, 1877-07-15

g put in ~ a half-1nillion dollars to swell the
Charter Oak treasury. In the course 9! time
Oax bought the property and returned Mr.
Matthews the mortgage, thereby cancc'inG the
personal due-bil Of Mr. Furoer, SO that in no
possible manner can 1t be shown that Eurecr
equivalent to the Company. This is the gist OF
the discoveries made by the Insurance COM
,nittce appointed by the Connecticut Legisla-
ture, and no amount Of special pleading can
this fact that the New York real estate pos
sessed By the Charter Oak is located in sec
ton where values are depreciatinE and Will
never again, in all human probability, rise 10
their former level Rents are decreasing Ike
wise, and in spite Of the showing that the prop
ertY il earning per cent upon its assumed
valuation, after deGrcting taxes, expense OF |
COLLECTION. repairs, and INSURANCE, this income
will grow less and less each year. There Is no
speck OF real comfort in this New York real |
estate operation ior the Charter Oak.
THE AMERICAN POPULAR LIFE
fraud in tbs Companys affairs, but q strength
ening OF the testimony That Inc oiu uissqter,e tS
Of fraud were truly founded. The kind oi fraud
shown Is all ot the same piece, alu there Is NJ
longer any doubt that some precious orle.na'
rastality was manifested in The management
The issue OF paper stock for cash due oi!ls Tor
the sake of good showing before the lnsur-
ance Department seems to have earfsta Oh
gstaD e tho ef Sai5 Sas5s in 'n e1essss for
cancelled stock seems to have been nc ac-
garled as stroke of financial genus Inc
| similar exchange Of doubtful SECURITIES ior
bona de ws anotber
favorite method Of swelling the CompahYs
/ funds for the annual statement. However,
| some of tho Directors we're honest In their !h-
tcntions and believed they were en'poya''1E +, M .e
/ rititna1c means to assist the Company n ah
emergency, and two or three OF them VII iosT
over so 600 each by it's failure. The failures ol
| the SECURITY, Continental, aud New Jersey Mn-
tual were essentially dlEgfaeelnl, ont m lug th vr
| tjaut SIMPLICITY with which the victims became
| cpa.uUrcd witl, the plans and personal intesrhy
Of DR.. Lambert, the protector anu man s!!r
port Of the Company Luckily, us f'.tmns ,;,oS neS
I Companies .-..
| Recently subject has been much discussed
in insurance CIRCLES when LhFee + scaan nnt.g,,
nis,u between American and English nfc-n-
surance companies doing business n TINS s.ate.
This is the result OF Tree competition among
fLc cn,npanics, aud it is ouly lair to say Lhat
hit English offices have been among the lore
| most in cutting rates. Their apparent rulc has
| bccu to take Irst%lass rls sks ut any price; alu
let the poorer quality go into the 1oca! offices.
l5X cents, and eycn taken these risks Tor I'VE
vrars at 30 cents. This Practice las
injured the business OF the city COM
panies quite seriously .s ana ana taeg t3cyceness s
never before klnwn. SOME time ago it was , US,
srrtcd that a number OF American Officials natl
ioipcd i'll private letter to tho Insurance ~
partmcnt VI New York urging that sRceaal " =
aan,iuati,,us be l,:tie in England 81 TIC assets
! and liabilities OF British rornpanics. III tnc
same spirit the New York Legislature phsscu
stringent law prohibiting companies iroln ~
yc1tising or representing tlcr hnahcla1 e1us ~
| 1;.rl,t han 9rIltHt
sets available for fire losses. This was dcs'3nct
II, nrrycut the English ollircs from including
in their statements any portion OF Their a.
hfd as 1gsc5'ei 'er has 1os peeu the utcs
: frcndlincss between the English and Amcrlcai
t,,j,ys, but the present competition is actlsel1
| DESTROYING tic bond Vi union between thcsn'
THE FRENCH CORPORATION.
! Many weeks ago thu writer, in giving tue CUT
rent events OF the day, referred to the EXCLUSION
: | of the French Corporation IRON TINS slate y,
Long aeo this exclusion was rcsclnded, anu ~ ~
Company rcinstatetA me 9an mas "nd ~
a ycalcI depth OF prejudice which ought m to hay
T no place there. It WAS, i'll fact petty spite, an
! is u GENERALLY So regarded. The French Corpora
ton is ID doing ib;s sccsien taiea and and aescr7
< tne rsnccial confidence of Chicagoans
It hccsusc it is the only strictly foreign eozpor:
IS t;un wlose business is managed At ch1caso
Is headquarters for this country.
MISCELLANEOUS. -.
Our fire underwriters have never huo"u eu. =.
nertcct IMMUNITY from severe losses on tue ~
ii of iuIy ~ this ye,r,-the result OF wise polls
!, r,r,,,iLiton, One of our leading insnrans
pnnr,h;ics undertakes to prove that tue chan
- n;',n rat,41ltter among the companies Is e.
II HON. OF New York. and proves u ny quoan
Il tha percentage OF premiums for risks ASSUME
compared W'h p1rssmiuKo nr',n;,1sas ior iSsG VI
~ ~ ner cent below tie average anu u
VI ncrreutacc OF losses nearly per cent a1oV W
8. T!,c trnlI]e in the Atlas of 1lartford has pct
he ernectrd for some time past. The stock ol y
:, Cp.Sa,r fas hrcn on the down grade fortwcl'
10 n'nntns and its losses very large compared
in Tt Arctic Insurance Company, OF this cit
Is has commenced Issuing tickets covering 'ia's Nv
.;s .v crs baggage against hfc' LOT 4'''ss " 'D'
~ +ahu]ated record Of fire losses Of the whe
40 country for May last & ives the following Col
IL. parison: ,c-c 1877
On Nnmbss o. re-. ar:.e; 1o1 100
ls ds SSH G 1sssf: 100 5so'
~ Loss onrc o. cppmnanics !, $50 500 'oos
" The above, considered in connection wiIa =,
duced premiums Wi! ra s.,0S Scw w York I inspra1
r'.mn,;ssiouer is now making thorousn1 ~
;o sGa,;nat;on al the New York Liie-lnsarancc 20
IN panr:s affairs which will be completed IN apc
tJ q week. 1,ar, that the Paterson,
te- There are rumois uele tu a1;,jnn finn
Is in tpr TSfse TIe cs%pa%y has
,n gas;t I,src rren among those accustomed, Y,
~ ~ dIS du;p" an an Underground business through y
;as 'e1 ThS Sorwici, Union Insurance company
ne Sorwith. England, recently refused & TO- come re
div Te,r york BECAUSE OF prejudice a:salns. .s'
css can hnsiness. hut it showed its IN ots!sse"I'
n rta.,ntIy establishing an a9cncy ~ aan -
nf recea'', liz forr 1Iths constructed OF w,'on
ol cisco,-a o'} 4ou' NEMc
Or
,.it si THE CHARTER OAK.
ran STANFORD Conn. July 1.-THE attempt
It's, ,coro,nize the Charter Oak L'1e-insura
is Con Company by putting its affairs into the ia
,s' no If ncw officers has failed, aud movement
YES he made for the appointment OF necel
ets Viii such appointment payment Of Sxian p1e@.1
hat ri, ccasc. but tho policy-holdcrs arc aoslseo
ion keen their policies alive until the hsee'1. :.
eo annouted, as they will share pro rata IN ~
to amonnt Of property the Company Owls !
lue- liabilities are paid. 7u,uo,, p,