The New York herald., 1877-07-29

SATISFACTORY REORGANIZATION OF A VETERAN
LIFE OBSERVATION-DISCLOSURES BUSINESS
MEN AT THE HELM-REPoRr or THE INvEs-
TIGATING COMMITTEE.
(DY TELEGRAPH TO THE HERALD
HARTFORD. July 2s, 1871
The reorganization OF the Charter Oak Insurance
Company was consummated to-day Al meeiing of
the directors this afternoon E. r. wigxn, President;
s, II. White, Vice President and Treasurer; A. H.
Dillon. Jr Second Vice President and Henry j. Fur.
Der, Of New York, Financial Manager, severally
resigned their official positions, also directors
The other two members OF the Board also resigned, and
a board was ut once organized posed OF Gov
ernor Jewel, Senator w. W. Eaton, Colonel George p
Bissell Robert f. Day and Hon. Elisha Johnson,
leaving vacancy to be filed hereafter An election
for president resulted in the choice oil Governor
Jewell and tho election Of oicials deferred
THE EpPEcr OF THE REORGANIZATION
Tho effect Of this is the retirement OF all OF the old
managers from any control whatever o the future Of
the company. The AFFAIRS of the institution will be
almost absolutely controlled by the new President,
holding he does ve-eghIhs OF tho stock which he
purchased from Mr. Furber, who agreed relinquish
all claims, present and future, to the earnings OF
the company. Thus, thcrc will be no future
payment to be made on account Of his con
tract stock; but tho managers take
the institution tree from alliance II Is understood
that the amount that have been drawn by FuIbcr
nearly settle his account under tho contract upon
which he furnished the half million Of assos but that
he loses largely his stock and gets OF the ex-
ira compensation provided for in tho old contract
THE INVESTIGATING coMMirrEE.
The investigating committee, representing tho policy
holders and the local Insurance Committee, after the
reorganization had been effected this after.
,.,blt
their examination Of tho assets of tho CON-
pany. Their report shows Impairment and
considerable reduction tho assets claimed by tho
company the 14th inst-nameiy, $l2, s99. $780, The
assets classified by the committee in their report
as good or uncertain, and III me bond and mortgage
account tho committee places the Broadway properly
claimed TO be worth So, 030 600. at only 81 C35 900
good and express no opinion AS 10 the remainder of
property Is likewise cut from $500, 900 TO
1882 800, and the company's Office building
In Hartford from S844, $50 to 5000 900. Various
deductions were also made ON the company's
Western property. Tho Alien, Stevens IL Co. mort
gage Is held 10 be good Tor 5000 Ooo with 1923 2s un
certain; but the committee Is not satisfied tho
possible result OF the pending litiRaton In summing
up the committee hnds good assets amounting to
$s,266. 009 W and uncertain assets amounting To-
$685. ~: 81, while the liabilities aggregate
$l3 362 577, OF which $2 36l the net premium
sem, at four per cont The difference between the
total liabilities and the assets called good rs
81, 4,096,477 95, which Ia $s33OG5 0l more than the
amount set down uncertain There exists therefore.
q technical deficiency upon iour per cent
The committee then considers the possibilities of
cuperatlon, and finds income above require
mems OF $325 500, and m nImum rccuperalive power
OF 1924 600 per annum, not allowing for possible
receipts iron the assets marked uncertain. In con-
clusion the committee say
We have considered Of assets with reference
to their outcome under management Interested md zeal
Tor the company's continuance. and no. with
reference their the hands of u receiver
present sale. In view OF the results from the figures
he given, Of the tact that the
pear to be located In healthy portion OF the country
believe that under MANAGEMENT OF the highest efficiency
whi md
to the lowest possible point and that shall
fullest confidence its policy holders the pany
be to pay It's legal liabilities In iul and its impair
ment be made good 1t s In our Judgment mperativcy
necessary that the State should relieve tho company
all taxes until the imp pairment is made good.