The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-19
THE CHARTER OAK LIFE.
ITS REORGANIZATION ON A MUTUAL BAsIs-
ELECTION OF DIRECTORS.


ELECTION OF DIRECTORS
[BY TELEGRAPH TO THE HERALD1
HARTFORD, Conn, April IS, 1878
Pursuant 10 tho terms OF the amended charter
adopted by tho Legislature this winter, for 70.
organization of tho wrecked Garter Oak Lilo In.
surance Company a mutual basis, q meeting o.
policy holders held In this city to-day, Judge Car
pentsr, OF the State Superior Court presiding Abou
nifty general agents wore present from different 500
tons Of the county, representing by proxies thou
sands OF policy holders Early In the proceedings :
point was raised that nothing could DO done toward
eGoct,ng organisation until tho stock OF the com.
pany had como into tho possession Of the pol.
ICY holders ny somc agreement for III
purchase or otherwise. II was further predicted
that President Jewell and the Board OF Directors,
elected by tho stock interest," woul1 refuse to yield
the books and assets 10 the new concern until
such assAsssmsss Sas made. an' presented serb
but while tho debate was In progress IN
tho meeting a policy holder slipped out, had
. brief interview with jewell, ana conscq gently
reported 10 the meeting that the existing mapase.
mcut was ready Ia yield all thor rights and the prop
Of board OF directors by the policy boidsrA TINS
trouble out OF tho way, tho meeting proceeded 70
voting tho amount OF insurance represented by his
own policy or HIS various proxies
INJECTION on DIRECTORS.
ballot Tor directors was simultaneously taken,
there being two tickets IN tie held ono reported by
committee previously appointed and tho otner maao
mp by some Of tho general agents, including subsan
tialy the same names, aud prepared by looaT
parties In tho interest Of W. H. Buikeley, OF
tins citv, Tor tho presidency. Tho only change 10
this second ticket In the list OF director rom
out side the State VAS the substitution OF tho name
Of n. o. Goodwin for that Of Alexander studwci both
OF New York. The amended charter was accepted by
very large vote. subsequently, bylaws were adopted,
tho most important features Of which. designed
for tho protection Of the policy holders.
are provisions that thirty days notice of all annual
meetings shall DO given aud that no business Can DO
transacted by tho Board OF Directors unless at least
nine OF them are present Tho Board was instructed
upon taking Office to notify all policy holders OF tho
condition OF the company
Tho result OF tho election for directors was
nounccd tonight and favorable TO the entirs
ticket agreed upon last night, except that H,scy
Stevens secretary the company under mo old aud
the present management, was elected Ia place OF j. NJ
Alton, declined. Tue Buckley ticket received only .
hgnt vote.
CONDITION COMPANY.
A statement OF the condition OF the company 90 ths
LIST inst costing per ledger Oil sol s3s "
the estimated value OF which, ts,sIoS'O ~ 10 ~bcu
Ia added an estimate OF uncertain assets tthe vaus
OF which cannot now DO dctermined) $500, 600.
making the aggregate assets <9,iTU370 o.. The
aggregate OF the liabilities ~ sp,04l ,362 H. "a
wncn must DO added ss3,0J0 OF claims against the
company, growing out oil notes made or endorsed by
ox.Presficu Walkiey Ga tho LIST inst. the company
had ~ 90 policies tho amount VI Insurance IN force
being f2s 913 COZ, OF winch fl7 124,025 IL premium
paying ana ll,s.o,5s2 paid up