The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-01-07
THE CHARTER OAK LIFE
Jewell Not the Instissto- Of the Indiet q. ents
Against Its Former Omciais.

HARTFORD, Jan. 6-Tho dispatches sent
from this city representing that the State At
torney for this county was inspired to bring his
prcscntmcnt for an indictment against the for
mcr officers of the Charter Oak Life Insurance
Company by Marshall Jewell now President of
the company, are none OF them true. The At
torncy has proceeded from information OBJ
tanned mainly from the special commission Of
the Legislature. which is to report to tho COM
ing session. though others have furnished
points OF value The plain fact is that Mr.. jew
ell hns n greater interest in having no trial bo-
fore the courts than he has in the prosecution
OF the old managers especially Mr. Fur
Der; but now that an indictment has
been brought. and there must be II final
and full exposure of the affairs OF the
Charter Oak from beginning to end 1t may be
thought advisable TO make 1t appear that he Ia
really at the bottom Of tho investigation, so
that IL either of the indicted parties
should happen To disclose unpleasant things,
nh,a'icn 10 spme the man who had instigatcd
ilc pdr cfen"t whnteyef vii vii , make nro very
effort to save Mr. Jewell may have s mv pproriI
because every transaction by which he p',etin,
self into the possession Of the company II fuff,
known to living witnesses. and the full record
IL in black and white in the contract he made
c w ths c"nras S viii sse " tho rht hey
fore long. in the report of the special commits
sion. and when II appears II Will place Jewell ~
n most unenviable position. People Will be- he'd
to say that IL tho Furber contract mnde with tho
old officers. and which Is the basis OF the pend
ing indictment. was wicked contrvancr. IA
conspiracy to get possession Of the assets Of the
company and TO SECURE large salaries. then the
contract Jewell made TO get possession is Mt
least something strange; and possibly clear.
headed. disappointing men may put II agood
deal stronger than this as some OF them do al
contract was never made before. and probably
never will be again. in u life insurance transar-
u3n, espec,ally In 1onneetl2 IN WIN a company
self from utter ruin.
As strange AZ it may appear. the management
Of Jewell has been infinitely worse than TIM; Of
his immediate predecessors. 80 far as the Imam
cial affairs OF the company are concerned. When
ho took hold, the current premium receipts
were from 100000 To- s2O0'O0O a month. lie
offended his general agents nj tho outset. and
demoralized the whole working force by his
arbitrary course, which perhaps would have
been excused had he known anything about the
business Of life insurance: but he WIS bound to
with disastrous results. Tho premium receipts
fell of during his first month " management
e $4,000 then droppcd in September to halt
$4,000: in November reached scarcely slu,mo;
and IN December, ii ia said. did not amount to
$1,000. Meanwhile tn" company ; building has
been mortgngcd for $500, ouu. and Western mort
cages We're pledged 20 RAISE money 10 pay the
sixty per cent. Of maturing liabilities which il
al that has been paid.
Moreover the sealing process is to be- n fail
urr. az II will present this most rrmarkable re-
scaled tho company Will be worse of com
mercaly than II WIS when Jewell took hold Of
H. Making tho most Of everything. the present
assets Will not mu'h exceed NV mlllionS a
scaling Of three fourihs Of tho liabilities will
stiu leave over eight millions. and by the best
ilgurlnE Tier" VIII Ice an impairment OF from
thirty To- thirty five per cent Yet the special
commission reported IA july an impairment ~
only twenty pr cent When Jewell let slip
from seN"n hundred thousand 60 million Of
dollars In his Furher contract IN order 10 pos
s"s- himself ot the company ID" madc ia" ihttl
mis- F4k Of hta nal 10 .
tho company may date their loss with tho date
Of that contract.