New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-23
INSURANCE AT HARTFORD.
LEGISLATIVE SUPERVISION.

| IRON STAFF CORRESPONDENT OF THE TRIBusEl
| HARTFORD, Feb. 22.-I had congratulated myself
upon having made the two three features of life
insurance management. which / undertook to de
scribe, plain that the reader Of ordinary capacity
could not fail to understand Them But il IS not safe
to count upon the ordinary intelligence. Said the
late Tom Marshall, upon occasion, in Buffalo, af
! ter having been two three times interrupted in
the course of a lecture by some person who cried
| "Louderw-"I suppose that when the last trump
sounds. and the angel, standing with one foot on
the sea and the other on dry land proclaims that
Time shall be no more some stupid loafer from Buff
| fao, standing round the shore, will sing out
Louderv" 1t is. in the present instance, the Hart
| ford correspondent of The Springfield Republican
| who in a somewhat offensive manner, cries
Louderw to that part of this correspondence in
which it was stated that Marshall Jewell could not
become a director or officer of the Charter Oak
| Company in the proposed reorganization
the mutual plan, for tho reason that he
is not now polcyholder, and is enjoined from be-
coming one. rather like the manner in which this
correspondent dspOses of the statement as mon.
sensica" and clinchcs it by adding that he cannot
imagine how any man living be enjoined from
| insuring where he pleases. There are few things
more charming in this world than perfectly placid
and complacent dulness. Perhaps the young man
thinks he can buy his peanuts where he pleases.
He will discover his mistake if he ever tries it on at
peanut-stand which has been disabled by sher.
ifs attachment. The reason why Marshall Jewell
cannot hold office under the reorganization is be-
cause he is not and cannot become a policyhOlder;
the reason why he cannot become policy-holdcr is
because the company has been enoined from issuinl
new policies. If there's anything in this world
do delight in it is to be publicly corrected and re
bukcd by person who knows it ALL There is it'll,
that is new concerning the Charter Oak. The bill
in form Tor amending the charter and recognizing
the company. as reported by the Committee OF
Insurance, has been printed, and will probably be
acted upon next week. There is show of opposi
ton to the change from some of the holders of tn
stock, but Mr.. Jewell holding a majOrity-some
1920 shares--is strongly in favor of IT, and offers &c
surrender his stock as soon as the reorganization il
effected. There is doubt. think, of the passage
of the amended charter. That being done, it VIII
depend altogether upon the wisdom and good sense
of the polIcyholders how much they will be able to
from the wreck and whether they Will be able
to go on and DO business.
The Insurance Committee has not yet made its re-
port upon the Continental Life, and as the Legisa-
ture adjourned over from yesterday to Tuesday OF
next week, il will not be submitted probably until
next Wednesday or Thursday. The officers of the
company feel quito confident that the report will be
favorable to them, and recommend no interference
with the present management. They lay great
stress upon the fact that whatever impairment
there was in the companys assets has beer made
good, and that even upon the per cent basis they
can show a surplus of 800, 900. With this show
ing they say that any legislative interference with
them would be unwarranted and unjust. am in
debted for this statement of the cOmpany's view of
the case to Judge Freeman. Of the board of direc-
tors. The frequency with which the judicial tito
appears in connection with the business OF life in
surance has doubtless been remarked. President
Wiggin. of the Charter Oak, had borne judicial
hOmors, | believe at any rate, the people in tho
office, during his brief official career called him
Judge" Wggin with an impressiyeneSs and
solennity suited to a Chief Justice of the Supreme
Court at least l do not know whence he
derived his title; possibly from probate court;
not improbably from horse race. Judge Freeman
Is an alert and nimble person whose talk Is rapid
and earnest while lis manner Is singliarly persua-
sive. In the conversations l have had with him
con corning the COntinentals affairs, have been
principally struck with his fuency That have
lot been able always to follow his mathemat-
les. attribute to my own weakness in that depart
ment of knowledge rather than to any lack Of per-
spicuity on his part If have correctly apprebended
the purport of his statement his construction Of tho
report OF the Special Commission with regard TO the
Continental Is that il charges none of tho officers
with stealing fraud, or embezzlement, or any
criminal offence; the principal charge against them
being that they did not include III their annual
statement certain assets which they actually Lad
in possession There was a momentary pause in
his conversation after a statement to this effect.
during which he supplied himself with a wooden
toothpck. Then catching my eye, he added, as
though lie had forgotten something, that they also
reported that the company had included certain
4I,a;r tNvEtpb they
actually possess. / must do him the justice to say
that he seems very much in earnest in his belief lii
the soundness of the company. If fail to follow
fully and comprehend perfectly all his eXpla-
nations concerning the stock notes which
Tracy held i'll trust for somebody, and
which skipped back and forth between the COM
pany's safe and the Farmers and Mechanics Bank,
attribute 1t, as have SAID, to my own duness lie
seemed to understand it perfectly. One thing, how
ever he placed before me with great distnctness,
and that was that in his opinion, the Special Com
mission was blanked humbug.
The committee has not yet reached conclusion
with regard to Judge Shipman's proposed plan for
reorganizing the Continental under an amended
charter providing for the election Of portion OF
new board OF directors by the policy hOlders, and
the appointment of the rest by the Governor. 1t
looks upon the face of it like interference with
vested rights that would hardly be warranted, but
Judge Shipman has doubtless examined the matter
thoroughly, and he is too good lawyer TO take an
untenable position or suggest a plan that is not
clearly within the law. The Legislature, presume
has the right amend repeal the present charter
and it may be possible to obtain the consent of the
present stockholders to the proposed change nndeE
the alternative threat of declaring the charter toro
feited But the present management are making
very stubborn and determined fight for the life Of
the company aud their own right to manage Its AZ