Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-04-11

H0 Mutual Fire Insurance Co.
<ET1NG OF STOCKHOLDERS LAST NIGHT.
AN adjourned meeting of stockholders OF the
MUTUAL Fire Insurance Co. was held last eve
ming at Polkinhorn's hall; Major Richards pre-
siding, and Mr.. j. S. Edwards secretary. Mr.
EDWARDS explained that the case OF the com
pany would likely be heard In court to-day. and
reading the Dill, he explained the provisions o.
'receiver" in the bill was unfortunate, and thai
the other side were making use OF 1t and pTeJu
dicing stockholders Mr.. Frasier said Ihe otne'
p e Of receiver al at $4,000 per annun
and they were circulating paper as peIitiol
to the court based on such statement. A dis
cusston followed, I'm which 1t was Claimed that
there may be no necessity for the appointment
of a receiver. Such an officer would be neces.
sary If the decision is against the legality OF the
new board, and should receiver be appointed
1t was probable that one would be found who
would not accept pay. Mr.. j. j EdSon Of1ered
resolutions, which were unanimously adopted:
THAT we condemn the course OF the old board
of managers In distributing circulars and petit
tions that they know to be false for the purpose
of misleading the policy holders in order to
for temporary officer, to be appointed by the
court acceptable to all parties, to serve without
compensation, to take charge OF the books.
records assets &C. OF .1e un raa Ta
three or four weeks, is approved" Adjourned
to saturday night.
TIE CASE IN THE EQUITY COURT TO-DAY.
This morning the case OF Richards ct al. agt.
the Mutual Fire Insurance Company, was called
In the Equity Court, Judge Macarthur Mr.
Norris stated that Mr.. Merrfck was absent IN
he would, therefore, ask continuance until
tomorrow. Mr.. Lambert suggested that In
view of the short time before the election,
be no unnecessary delay. Mr.. Dav1dge said
OF dinarily he would have no objection, but in
this case he thought the defendant was entitled
to speedy hearing. He referred to the peer
liar circumstances Of this case, and noted the
proceedings, stating that by a mistake they
(the defendants) had called an election, not
giving the required time, and acting on
called new election to be held on Monday
next, giving more than months notice, adj
vertising it on the 5th of March, with a resolu-
ton declaring their decision. The bill was not
for Monday and all preparations had been made
to hold such election, and he asked therefore
that there be no delay. This bill was filed late
on satnTday and yet they had not been fur
that he being member of the company was
not OF counsel, but he drew the bin as the agent
OF Mr.; Merrick. After some3 further discus
read and adjourn until tomorrow morning at
10 O'Clock. Mr.. Morris read the bill, a SYNOPSIS
OF which has been published In TIE STAR, and
the charter and bylaws and referred to the ex-
hibits as to the elections. &c. In answer to the
court MI. Morris said that the complatnants did
not make point on the sufficiency of the notice
for the meeting OF January 10th, and Claimed
the election was legal. Mr.. Davidge read the
answer OF the company to the bill
THE ANSWER
denies that no proper books have been kent
since 1865, and states that while balance sheets
have not been made out their purpose has been
accomplished by monthly Statements denies
that no examination of the books have been
mace since 1865, and asserts that they have an.
nually received rigid examination: denies that
statements have been published which were
not prepared after careful examination, and
asserts that the statement published on Jan
uary 10th was true and correct; and denies that
OF the company; admits that money has been
loaned to members Of the board, at never below
per cent, and In no case save one has the So
curity proved insufficient and that the loans
were MADE Tor SIX months subject to CALL and
the money so loaned derived larger rate OF
interest than II loaned In any other Way: de.
MES that the refusal to loan to other persons
was dictated by desire to divide out the funds
OF the company among themselves; admits the
payment OF salaries but denies that they have
been unreasonable; admits the purchase of the
Ma! Matoie Bullollg from Mckelden and asserts
sum OF $4,000 paid, but it has deprecated and
the purchase was made to avoid q violation of
the charter respecting the cash capital, and to
fealed on this fsn5 haa
was 81, 0CO; denies that the said PROPERTY was
bought by Mckelden for the purpose OF selling
him to accommodate Or benefit him: asserts
that they are ready to account and that the
treasuIer's pond is ample; AYERS that the
means p, 90 o. me board are largely in excess Of
tnadequately secured; AYERS that the Complaint
ants have been members for some years and IL
tne acts OF Encouragement existed they were
by taking out policies In late years, and thai
some OF the charges are false and they be-
leve, were w1llfully made; charges that the
pose Of inducing the Interference of this court.
AYERS that the success OF the company has bee,,
unparalleled, and defends the past manaop-
ment and asks that the case be dismissed. The
answer further asserts that the Office is a suit
able place for the election; that 1t would be
ru1nouS TO the company to reduce the rate OF
insurance: Mr.. Davidge also read a protest,
larger number than voted at the elections.
is as follows: ssWe, tie undersigned members
Of the Mutual Fire Insurance Company OF the
District of Columbia, recognizing the ability
and Integrity which has characterized the man
agemsnt Of the company from its inception to
me present time. and believing that the course
ADOPTED Dy the board OF management In calling
an annual meeting to hold an election for man,
ayers on the 18th OF April, 1879, was dictated by
sense OF duty and an earnest regard for the
continued prosperity OF the company, do here.
by protest against the action Of such OF the
members OF the company as have united in
nnng q Dill In equity, praying the appointment
OF q receiver for the company, and an fntunc-
uon against holding such election, as fraught
with danger to the best interests of the com
pany and calculated to prevent the free eX.
preston OF the sentiments OF its members
AFFIDAVITS.
Mr.. Cook, for the company, proceeded to read
the amdaVit OF Mr.. NOrment to the effect that
ne has Jos risks, and that he did not take them
out Tor the purpose OF increasing the number
OF votes. Mr.. Norris asked what had this to do
with the controversy. Mr. Davidge.-This is in
answer to an 1nstnuation created by the pro
ductton OF a statement of the tax clerk that Mr.
Nor1nent and others were assessed for a less
number OF pieces OF property than the risks
voted. 1t should be borne In mind that on one
lot there may be dozen houses. Mr.. Cook
read the AFFIDAVIT OF Mr. Norment, as also those
0! j. w. Barker, NJ. G. Emery, and Others some
OF tnem charging that the judges acted par
TALLY, by their rulings throwing out 700 vote,
Mr.. Morris read afndavits Of Major Richards. +
c. Wilson, c. E. Fraser, A. +. Fox, and G. I.
Sheriff as to fairness Of the election
THE COURT SAID,
without any Intention OF foreStalling the arc,,-
ment, he would submit that nothing could be
more disastrous to solvent CORPORATION than
entering into litigation. He would do what he
could to relieve this institution from such q
rate. 1t would appear that heretofore this in.
Stltutlon has had the confidence OF the commr
nifty, and 1t Is quite evident that ii 1t is possible
TO remove an obstacle at the outset it ought tn
he removed. The Immediate mint fc tho oIoo