu
Nj Erwin 60 the Tltne Sis that statement correct
Nj T, bas-lt Is true that actuarial estimate was
Ilade OF the value or the policies by Mr.. Grace "hoh
was aftcrWard revised by Mi. ONeiu. 49,. -
The witness testified that ne bad lad no former expo
ricncc as accountant wnen lie was employee by ar.
ONeiG; his CON eusatiOn had been h&ed az
race paid 70 Horace D. Moody Tor assisting him
The witness through the Oruels OF me C9It
Tor tie payment by the ceNer suns not ciHde III
the raining expenses OF the re- civershp these o"hS
paid without specific direction Nine orders we're eX
allincd out Of "a larger number, ana Included VI inc
amounts allowed were ire following sums Tor counsel
AID attorney Sgisuuud NHiulndL, ZOE betlnd
Ku!.I, on "a jud-1nrn, OH dcati claim Win cosi,
IA sJH IL. hslbc Green, OF Alexander q Gr''h
.ucs Matthew'S, Niuga,c * Cullen, ana Mathew IdIc
oa - JOO principally Tor SERVICES IL the aclGh 81 lhe
Az rIcy-GcIcr.l 10 secure the removal % Receiver
Grace ard 10 establish his claim Of sole IlSnt To hp
iVsIs lu-
tsrs ir IA all 2y st. Tor scr} ices i'm various actions
urosr,1r ed 10 Judgment IN behalf or pohcy-Dolders.
O,Ne,Irs 0ffge but viii probably 20 to Albany III the
evening
TOND1S RECORD IN PETERSON.