, 1872-12-04

MesBrB. cooper, tarnet6 O facRaI0s boLcl-
tors for the petitioning creditors, King and
others, whose assaults on the Assignee Of the
State Insurance Company have become matter
OF bankruptcy history, have filed with Judge
Drummond reVisory petition in effect praying
the late decision OF Judge Blodgett refusing to
remove the Assignee be reversed. This 1eVisory
petition is appalling as to the number Of. folos
it covers, but it's facts lie in nutshell easy to
be cracked. The allegations, nov part and parcel
Of the legal annals Of Chicago relate to the
manner in which the Company became bank
rupt; the allegations that relate to alleged
frauds in = respect to the: purchase
Of polices by q Ring composed
Of several leading citizens, who, being
also officials of the Company that held the funds
Of the bankrupt, were able to, it is sale, and did
handle those funds so that. whoever might lose,
they must inevitably make large profits out Of
the mlsfortunes Of their fellow policy-holders or
stockholders J.. the allegations over and ovor
again introduced with the view of showing that
the Assignee instead Of being an Independent
and honorable person, WaB weak, vacilating,
even dishonest, who was elected to tho position
Of Assignee solely because Of his readiness to
shape his policy to suit the ends Of the Ring
aforesaid; and oil the other allegations SO we'll
known to the public, arising out of the compli-
Gated proceedings before Judges Dru1nmond
and Blodgett, which have been: fully and faith
fully reported in THE TRIBUNE from time
to time, are here fully set forth, from the CON-.
mencement Of the first suit down to the last
decision Of Judge, Blodgett, which seemed to
hare settled forever all the questions at issue
in fav OF Of the Assignee; and the petition pro-
ceeds to state these further and later grounds
for the removal Of that much -persecuted official
in the following terms:
And your petitioners further represent unto your
Honor that the said State Insurance Company on the
18th day Of january 1871 had Of stock subscription
ETC., s1cssdine Co., Of vi she5 noas5
81 oo0 900 had been asued between the 9h Of Nove-
ss5 e ss SD sh the cssl1e, aaa Of ~ M3ano1 % 1s ,as ts
james B. McMullen, said Norman c. PERKINS,
the purpose, among others, Of controlling the annual
meeting Of stockholders, on hone Of which said sub
ecrpons and stock had there been up to the said 18th
per centum on each dollar Of said SUBSCRIPTION to said
STOCK and for the balance Of which, to witt the Of
petitioners advised then llsbla That on the eaid
18th day Of January 1871 bylaw passed, at tke
annual meeting Of tie stockholders, providing TINT
which q per cent had been paid, might surrender
such stock, and for every five shares 80 surrendered
the Company should issue to 67ch surren-
dering the same one Bhare df fully Iail-up STOCK
And your petitioners are informed and believe and
CHARGE ETC.. that there Is alsrge amount Of tndebt-
losses under policies Of insurance issued by said Com
pany prior to the said 18th day OF January 1871 ex-
ceeding IN amount the Of $178o00, for which, as
your petitioners well advised the holders OF said
certificates Of stock liable the amountof severn
tysix per centum Of said socE so held by them. And
whether or not all OF the said stock outstanding on
the sa1a 12h day Of January, 1s7l had up to the STD
day Of October 1871 BEEN to ba cancelled
and certiacatea for fully pa1a.up stock
not not know, for the reason i' that tae
said Assignee has made no report setting forth tho
And FOUR petitioners believe that the reason Why the
said Perkins has not fled such report setting forth the
Inability Of the holders Of stock the 18th day Of jan
nary, 1871 to the policy-holdars whose policies had
been issued by said Company prior to that date IL,
that be desires to conceat 1rou the general bona de
% fh sae 81 Ssf Of The
the time Of the second cred meeting held On OF
about the 18th of September 1872 ut which dividend
against ssid Company there vtre Of such Claims about
the sun Of $400000, aud that the said claima, |
asr as o to- Gsd
Smith, Charles II. Smith and J. Brsdnor Smith, and
George ", McMu1lcn, and Janes D. Mcalnlen, either
In their OWL nanes or In the names Of their agents,
sent ware j E sfcNei Charlss Brodie, ]. J. Me:ar-
n and Th8as @ ss9s I e.. suM
# not aE Of said claims, as your petitioners in
formed and believe ete, Terepurchased BY the said
being losses under policies u insurancesfter the
filing Of the petition to hsvs the said company ad-
judged bankrupt on the 9Th day Of December, 1871
IS Assignees Of sid claims, before ie Register IL
bs5s assied I'D aerae that f ea aS not Rs
deposition of the Of s9id claims at the COM
mencement Of said proceedings in bankruptcy on the
9Th day Of December, 1871 setting forth the true con-
sderation Of the debt, and taat it was entirely un-
secured or If secured setting forth the security for
said cla, required by the third clause Of the thr-
he sepfeo coar o e 1ns
at the December term thereof A. 1871 and that the
said Norman c. Perkins, az your petitioners are in-
without requiring such deposition Of the there
Of at the time Of the commencement Of proceedings
required BY said general orders in bankruptcy and IN
violation Of the duties Of hit trust Assignee ALI Of
which, yonr petitioners charge, tho said Norman c.
Perkins, at the time he ptid the sad dividend well
knew. !: .'
After further allegations as to details in con-
necton with the above, ind as to the unftness Of
the Assignee to undertake the conduct Of the
pending actions at law by and against
the Company, the petitioners pray the Court to
grant rule on the Assignee requiring him to an
swer the matters and things set forth in the: Pc
tition, and more particularly the following:
FirstWhether you have ever made any examlna-
ion Of the books Of tho sad bankrupt Company, ind
If the proofs Of loss under policies Of insurance. aud
he dispositions filed with the Register Of proofs Of
certain what claims pro7ed against the estate Of
aid bankrupt Company artse under policies of insur
tnce Issued prior to the 18TH day Of January 1871?
Stcond-H you have mad3 such examination, have
'ou found such claims unr policies Issued before the
2th day Of January, 1871, md what amount
Third Have You ever nude, or caused to be made,
N examination Of the question as to whether the hold
RS Of stock on which only "a per cent had been paid
to the 18th day Of January, 1871 since that time,
liable for the unpaid balance Of their stock on ac-
cunt Of such claim ? -
Fourth-Haye you ever examined the stock books Of .