New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-23


protect the policy-hOlders and the puDlc against
any impairInent which threatened serious conse-
ouepces, have at the same time taken care 10 90
nothing to disturb unnecessarily public confidence,
or hinder any of the companies III tnc prOsecu-
ton of their legitimate business IL VIII DC seen
frOm tins that the only ground upon winch .ue
Legislature can interfere in the AFFAIRS OF the Coh-
tinental Is that its past management mas Deen 80
corrupt and incompetent as 10 hiahe ouoH hi'oi
ference justiiable and necessary.
The time of the Insurance Committee has been SO
ocenpied from the beginning of the session with the
hearings in the Charter Oak and Continental cases
that there has been opportunity tor discussion
of any OF the bills for public acts on the subject OF
Insurance which have been referred to them. The
most elaborate of these is the offered by Senator
Bowers which covers pretty nearly the whole sub
iect from the reorganization of the Insurance De
partment to the limitation Of dividends IN the
mixed companies The resolution calling upon
Insurance Commissioner Stedman for information
as to when the facts concerning the condition oil
the Charter Oak and Continental came to his
knowIedoe. and his reasons for not taking earlier
action with reference to them, has not yet been
answered. though / understand that the Commits
sioner has his answer ready, and will submit
il TO the Legislature next week. Very hi
tie has been said in or out OF the Legls-
lature as to the Commissioners conduct. He and
bis department seem TO have been overlooked and
almost ignored the investigations and report of the
Special Commission having entirely oyershadowed
them. No one doubts that he has acted honestly
and endeavOred to do his duty. but the general I'M
preston is that he has not shown special htneSS 1or
the place. and that If the department is TO be con-
Timed there ougbt TO be a change at the head of it.
The appointment of MIR Stedman was purely po-
Ttical one he having had no experience in the in
surance business aud nothing to commend him for
the pos;ion except political service and unlmpeach
able private character. Having been n policy
holder in Mr.. Benjamin NOyeSs company at
New Haven, and enjoyed glimpses vi the hnancal
transactions of that singular person, he signal
lied his entry upon the duties of Commissioner by
opening fire on Mr. Noyes. and the remains over
which Mr. Moves was standing very Jealous
guard. 70 the pursuit OF Mr. NOyes he brought Of
fetal zeal a little warmed by what the pursued was
not slow to describe personal grievance ana
private grudge. Now the noble NOyes has been IN
hot water time whereof the memory OF man
runueth not to the contrary, and the at
tack of the Commissioner only gave him
an opportunity to appear in the capacity
of a martyr to the spie and malice ana
jealousy of the rival city Of Hartford. Mr. Sredman
followed him up with such persistency ma t he
New Haven people began TO sympathlze with the
prosecuted NoyeS, and before long public opinion III
that city had settled down TO the beIel tnlt S.ed1
man was n very bad man. employed by HARTFORD
people to pull down the business interests OF New
Haven. Meantime the good Benjamin was ocaatng
him at every turn and euI"yng pleasing anu s az
isfactOry career II happened, unfortunately toT
Stedman, that while he was skipping round
with - forked stick, trying yainly TO pm
down the elusive NoyeS, the Charter Oak as
closures were made, and the New-Haven people
began to inquire why ne had not investigated Hart
ford companies as diligently rs he had the one AT
New Haven And ever since then they say tnat the
Commissioner has used his Office to prop up the rot
ten management of Hartford companies at the same
time that he has been following mp poor Ben Noyes
OF course It's all nonsense, but it furnishes argu-
ment against Commissioner Stedman's retention In
Office, which Noyes-who has INST been before :. CON-
mittec OF the Legislature asking Tor the passage OF
some sort of Law abOut cXtrad!ticn that VIII MAKE
the State safe for insurance men-wll4 use Win
more or less effect 1t is impossible to predict what
will he done with reference 70 the Commissioners, mt
hardly think there will be any change unless by me
passage of general law reorganizng the department..
The COtrdRt of this city continues to be unhappy
because this correspondence has disclosed nothing
new concerning the management of the Hartford
Life Insurance Companies. and au extract from an
insurance paper published believe. in Hartford,
has also been sent me, in which am charged again
with palmng eff as news facts which have been
known here for long time. That these newspapers
are quite correct in their criticism do moi doubt
The facts brought out in this correspondence, or,
rather, arranged here IN historical sequence and
Order are not to the editors who make
the criticism | have the best reasons for
believing, however, that they are new TO a
great many policy-holdcrs who were not aware how
management Of their property, and new to thous-
ands who had confded III the honesty and fidelity
of insurance corporations. 1t is news to a great
many people too that the business of life insurance
is so senstively organized thai ;hc first breath OF
suspicion or even finquiry shakes the entire system
This is news for which / give The Co'Ddnt credit
though it has been drawn ont by this cowespon-
depce When THE TRIBUNE few weeks ago
urged as an act of justice to pOheyhOdeIs and The
public, as well as to the sound companies,
that the investigations about to be entered upon by
the Connecticut Legislature should be thorough and
complete, The COHrGat saw III 1t a mscnevOus and
malicious attack upon the insurance interests OF
Hartford. | don't think public confidence was
largely promoted by that sort OF comment. have
to regret that The COWdRt should think am never
happy unless When | am abusing somebody l as
sure the Editor That that is an eXaRgeTitI0n HAD l
related the story of Marshall JEWELS purchase Of
the Charter Oak stock as il was told me by the Ed
jtor of The CourGRt should have had the happiness
of abusing Mir. Jewell. His explanation Of The cir
cumstanees deprived Inc OF that happiness 1t may
Ter and personal As ! have occasion to knOw-of
The CordRt. If had not waited 10 hear Mr. Jewcils
side of the case. don't think The CoWdnt IS SO
much troubled at my abusing everybody as II Is at
NV not abusing the right man. 1t has certainly
been nv purpose to tell the truth concerning these
companies and the Investigations, and To arrange
the facts whether they were old on new III lhtelI-
gible order. l. ID H.
FORCIBLE RESCUE OF A MURDERER
GALVESTON Texas, Feb. GA dispatch TO