New-York tribune., 1877-07-21
THE CHARsER OAK LIFE.


The policy-holdcrs in the Charter Oak Life
Insurance Company residilg in Hartford, and
the representatives of the other insurance com
panies and the financial and business interests
of that town, are hopeful of being able to ef-
feet some arrangement whereby the policy
holders may be saved from total loss, and
peihaps the Company itself rescued from to-
tai wreck and bankruptcy. Pollcy-hOlders i'll
this Company outside OF the Stlte may rest
assured that nothing that can be done
to save the property and rehabltate the
Company will he omitted by the citizens
of Hartford who have the matter III hand.
The reputation of the city as an insurance
center is at stake to some extent, ana that
concerns so intimately the general welfare and
business prosperity of all classes. that the most
strenuous efforts will be made, and all the
monied interests united in them. to devise and
carry out measures for the Company's preser-
vation. No city or town in the country fur
nishes so excellent an illustration of the ad-
vantages of mutual cooperation of ali
the monicd interests for the promotion
of local enterprise and for the welfare
and prosperity of the town. The town
is not only strong in accumulated capital and
abundant resources, but It Is made alnost I'M
prcgnable financially by the nature of the I'M
mcnse business it has developed IL insurance
through the ramifcations of which it is draw
ny night and day from all over the continent
constant and unfailing streams of revenue.
The town has earned public confidence in the
first instance by the energy and sagacity of
her business men, and by the irmness and read
mess with which they stood together against
adverse fortune; ana the confidence so in
spired has been so profitable that they
are ready to nuke any reasonable sacr
fee to prevent its being destroyed or impaired.
The same disposition was manifested III 1857,
when the insurance companies placed their i'm
mense resources at the service of the banks,
and again after the Chicago fire, when tho
favor was rcciprOcated by the banks III helping
ont the insurance companies. There have
been other not 50 prliseworthy Illustrations OF
the habit of standing together for mutual de-
fense, when felonies have been compounded
to save any possible shock to the credit Of her
business men.
1t may be taken for granted, then, that
everything will be done that can be done to
save the policy holders from loss, the Company
from bankruptcy, and the reputation of Hart
ford fr.m stain. In case there should be
successful rehabilitation of the Company, all
the old managers beng thrown out, and an
entirely new set instated in their places, it is
to be hoped that the lessons of the present
experience will not be lost upon the now
directors the policy holders, the State authOri-
ties, and the press and people of Hartford
After all the powerful denunciations of
NJ tha L..
financial manager and President" wreckers"
so-called-by the local press, it does not APP
pear that those men, whatever may have been
their purposes, have succeeded III misapprOprm-
ting a dollar of the Company's assets or enrching
themselves a single penny at the expense of
the Company. The mischief with the Charter
Oak was all done before they came into the
management; and Tor all that appears in the
testimony or the Commissions report, the men
who nave been denounced AS "robbers of or
phans and made the scapegoats for years Of mis-
management, have served the Company faith
fully and efficiently, and as matter of fact, i'm
proved its financial condition.
Should n reorganization be effected, it will
be wise for the policy holders To consider Sc
riously the relation of the 100000 capital
stock to the interests of policy y-holders. If we
are correctly informed, the holders of this
$4,000 capital stock have grown rich from
the investment, Notwithstanding the provision
in the charter which limits the dividends
thereon to s per cent annually. If the direc-
tors have divided up thousands of dollars ad-
ditional to this amount for fancy services on
building committees, for travelling expenses.
and services in visiting agencies. and in exor-
bitant salaries for little or no work, it would