, 1872-11-15
THE "REPUBLEC."
A Petition Filed to Throw the Be
public Fire Insurance Com
pany Into Bankruptcy.
The Diverse aka Adverse Interests CT
the stockh3iders and Creditors
OF the Concern Render
This -8ctlo.l Necessary.

a petition tokhrow the Republic Insurance
Company into bankruptcy was fled, yesterday,
by VIM. J. Ear1a. Tho aEi-ms that ne sustained
q loss under The Coznpsny's policy, which was
adjusted as Of $685., On the 18th Of February
last, 81. 500 pdid thereon, andthrea notes given,
OF 81 ,275 eaeh, payable on the LIST of April, An-
gust, and December, 1872, for the balance OF
which only the first has been paid; that the
Company likewise suspended the payment Of its
commercial pfper on the LIST Of August aforesaid,
is the case Of other notes, amounting to an as-
gregate Of about 5000, 200 that the Company,
when in Al isolvent state, paid certain credi-
tors in full Sums aggregating $4,000 that the
Company also paid to other creditors, or made
transfers Of other moneys to the extent Of $780,
600, in full payment Of claims; that the capital
stock of the Company amounts to $780, 1000, held
and owned il no less than eighteen States OF
the Union that its affairs are managed and
controlled by Board Of $50 Directors, residing
in different States, which Board must meet once
year, business being in the meantime managed
by an Executive Committee of sixteen, Whoreside
In almost as many States; that at the time Of
Lhe October fire in Chicago its cash assets ex-
ceeded 81 ,000 900, and it's aggregate losses were
s., 500, 900, whereupon the stockholders be-
came liable to pay the amount unpaid
on their stock, amounting to so per cent
thereon, or 1000. 900; that Immediately after
eaid fire said Executive Committee commenced
collecting from said stockholders sufficient
amount to pay off the losses, and ordered several
assessments upon the capital stock which have
resulted in voluntary payments to the amount of
about 81 GOO, 900, all Of which, together with the
:ash fund in hand at the time Of the fire. has
been paid out upon the losses, leaving still un-
paid OF said losses 100000, one half Of
which has been past due since the
1st Of August last and all Of which
is represented by the notes OF said
Company; that the said assessments have been
decided By courts of law to be informal and
void that at the last meeting Of the Executive
Committee in October last, the Committee, in
full view Of the infornaIty and inyaldity of
former assessments, and Of the decisions Of
Courts, and while still claiming full authority to
levy such assessments, neglected and refused to
so levy them, so that no further collections c2n
for the present be made that petitioner is ad-
vised by counsel that ell such assessments are IN
formal unless made BY order Of the whole Board,
and that it is almost impossible to get people SO
widely scattered together, and if they were got
together, to induce them to vote to pass an as
ees6nent on themselves; that the machinery Of
the Company is SO unwie1d1y and the interests
of the Directors and Committee SO diverse, and
adverse to those Of the creditors that the collec
tion OF assessments upon its stock is not likely
to be, and cannot practically be- enforced in any
manner except IN bankruptcy; wherefore the
petitioner prays that the Company may be de-
c,srea 8. bankrupt in the ordinary way.