New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-27
THEIR SECURITIES GONE.
INDIGNANT STOCKHOLDERS OF TIE STAR
INSURANCE COMPANY.
TO TAKD ACTION AGAINST THEIR PRESIDENT
4 Committees UIeMAI. EEPOusr..

the company, and find out il possible, what had
become Of their thousands OF dollars in securl-
ties, supposed to have been abstracted from safe
deposit cOmpanys vaults, and which has been 81
snXiousy awaited by the stockholders for the
last mOptll II can hardly I've called satisfactory
report SO far as the interests Of the stockholders
are concerned.
The history of the Star Insurance Company
affairs as far as known has been recently pub
lishel in Th. Tribune. IT, may I've briefly re-
viewed as follows: The company in 1886 dis
continued business. Its assets consisted. accord
ing 10 the sworn statement OF President Nicholas
E. Miller and Secretary George s. Mddlehrook
lMiller's son-in-lawl. on January !, 1890, of
lnied States bonds market value, S2l9,'lo
real estate. $500; collateral loan $1,000; and
cash and other assets making up the total Of
S937,244 The liabilities consisted of the balance
Of capital not ye: distributed of Sa6l."7j, and
some unpaid losses and claims in litigation amount
ing To S:,O00. making the aggregate liabilities
S266.2ij. In 1857 the company paid lis stock
holders a dividend of 30 per cent in liquidation.
1t was then hoped that with jndicois handling
the securities which the company said II held
would bring in "A lew years at least 30 per cent
on their face value.
The stockhOlleIS waited patiently until last
spring. when William g.. Fleming, OF No ~
Wall-si acting for the estat" Of W. r.. tlcm-
ing becoming dissatisfied with the WAY tl" com
panyS affairs were going on, called nIni"r
II the Stockholders together, and III investigation
WAS SCI on foot. Inquiries mace at the Offices
Of the company met rctI>als from the Officers and
directors to give any satisfactory information. y
list of the Stockholders, supposed 10 'r about
thrty-one III number. WIS even refused.
IN order il was believed. 10 prevent them
from calling general meeting Finally
a committee. consisting Of james Clark, char
man: ". & Fleming, Henry Robertson, l.. y.
il.icN orc rf the larLcst stockholders. and Joseph
Wood WAS appointed 10 carry on the inyrS'l stton.
During the last month this cornmlt'c" has
aburcd assiduoisly and IN" results of t'lr lahor'
were submitted 10 the s"ckh"ldcr> al Il secret
meeting held yesterday afternoon 1T No. 90
Pine 81. Among tho Stockholders present. rcpl"-
srnting in all fully ?.oho shares, or about two
GftlLs Of the capital Of the company. T. {.
kimhAl. president OF the Gan>":oort Iank.
.cvcn,y-ninr shares chairman: c\-Alayor Hewitt,
also rcprcSnltng the Peter Cooprr estate. SNrniN-
five shsrrs George \ Fell. Frederick Eohde. 100
shares; William |. Taylor George W Hard. j. W.
Murray. president Gcrnian- American Insurance
COMPANY sl\t, five shairS: T.. :. Bailey. 10?
shares; Rohrr, Icno\ Kennedy. ~" shares Will
y
horn. sixty shsrrs; Emory MIilcr. httv-sN sha MS
= l.. Milhau, thirty shares John IL NIl."r James
Clark. ~vcnty-four shares, and Miss Mary Roberts.
loo shar,s The shares are at : loo each.
The report Of the committee read by Mr..
Wosd. se..rctary. lie began by submitting the
Statement procured from W. T.. IioAe. the char
nnn 81 the special committee apponrd by TN
directors TO wind up the companys affairs. In
subsianrr rhc report continued: AhJui hoh'h
a.u Mr. HOWE. IN company with the ~ri''a!, VII
Niddlrbro0k had sonc {" the office oi the 'Ai"
lrpnslt company, and opru"d tl" Na"H "' III"
star Insur incr pnpanY. IN winch fhSl""h Nl'"I'
,. rr.,.Il,u Of tie. comIlul' ', funds. lad sW'ip
the ,.cuiItIrs wrrr ,lcpnsiird The TN box IN me
y,,ulf contained ouly II hruwn paper rnNc"p upon
vL,rh were :, fc,r rnrIllrl lurm"rania. MI lI"NI'
also Sild that pTcNInVS I" fhr HIhl"'I'H "'F
rad Isru tWu driarlt!"liS, Amounting l"
aboui Snu oU0 which President Miller htd '"Id
the directors ne would father ~ CONSIDERATION ''l
nothing Wa, SIIi thput Them. pu' "I '''A'
49,, ,,,,.,, ,tn,.u hI vir,.p president of the com
u,uv " ho Is now dead The other was ne "N4H
81 an investment IN securities whi"h 1it'r"1rd
proycd to bc for.r,l This. Nr Wood Niil, pr"'"i
an ,ptric,tln. pIcc OF news 10 thr st"rkh"l'"I>
Nr IIu>i, had further said that I-r"r'lIn- I"
tie prrsdru; statement IT," -cnriic, "i ih' com
,.,u, .,huut three Years 40 had been transferred
ia Iakc t;n> CornpanN stock IN thrA1": hHi ihN
,,, MAS difficult 10 lrcurrllr with the last sworn
,,,tc,ur,t of the prrelicnt. IN December, ~ winch
b, had said that - that ilu!c IN" ''"N'rnhrh'
bond, were actually III the possession "i ih' com
many So far ~ Mr. lloAr knew. President
Miller, personal assrte consisted ~ the p'NNIDf
result Of II lawsuit for Sl"".""o IN hi''Io' ana
an ruuity caim OF all over 5000" III loan /"
the North River Bank, Chicago inc l'WH"' l.
suuu,s,4l 10 result from deal male h\ Miller
with the Chrago Gas Trust Company. awt has
ms, been decided III his favor and appealed 10y
the trust company.
Mr. Wood further reported that the committee
had harmed that only ono of the iNrniN-SI\ "l
thirty directors of the company owned more than
ten shares. and some ot them only five >haTN.
one of these is thr janitor. who is al present III
charge nf the Offices at No. ~ Pinrst. at salary
,f X, a week The names OF most of the di-
rector, were not known. but II WAS understood
thai Mr. Mllcrs two sons were also members
of the board. which the report designated as II
straw board
Then came the report of James Il. Nlrrcrin, who
had been cent by the directors on Scptcmbcr - ~
make certain pruposiiuns to Nr. Miller III thraGo.
tn The first proposition, namely. thnt Mr.. Miller
al,uuId immediately assign TO the Si3I Insurance
Companv all claims and interests OF his III any
suits. tle president replied that by 50 long he
would be virtually admitting that b" had appro-
uria,ed tllr securities of the company t" his own
uSc and therefore refused 10 do SO As tn the
other proposiion that he al once resign his once
Us president of the company, Mr.. Miller hnu n
fI,ed to surrender The office upon demand. but SAD
tLut if the resolution calling for his resignation
v,rc rcsciudrd lee would al once Nacai' the oilcS
lie made the further condition that IN rasr J."
made an assignment as desired, he sh"Hh not h'
held accountable for thc two declarations referred
to and that the aggregate amount of the lhtc''Sf
uaid 10 the company on the ''oNcnnhehb pN"'S
during the last few years, and which was rrr"i'"
Oh the books. should he allowed ;iS par'E'l ohS''
to hIs Indebtedness -. : A.,
This r,port said Mr.. Wood, "rArIled the
prcoic,t igraton on the part Of several "t IT."