The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-12-25
CHARTER OAK CONSPIRACY.

HARTFORD, Conn, Dec. "a. 1878.
No better witness for the defence has been brought
forward in the Charter Oak conspiracy trial
than sMr. z. A. Stedman actuary Of the
State Insurance Department. who was recalled
this morning. He testified that several
changes noticeable in the 1876 annual statement,
prepared by the accused, we're made with the intent
to conform exactly to the State law, and there ap-
peared to be effort whatever to deceive the Insur
ance Department many way. He referred to Mr..
Furbers efforts to get at the exact conditioned the
premium note account his reduction Of this
far below what it Mad previously been reported
At and. continuing. witness asserted that this
count was never accurately kept until it had been
oyerhauled at the instance OF Furber and new set
of books opened Another point was made in his
admission that in this account fraud was easily
accomplished than in any other because it very
difficult to examine aud the Insurance Department
seldom did examine it.
WEST VIRGINIA PROPERTY
The Court and jury were treated to interesting
and somewhat instructive lecture the mineral
sources. developed and undeyeoped. Of West vir-
ginia, in the testimony of Jedediah Hotchkiss, a
mining engineer of Staunton, Va, who called to
testify to the value of the Charter Oaks West yr
ginia mining property. This witness had an unusual
practice of giving i've minutes answer TO single
question and frequently brsnched OF into rather ir
relevant explanations and descriptions, yet he was
entertaining that in instance was he checked
by the Court his testimony objected TO by the
state. In placing somewhat liberal appraisal upon
the company coal ana IRON lafus ne rcclttu III sup
port of his valuations the prices at which adj
jacent lands owned by A. A. Low of New
York, and other parties held He believed that
the entire property of the company. developed and
undcveloped, was worth 100000. On cross
examination the state endea vored to destroy this
testimony by securing from him admission
that much Of his business was devoted to preparing
reports for prospective companies and in the interest
of speculators but he cloverly lodged this by stating
that he had more engagements from companies
already established, and from capitalists who bought
lands to hold and work for themselves. When asked
whnther he could ind anybody in West Virginia who
would pay the price he valued the lands at ts25 to
$50 per acre., he retorted that mining lands have
value in tho commercial world not governed by local
valuations.
A PECULIAR TRANSACTION.
President Clark, of the Hgganum Conn., Manufac-
turing Corporation, gave the first clear explanation
of this mudded financial transaction by the Charter
Oak. under the Wakely management. that has been
given during the trial He valued the property,
January !. 1877 at 300 000 and it carried $22SU00
insurance buildings machinery and about 100000
of stock. The appraisers called by the State
valued 1t at S45OIor $4,000 less than the cost of
the dam aud reservoir which gives $50 horse power
On cross-examination it was shown that this enter
prise had been backed by the Charter Oak, which
came out heavy loser in the end. The mortgage
made with Jewell in satisfaction OF his claim
arising from the contract under which he
contributed assets i'll 1875. Therefore the
Charter Oak now has no interest in
In the trial only 10 the value Of the mortgage held
by the Charter Oak at the time Of the 1876 annual
statement. The appraisals put in by the state and
the defence respectively $4,000 and 100000, be-
tween which the Jury have liberal limit tor spccu
lation.
The Court adjourned to Thursday. when, under the
arrangement conceded yesterday by the defence, the
State will be allowed to reopen the for the adInis
downtown" property. Iris is matter of very
great importance in the evidence for the state.