New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-18


tons together with such further sum as shall
eqeua so per cent OF tho excess OF the reserve cal
culaed upon that basis over and above any sum
which the Company may have paid for any policy obi
cation which may have purchased during such proceed
ing month. Shortly after his connection with the Com
pany Mr.. Fusber says he found that a sentiment pre-
vailed among the prominent citizens OF Hartford that
the Company had taken unwise step In seeking aid
from New-York At the first meeting held In January
1876 told the stockholders representing $65ooo OF
the capital stock. dr. Furber represented $l3oooo)
that whenever any number OF the reputable ctzens Oh
Hartford willing TO raise and return 10 Nun tho
funds which he had contributed to the Company ana
take his stock of his hands at the price he paid for It,
with interest would cheerfully retire The prop
oston was not accepted. In the month OF June
and again in the Fail, he repeated this proposition
and again II was not accepted. To-day, he declares
al ready to retire from the management OF the oo
pany and leave the hands of better men, when they
are ready 70 come forward with an amount sufficient TO
replace what have in the Company and take the STOCK
OF my hands at what it cost me-
Immediately upon entering upon his duties ms manager
MT Furber SAYS that found assets to largo amount
Of doubtful value, mention of which had been mace
during the negotiation with him. Among these was q
loan OF than 100000 on coal ana
iron lands in West Virginia, S25000O loaned
to the Hgganum Manufacturing Company OF
Higganum, Conn. and nearly 100000 loaned
on q hotel at New-Saybrook Conn. His attention was
also called item OF premium notes. and he became
convinced that what had been represented as amount
ing TO S3,5OOOOO could not possibly much exceed
50, 100000 set Of books and searching hNes
gaon o reduced the a%oTn 81 ee conneccu VAL
ley Railroad upon the second mortgage bonus OF wc
the Company had osned about n ~ the
represented The statement OF the oucers Vi tne
Road declared its net earnings for TO nave peen aooNe
proved that its net earnings for 1875 only $4,000;
that il necessary to borrow S6ioOo 10 pay
the interest on its first mortgage bonds; ana tnat
ifs del being
ported, was 100000 In the spring OF 1870 We
took possession of the ander the second MORTGAGE
ana from July l. 1876 to July l. 1877, the net earnpgs
over and above running expenses amounted 10 apoul
$4,000 OF this amount $4,000 was used to pay the
first mortgage interest and considerable amount put
ting the road in decent order. ,
million dollars" Mr.. Furber continues set about ds-
posing OF the railroad bonds, and negotiated with "a,
estate on broadway Broad and New-sreets, near the
Stock Exchange and paid for IL tie sum OF
issuing the railroad bonds in payment at SO4| Ooo,
the price which they stood on the books OF the Com
pany. This property broughtm reut OF nT nnhe
per cent over and above an expenses on tne 49, d
price. Before closing tho bargain submitted u 70 ~
surance Commissioner stedman ana Other pIoIlhGGn'
men Of Hartford The real estate was aplSeu ~ mon ,
r. X. Marcy OF the New ork Insurance DeaItntnt uon
basis its income and he vauedi at - lhs
property has been appraised by the Special Commission
| whose report has recently been made pubic; az az
tue Company of nearly $l,25OQO0, equalne noe tIi
onehaf the deficiency reported by ths Gon hs 10
! property is worth $3,00O,OOO because II DLngs
| from 100000 OF what are generally regarded
as The best class Of securities and than could he
| obtained from $4,O00,000 invested in United STATES
bonds here stae tuat whenever the ctzens OF Hart
ford Will take the contract on my hanis restore 1o
money put into the Charter Oak ana take paeH NY
stock at cost viii take this real estate pay BACK the
money nave drawn, and gave the Company tue ranroau
bonds a bonus OF 100000 besides oo , scoo ooo
Referring to the loan Of 5etN cen 100000 aug SoUvVNo
the coal and iron lands in west Virginia, MI ulne
that III March 1877 he took the mines INTO us o t
hands and they producing net income 10 'le
Company of more than $1,000 year ne n0n & ON
the Higganum Companys property ior SZoV'Vvo anu vi
which not dollar Of interest had been paid MI FulOel
hS sn6 WoraT1st New York which he regards
worth sum equal what was paid for II ID money ana
te P ht at 10000 and i;s remtabe value is
than $4,000 per annum And yet MI fur1ef s zoos
This am willing to take Of the conp-ny's hands at
500 600 and return tue Higganun morigage.'
Mr. Furber states thai up TO tins time lie has drawn
from the Company, under the contract, less thal 500
600 less tAan 0ncba the sum when ne contributed
t, the LIST OF January 1877 the whole amount OF 5000
900 had accrued TO nun py tne ~ thn Copnan INV
and demand TINS ana further tht thore was also 10
i'm addition 10 the first contribution OF 100000, naknga
total Of 5000 900. But" si1rms Mr. furDei " i did
not do it, Ii is there to-day, ard there II wall remain
until the company is restored TO solyency or
until IT goes into the hands OF receiver.
Ii the Insurance Commissioner OF Connecticut is
forced by public calnor to place me Company III the
hands OF Receiver after he had publicly Gecar that
the Company had recuperated over sl,WOOOO under
NV management eau stand tue loss OF my money bet
than the State Of Connecticut can stand the ianJ OF
Referring to the charge chat he had connected himself
the Charter Oak only TO wreck IL, MI furber re-
marks that iuasnuch ne entitled To percentage
ON all apsed policies, If he wanted ~ wreck It, he Ger
tany took the wrong course IN STRIVING 10 Keep credit
and standing from beng impaired.
Mi Furbers cOnolusiOnl Is as follows; what sald 10
The members OF the Special Commission when they
to the unice of the company TO begin the examlnatOn,
desire say to the agents and poieyhooes OF the com
many and 10 all the world: "Gentcmcn, YOU may put
tins company into the hands OF receiver, but
desire you TO recognize the fact and pear honest ts
mouy TO truth that there has been no wrong done
to this company the policy holders for which my
management company is in any degree responsible
and challenge the entire world ~ produce scntla