New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-12

the outside and everything goes SKY
ward II il worth while to observe mat the
terms of this coniract-not by any means secret
excited no Indignation in Hartford until the pres
snre from a few policy holders for an investigation
began to indicate that an overlEiulihg was i'i'l-
ncnt and could not be avoided linen 'he press
took il M and the other insurance companies ana
moneved interests liable to be affected by the cOa-
o1on began to shake themselves Loose from the whole
CONCERN 1t was not the revelation of the 1ilqutons
oortract that disturbed Hartford and aroused the
hostiIitv TO Furber that was no revelation AT all;
II was the fact of the exposure, and not the Things
exposed Am uncharitable! Consider for mo-
ment that worse robberies of this company lad peen
going on for years, and that II was an open Secc''
and that the respectable wealth worshlppers vi Tue
town, so far from making fuss about IT, adhl''e"
TO their own circle the persons engaged III theih'
Think of these men rising up in vlruous lnoigha-
ton at the IL, per cent Furber contract-whlch' II
a robbery, was at least an open one-ind MAXIM
believe AS though they had never heard before OF
smell, n BETRAYAL of trust. | hardly think 1t Will
pass.
EX-GOVERNOR JEWELS POSITION.
The main facts connected with the expulsion ol
the Furher management and the coming III "f me
present hoard of directors. with Ex-Governor Je|eil
rs president | gave III my last letter. II was after
fine examination of the affairs OF the company ny
experts representing the other insurance companies
and the banks of the city, rs you VIII lehemoc',
that the determination was reached 10 ii"ho
an effort to save the company from totai Wrcch'
And If was after everybody who had the means 10
do il had been offered the opportunity to take the
stock and undertake the management, mat MI
Jewell upon the solicitation OF the COM
mittec agreed to pay Furhcr Slo,ooo ior
his stock and make the attempt to save the
L., IL apitI
and as is very manifest, has affected uniayorahiy
I Governor Jewels popularity. | do not know tha'
il is possible 20 he entirely impartial, but am GER
tain that have tried to I've i'll judging between
Governor Jewell and hi, critics in this matter IL Is
certain that he has lost caste here III Hartford ana
probably throughout the State. on account "l H. lie
will be WISE us | thnk, 10 accept the logic % H.
and for the present at least abandon Poll'I'N
and the contest for the SrhatdTShlp' lie
made n mistake in getting into position to Ne Sh"'
nj. and he may a. well acknowledge it. am quite
positive tina; he would have met with much creaier
success III this undertaking; would have disafm'd
much opposition and hostile criticism ANA chiS'e'
co1peratnn and sympathy in some quarters where
he has been opposed had he publicly announced
his Withdrawal from active politics before
linking this business in hand. " It B."
ne ha. had 90 FIGHT against partisan npl"-ti"h
outside his party personal rivari'S WITHIN hr-u',
suspicion inevitable IN the circumstances, ah iHi
prevailing mcanncS~ and jealousy winch. Nl'h'u'
any ai,parci nOtivc tkcs special delight III seeing
n successful mans luck fail him.. ~ soon ~ II WIS
I touud that he had taken the luIh'r s'ocN
at his own risk. and undertaken l" ave
the company. there began 20 hr wIilS.it
suspicious as to his motives, and ii was charged mat
he had been guilty of sharp practice ana n"un'-
dealing with his friends, AZ the sane inle, ihat ~
was making a contract with fur"Gr bF "Hrh ih'
r1licv-holdcrs were to be- dcfrandcd and himself Ell
ric!lrd THE belief that there Vas 81
crci contract: under which f"'H g'
? awar with S7JUOO0 and promise OF M
,nurity HIS become general ANONYMOUS coMuu-
ricatinifs IN certain Newly OK and b'sion nr"spi-
pes from irresponsible source" have minus ii"H'N
ny0pagat.tl Ibis report u c same timr thi""H'S
every possible nlst aclc ~ the way OF thr ne" mai
agcmeu III tier efforts TO save tilr '"hiti2y INC
contract with FrTber was noi s"cIet one lo IN
I ,uraIrc Commissioners and Is counsel saw AMI
approved 1t. and the committee "i '%n'rtS Jaw Inc
ORIGINAL draft ahstruct 0i II and gave thrr "l
proyal It gavr Mr. Furber nothing thai he hih mol
already secured under ms contract aad II released
him from no obligation 10 which. ia the opinion "i
the most eminent counsel, after car lhi 'Nii'dint
tim thc company could hold Inn. The
great object aimed II IN the proceeding Wa
10 GET rid OF the furbcI-N ig@in man 3Err'!i ana
organize GA ana sound basis, u pnN~Ihir; ne
Iirst nart WAS accomplished. md, ns nave hCInlt
stated. believe tht final InEcsiisati"u VIII hh'"
that il wa done with 10 sacrifice 81 the company
assets that had not ncrn previously incurred 'h'
with sincere puip0sc the pat 81 flc new diicc-
tors to guard the interests 81 ror! -ho"'r" ~ OF Tie
iTst importance.
FI;EoNRoU, STATEMENT CORRECTED.
| have been told within thr past two on tl1cc days
that Jewell secured the Furbar stock fo. $4,000
by sharp and tricky management. Upon o;hcr All
tl,ority than his own haze II tdat There has not
been day nor an hour since h. took ii' stock that
he has not expressed entire wliiugnc-, 10 gave ny
the stock TO any person persons who would taa'
it off his hand, at il, cost o. 10 surrender u 20 tr
company upon the conditions, TO BE- merged
in it's assets and make it puTciy mutual
company. if the way 10 do II under thc
charter can be pointed out. Bat am
told that Furber had already secured from The COM
paIy', assets the 5000 900 he paid for ihc stock,
and that instead oi being Furbc's to SELF: IL honest
" belonged 10 the company and should have been
merged in the assets Upon this theory, FurbcI
was guilty Of fraud in selling for $lo'0OO what did
not belong to him. and Jewell equally 9uiliy IN buy
ing it, Two facts stand in the way of TINS theory.
Flu rber III the first place, got his T2oo.uOO on l'
contract and not for his stock though II made nm
e ood on what he had paid for II. la tn
second Mace the company could not buy its own
stock in the manner proposed. Such = proceed
ing would have worked an immediate forfeiture OF
It's charter. TuTbcr bad the stait III his own
hands lie could only be got ont by proceedings 10
nut the company into the hands OF receiver which
would have ended it, or by the purchase OF his
stock and reorganization. The committee
/ of experts thought the latter coulsc the
better one ANA recommended il. No one was wiling
70 make the purchase and take NJ risk I'LL Marlall
Jewell as called III. lie took it, and has probably
! lost his investment and much more besidcs. There
is great deal of loose talk to the effect tlat in
/ organ Izng the company. the stock ought 10 have
| been paid for out If tie COMPANIES asscs
/ and wiped out, leaving the company 10
! be organized on the mutual plan by the
| policy -holicrs. 1t quite plausible aud 40
doubt any persons have jumped 10 the conclusion
/ thai the present management Ought 10 have taken
tins course instead Of buying the stock specula
! ton. The only thing that stood IN the way of It
! was the cOmpanys charter. The merging of It's