, 1877-07-30
CHARTER OAK LIFE.
Tie Company IscorEanlxott or q Firm naa1s
-EK.Uov. Jnwrtt Electeh President.
6ptctaL Mspo!cA u Ink TTtbMnk.

Tie Company RcorEanlxotf or Firm BASIS
-EK.uov. Jnwrtl Electel President.
'. Special Nspa.ch - The Tr4enae.
1IARrroap, Conn.,, july 2s.-A complete re-
organization Of the Charter Oak Ltfc-fnsuFhnce
Company was contaminated to-day, according
to an arrangement that hal been agreed upon
between Commissioner Stcdman ths Company's
officers, and the Investigating Committee, rep
rcscntinR the local insurance companies and
polcy-holdcrs. Tic result IL that the old NAH
aecmeut ia completely wiped out. The initial
step this afternoon was tho resignation In
body Of Wiggiu, President; Furbcr, ricc-Prcsi-
dent; White, second vicc-prcsiient: Nelson
Ilollstcr and Daniel Phillips, Of Hartford.
Thercupon tho new Board was Immediately
organized, consisting Of cx.1oy. Jewell, Sen
ator Eutou, Judge Elisha johnson, Cot. George
r. l,Issell, and Robert E. Day, the latter Tho
Receiver Of the Putnam Fire-1nsurnncc Com
pany OF this city, which succumbed to tho great
losses at Chicago. All are gentlemen Of high
standing and competent TO solve tho difficult
financial problem bcfore them. Gov. Jewell
wns chosen President. Tho remaining Offices
will be fillcd nett week, and on Monday Judge
PArtlcc will dissolve tho temporary Injunction,
leaving the new managers clean field to 70 on
with their work OF getting The COMPANY on its
feet agnIn. Jewell will he absolute manager Of
the institution, IS he Inns purchased tivc-clghths
of tho stock from Furber It n price reported to
be very low. Further raltuqutsl.ca all claims,
present and future, to the earrings Of tho Com-
pany, and, while recovering largcly on the asscts
furnished by him, loses CT his stock ard other
wise to figure said to approximate $1oO, ,00.
Jewell says tonight that he don't propose to
lose Anything on bis Investment, but expects to
mike money by the appreciation Of the value OF
his stock az tho Compapy'a Affairs improve.
The Special Investigating Committee nlat}e q
lengthy report tn-eay on the condition OF the
Company. OF tho tl2, +o9 9j0 Of aascte report
&s,4I Of doubtful ya,as, wills tl,e linb!t!ss
are placed At Sl3, ,32, ,5S, Of which 81, 10 :lj1
u tic net premium reserve At per ecnt: The
Broadway. New York, property Is reduced from.
p9;Sf p9oncfty from @ ssSoJo to s 5S1; liz Cam.
pany's building from S3fi,oW to sGW,1o.
Western property takcn under foreclosure Is
sut down 90 oes ccns, anl othcr ti!c ,gn property
LED ce Ss 'hf fb, c0Rsa, As, Il steps, fs "s:f &"
35N,,C ,,CU0 doubtful The Comn,lttce de.ltno to
oxprcss an opinion as to the results Of the I!t-
9niton. Thn liabilities exceed the good asects
items c!sssed rs doubtful. This gives tech:
p[cal deficiency upou per cent reserve, and
the Cotnmittfcc tllnss fccuperation pnsstble,
thcEo being minimum reclperatlrs power, OF
nearly TUX, ,0CN per annum exclusive OF possible
re:eii.s from doubtful asscts.
In cunclusion, the ConlHlItteo say: "Wo harc
considered MANY items OF assets with reference
to their outcome unlcr d management Interest
ed ana xealous for tho Co!npauS's Suntlnuance,
aIul not with rcfcrenre 10 their yaluo In tho
hands OF u Receiver or present sale. In view
of tho results from the figures herein Eiyon, and
vi tho fnct that the Company's risks nppeur to
bo located In healthy portion OF tho country,
NC believe TINT under n management ot the
highest efficiency. which shall make tic most OF
Its psescnt assets aud reduce expenses to the
lowest posalb1e point, aud that s1iali posscss the
fullest confidence Ut It's poltcr.holers, tho Com
pnny can be natle to pay Its legal liabilities In
i1lt, and its impairment be made gOou.H