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

railroad bonds. Through readlhg sohie VI WIG io''
coored reports of the condition OF the 0onnec'ic'
Valley Railroad he became in some ni'accoun,'"i
wav enamored of the second mortgage bonds OF
that fourishing corporation, ana PosSeSSeu
18th an nnauenchale desire for the large ana irnit
-, hlol of those securities which he learned was
h'ldhv tbe Charter Oak Company Mr. Horton,
=. ,I,o,n he communicated his passion, agreed for
recnniarv consideration to introduce him 10 MT.
charlton T. Lewis, secretary OF the Champer vi
Life Insurance. whO he said had cohtroi "a INC
hords Hmm being introduced, Mr.. Lewis said he
did not control the bonds, but would put MN
in communication with Mr. Samuel H. "h'e' ,no
TREASURER of the company, who dld. lhereuP'h .,i'
White was sent for That gentleman mel VIZ
Wiapn's advances with the statement t'ia' niS
company was in pressing need OF Hooo,ooo' anu
that if Wiggin could raise that amount iio oou"
ofr.r him very advantageous trade for the bohus'
VI, ,spt 4, Koston and attempted to raise the
,oncy bnt WAS unsuccessful. Returning To New
yorL he went to Mr. Lewiss oihcc' anu
oftor reporting his inability TO raise the
,,,orev was introduced by Mr.. Lewis 10
Mr. Furber. who happened TO be i'll tho once
"Uere is a man." said Mr.. Lewis. who can raise
Won S5OAOOO without any trouble" Ihere was Il
conference and an arrangement entered INTO ny
which Furber was to advance the $oooooo' wig
DIN SAYS he supposed Furber was man OF miiiiois'
and that he would draw his check for the amount
and nav il over in cash. This having been agreeu
ON. Wiggin sent for White to come TO Ne"-loih
and finish the transaction. White went uo"n
and met Wiggin, but upon the mention Oh
Fnrbcr,s name he bolted the course incontnentiy.
That would never do, he said. Mr. turner's reIi'a-
ton was already known i'll insurance circles III Hart
ford and neither he personally nor the company
could afford to have any connection with hlin' lie
refused absolutely to enter into any arrangement
with him. even to meet him.
INTERESTING FINANCIAL TRANSACTIONS.
II looked to Wiggin rs though the whole thihS was
Off Bit ore day that guilelcss person casually IT,
marked to White, with whom he was walking, that
he would like to introduce him 10 friend OF ms
The unsuspecting White asserting, he took nm
into an Office and pumped him in the most preclp-
tate manner into an acquaintance with MI Henry
J. Furber The fly sat down III the SPIDER
parlor MIR. Furber fixed him with his e'l'-
terjrg eve. fascinating him with iis win
ming ways and daZzied him with the Opl-
lence of his discourse. The acquaintance quickly
rincne1 No need of n long story now. The pre-
GmnareS were soon agreed Wiggin had gwen
M his chase for the Valley Road second mortgage
bonds and agreed to take the presidency OF the
insurance company. with a salary and 2l2 per cent
of the gross receipts. White was to have Zi2Per
cent and Furber was TO put IN So0oooo caSl 10
help the company OF its difficulties and take the
Office of financial manager with ZIG per cent OF the
gross receipts for five years. 1t was comfortable
thing for the three gentlemen interested, ana rather
a neat thing for the widows and orphans whom they
proposed 70 do the handsome thing by at the merely
nominal charge of 12l2 per cent.
Now for Sir. Furber's cash payments to rescue the
company from ruin lie made them III the shape OF
atransfer of mortgages on the Matthews property iii
fl,.,, of
he received $500, 900 cash balance. The S30o,000
he immediately paid to Matthews, giving his
individual note for 100000 balance. Neat
lie transaction. wasn't it2 very little
sIndy of the figures will show just how
much of this Investment came OFT OF VT.
Furbor's own pocket. / presume ! need not
tell sou that Nh Furber is exceedingly able man,
with marked genius for mathematics. That Inc Is
a large-hearlcd and unsciiish philanthTopist Is
known, for we have 1t upon his own testimony that
he found this company i'll distress, and made 1t a
present of 100000 to lift il ont Of its cmbarrasS
monts Where he got the $200, 600 with which lie
paid for the stock of the company Iur-
chased by him, does not appear, though it is
only too evident from the compauy's books whore
he reimbursed and made himself more than Whole
en- the transaction. The subsequent hugger-mug-
gering by which the company "swapped OIL the
second mortgage bonds, which won Virgins first
love- for the heavily cncumbered New-Y0rk
property, has been already described. The bonds
have become entirely worthless within the past
three DAYS bv the action of the first mortgage
bondholdcTs; and as for the Ncw}ori property,
my imprcssO is that tie New-lOrk lawyers
vino charged and were paid $4,000 for examining
the title would have lost money If they had taken
the whole property in paymcnC of their bill. 1t is
one Of the singular features of this transaction, or
series of transactions that while The insurance COM
pany was getting rid Of very doubtful and pro-
badly worthless securities in the second mortgage
bonds and receiving in place OF he same the i'm
mensely valuable Ncw-York real estate, the parties
to both sides of The bargain congratulated by
the and of the leading citizens Of Hartford
upon having made very good thing out Of il. The
Insurance Commissioner approved the transaction.
Hartford capitalists and insurance men thought was
an uncOmmonly good thing for the company. Wig
gin was pleased. Furber was delighted, and Mat
thews, with his 100000 cash and Furbcrs note for
$500 go, was perfectly satisfied. What a funny
tableau il must have been when all these traders
looked each other in the face aud congratulated
themselves apon having, by simple process of
swapping, made handsome pr0fit-all round and i'll
creased the assets OF the insurance company by half
million. No seems TO have suspected cat
der the meal, and if any Of these able fnanciers
went round with his tongue in ms cheek during the
tendency OF the negotiations, il is not matter of
record.
LOCAL AND POLITICAL INFLUENCE.
Mr.. Furber's advent in insurance circles in Hart
ford did not arouse the feeling which MI. White had
feared. The contract which has since been vigor-
ously assailed by the newspapers, under which he
took 7l2 per cent of the companys receipts, ap
proved by Insurance Commissioner Scdman. as 1
understand, after he had submitted it to the exam
nation of Nh A. L. Burr of The Hartford Times and
taken his advice in the matter. Both The Times and
h.. LODI Il