The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-06-30

The announcement that great deficit had
been dis ovcr,d in the Charter Oak Life Insur.
anrc Company created excitement n neuran g
circles y'strrdny. The def len . rca hes n"ar-
ly two anu II uulrtor millions of dollars. The
speciul Conmiss ioncrs. appointed by the Com
ne0ti ut Legislature to examine lifo Insurance
companies. have not completed their inv stiga-
fion Of the Charter Oak. and. therefore. tho rx-
act amount Of tho dcn .icncy cannot now bo
SIT ID.
Mr.. +. o. Goodwin. Tho Nv York general
agent OF the Charter Oak Company, says that
the alleged deficiency il not real deficiency,
or one for which the ofIl rrs ought to be- blamed.
or course, he added. II thr romplny's assets arc
iorord upon III" iunrkrt amt sold ut an uniuNOr-
abe time tn"ir face viiu' cannot be renii2ed.
a weli-knpwn Insurance man. when usk"d
mirr opinion IN r.sui To- tn. Charter Oak said:
Ihe concern il rotten mud on" of the ON 'ors
mas put money INTO his own pocket hv using thu
FUNDS oi tn company for the pur hasr oi poor
mOrt-ng =. sO ks. bonds, and other securities
Some of the compnny's money has been put
into second mortgages. when the prop rty
moitgagrd would not now sell for moro than
enough To pay the FIRST mortgage. Two or
three railroads into which the Chnrt'r oaks
money has gone nr' worthless one Of the
OH rts OF thr company. who Processes 20 have
put hail u mn on dollars INTO the Charter Oak,
probably nrvHr had more than ten thousand
dollars OF his own in his lifn."
FROM another source II WINS learned thnt tho
nominal receipts of tho Charter OAK in tNr lust
fiscal year w'rr SO 2jl js6OS. an tho ii dishurse-
mrnts S2HOu.hlJ.73. Tine oil 'ors say that the
present total Ass is are over thirteen AMI a half
millions ot dollars and that The surplus will rrach
the payments in 1877 W re si3S. $3.50. Tho OIL
c'rs further say thnt during tn ycnr 1876 the re-
c"pis Tor interest and rents alone exceeded tho
rntlre amount paid for death claims. Tho
officers ur": T.. r. Virgin. President: =. n.
White. NtrC-Pr"-id -ident and Treasurer: 4. ".
Dillon. Jr.. Second NucPrnsident: Hasny y
stevens Secretary: W. l.. squire Assistant
Secretary: H. j. Iurb"r, Fmanniu Manager
Ine Chhrt"r Oak has hcen dom business for
twenty scVen ycnts. MIR. f. X. Wiggin has been
president less than two years. and Mr.. n. j.
Iurhrr has been financial mana GER about the
sam" l"ngth OF t'm". II IL said thnt over tnr 80
qulrt T. OF the capital stock il now controlled
by Mr.. Iurb,r.
The Hartford Co,u.aai says that Mr. Fnrber.
who WIS originally u school teacher in Iowa
nni a local insurance agent in that Srat" has
Insurance companies. He - reported a. draw
lnS salaries from three or four ui tn's" COM
iani"s. Two or thrrn Of the rmhHrrg s-,''l i'nu-
Germs ar" winding up their affairs. The tnurdhi
hN'r- inui IA" all god NV ~tmcnt hv MIR. Iurbrr
oi sJlu.N'l in the Charter Odk WIS mGd" IN
con~id 'fdion % the conpHnys promiS ing T.
pay him ven and % hulf per cont. of nll pre-
1916 To- slNJOuO Under tho sumf contrt Mr.
lurh'rchn ttN" u ~ per ccut. ot uli On" policies
that the tlartU OAK may ily i'm. IuI- mott 4
INN last year s23100O. TINS contra 1 is 10 run
Tor iivr years
II is said that Furhor was instrumental in
selling the rompany real cstHf' 100 y W York. in
which Transaction th' sjul.uyu L. in some way
nal as isoi the company as worth over three
millions Of dollars.