The New York herald., 1878-12-19
THE CHARTER OAK COMPANY.
AN INTERESTING EXPLANATION FROM wIGGIN
AS TO HOW THE COMBINATION WAS FORMED
EX-GOVERNOR JEWELL AGAIN ON THE STAND
TESTIMONY AS TO THE FuRBEB SETTLEMENT
RULED OUT.
BY TELEGRAPH TO THE HERALD.
Hartford, Conn, Dec. Is. 1878.


BY TELEGRAPH TO THE HERALD.
Hartford, Conn. Dec. Is, 1873.
The testimony in the Charter Oak Insurance trial
to-day presented several interesting points and of
the best of these was a history of the of
Furbcr and his associates with the company
lated by exPresident Wiggn in January last TO Mr..
Dyar of the Boston Globe. Since the trial began the
jury had only disconnected scraps of evidence and
this story told in interesting way, was the first
thing in shape of testimony that has commanded
their close attention. Dyar read the article testi
mony for the prosecution the Court having admitted
it with the reservation that nothing therein contained
relating to others than Wiggn should be received in
evidence against them.
Ex.rElsrpEST wIGGINs STORY.
Substantially. the story told by wggin is that in
the summer of 1876 he met s. II. White. then vice
president and treasurer of the Charter oak who
seeking financial aid in New York to bolster up the
company so az satisfy the demands of the Insur-
ance Department. White said the company needed
half million. and asked wiggin whether he could
get il ON some arrangement whereby that amount Of
assets could b. put in without becoming
a liability against the company. Wiggin
told White that II anything was done, he
must be prepared to pay literally for IL. and an
amount agreed upon. Abou. this time Mr.
Crank. of the National Life OF Chicago proposed to
White a combination TO buy the will OF the Charter
Oak for sGo9OD and control its affairs for certain OBJ
jects. bat White declined the proposition. Finally
White met Henry J. Furbcr, OF New York who at
first declined 10 have anything To do with the matter.
ht finally consented TO entertain proposition first
however. advising White 70 try to raise the funds in
Hartford
4 coSTRAcr MADE.
This White failed to do. and contract was finally
made with furber. under which he agreed to contri-
butte sO0000 Of To be repaid from the future
earnings of the company, 80 that his claim might not
become liability. 1hie contract was submitted to
Insurance Commissioner stslinal boNernor Hub
bard aud Nlr Burr, of the Hartford Times, and ex-
amined by them before furpr would agree 70
do anything under IT. IL eventually went
into effect. and Furber contributed mortgage
on the Broadway, New York, property tor ssoO,po,
on which the company paid s3pJ,Wp in cash at the
time. leaving the balance - be carried into tho
asscs. Furber gave his notes and drafts TO Edward
Matthews for the balance az s5u0,UpJ due Mlttlews
on the purchase anu relied upon commissions rom
the company 10 meet s obligations as they niatured.
Furber ana others. being in the company.
amined its coadaibn and found i in
condition lnn they had sirposed. and
they sct 10 work 10 straigntcn out its affairs.
Ia December. ls1G. the broadway, New York. prop
crty purchased for s3,055001 after consultation
with the insurance commissioners, and knowledge of
the fact tha: the New York department had valued
the property S3nU0tv1 six per cent rental In
this trade the company got ri of nonpuying asset.
the ti,250VO of connecticut Valley Railroid mort
gage bonds having no real market value, but which
Matthews took ~ the trade, the company paying
s5 o0 in cash aud assuming certain cncnnbranccs
making up the total Of tho purchase price
1HE lSNFAI1GArIoN.
Witness next related the story of tho investigation
by the Special State Insurance Commission and
COMMITTEES ot Hartford insurance Wien the
rbaue came Furber received IN tho settlement with
Jewel, the equivalent Of s525Jp under the provisions
OF his contract. not all IN cash. but many releases &C:
Jewell bought fur.cr's stock tor ii0OV1 which had
cost sl6UOUJ In conclusion Wig,ln stated that the
coTnpanys assets had Increased s-6a,BO under the
Furber management.
Upon the conclusion Of the reading iho defence.
pretty well satisfied with the story plcco Of cyi
dence for their side. declined to xainiIic.
A SEVENTY THousASD DOLLAR
Ex.Goyernur Jewell testified that time after
wggln went ont of Office hc called on witness and
made a claim against thu company tor s7u.uNO. due
hin a. comfnissIons unIcr u contract by which be
went Into the company, the consideration Tor sad
contract being his instruneHtaty ia getting furber
10 help the company In it, hour of trial. Wiggin.
while refusing To- relinquifn his clan sad he would
again but IL there Any signs ~ IT'S going INTO
bankruptcy hu would make sharp push. Jewell
made nu payment on account of the contract.
rug IURDEn sETrLfJEST.
The prosecution sought q examine the witness as
To- the terms Of his settlement with Furbtr, but tho
CONT ruled sueh testimony ina,lIniAsible, on the
ground that 1t tho act OF only one Of W con
spira;ors, and hal nothing to do with the others.
The court also ruled testimony that fufbcr had
sad IN the OF this settlement, that Wiggin
aud White ''wore his muipDs and would resign ana
go out Of the company Whenever ne directed them
TO" ON tai. Lieutenant Governor DOrEheimer, for
tile defence remarked that IL the prosecution wanted
TO prove that thest On4y 'minions. NJ was
satisfied, they could not then be co-cOnsprators.
W H., Goodrich, one Of tn pfuprictOrs ~ the tou-
raru was brought the stand Ia the forenoon To- snow
that the accused had published adyertsepi picns " de-
ceye the policy holltrs. witness read long card,
signed by President Miggin printed IN the tOVrdf,
but into court III the afternoon aud testified
that All examiuatun Of tho books showed that tho
card had not been published as paid ntatier, but as
news only.
AuDuioSAL TESTIMONY.
Marcus A. VIOLA, ST. Louis real esatc broker, tcs-