New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-07-17
THE CHARTER OAK FAILURE.

THE CHARTER OAK FAILURE
JudgiDg from the reports which come from
Hartford and the tone of the press of that city
for the past three or four days, there is con-
siderable excitement there over the condition
of the Charter Oak Life Insurance Company.
As is well known, the affairs of this Company
have been the subject of public discussion Tor
several months A special committee of in
vestigation, appointed by the last Legislature,
recently reported to the Insurance Com
missioner state of things which. i'll
their OPINION, called for his official interference
and the appointment of a Receiver to wind up
the concern. Since the publication OF that re-
port very earnest effort has been made by
Hartford capitalists TO save the Company from
bankruptcy 10y change of management and
the election of officers who would have the
confidence of policy-hOlders and the public.
The failure of that effort was announced last
FRIDAY the gentlemen who were expected
TO take the matter in hand having found
upon careful examination, that the impairment
of its capital is too great, and the assets too
far below its liabilities to warrant the under
taking. The Insurance Commissioner there
upon began proceedings for the appointment
of the Company announce their purpose to
contest the matter, there is little doubt that Re
ceiyer will be appointed and the Company be
wound up. This collapse, though 1t has been
impending for many months, has created con-
siderable excitement in Hartford, and the news
papers are full of denunciatlons of the man
agement by which the Ompany came to grief.
Hartford beng'a great insurance center, with
millions of dollars invested i'll fire and life in
surance, it is felt that the failure is serious
blow to the reputation of the city, conse-
ouently all classes feel an interest III it, as be-
ing more or less affected by it.
Ii happens that the failure takes place under
the management of the celebrated Mr. Furber
and an associate of his by the name of Wig
gin. Neither of them being citizens OF Hart
ford, the newspapers have fallen upon them
with an intensity of Indignation and "A rigor of
denunciatiOn which go far to make up for the len
iency they have exhibited heretofore towards
financial Irregularities" of the same general
character. The COurdRt says: By the side of
"Furber and his instrument Wiggin, the
Northampton bank robbers are gentlemen and
"saints'-a remark which Mr.. Wiggin considers
personal and to his damage i'll the sum of
$10O, OOO for which he has commenced suit The
Times says: at is great crime-a far worse
"crime than robbing bank vaults after
"gaggng the night watchman" 1t de-
mands the passage of laws TO reach
"every person engaged in this sort of
"robbery," and adds " Those who rob orphan
"children must not live outside of prison
"was in this State" The Post, however,
does not lay all the blame upon Furber and
Virgin, but frankly says 4" the ruin was
wrought by Connecticut men long implicit
"ly trusted, in the belief that they were
cat once skilful inancicrs and men of integrity"
The facts brought out in the investigation
show this to be true. The Company had been
brought to the straits of insolvency by reckless
management long before the contract Of which
so much complaint j, raised was entered INTO
with Furber. This gentleman's reputation as
"vrecker" is now somewhat notorious His
| remarkable career in connection with sew
eral companies which have recently
come to grief under his financial man
agement, is now pretty well known
to the public. But the mischief was all done
in the Charter Oak before he appeared in 1t at
all, and it was done by Hartford iinancers,
who, as The Post says, had the confidence of
the community Furber and Wiggin may be
!
as INSCRIPTIONS az the newspapers represent
them-there is no doubt they did take good
care of themselves in the TRANSACTIONS most
people debut it is hardly fair to make them
the scapegoats for all the deylltry that was
carried on and covered up by their predecessors
in the management.
The truth is, the solid men of Hartford and
the newspaper press itself, are not without
+ some degree of responsibility for a condition
of public sentiment of which " financial irTeg
4" ularitiesn are the logical fruits. There nave
been embellishments and breaches of trust and
"robberics of orphans" and other crimes of
/ similar character in Hartford before. 1t has
! been the habit of the solid men and of the
| local press to consider them in the light
of misfortunes rather than crimes. Punish
ment for such Offcnses has been exceedingly
, rare. The few respectable" persons who
have been punished at all have been par
doned out of prison before the expiration of
their terms. This habit of leniency had be-