New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-20
STO CKHOLDERS GET ANXIOU&
STAR INSURANCE COMPANY D1FF1cULT1z
ONE OF THE INvEsTIG ATING COMMITTEE, HoWi
EVER, DISpARAGES NEW AND
ALARMING RCMOR.

Tho stockholders OF the Star Insurance Company
which went into liquidation about four years asa
have been undergoing considerable anxiety Oh a'o ~
the remainder OF the 90 per cent which they once hops
TO receive OF the face value OF their stock The sworn
statement OF the president Nicholas C. Mii'er' sns
tho secretary, George S. Mddebrook Cd'ilers sonln
law on January 1890. filed with the state Insurance
Department, showed the cOmpanys assets 10 consist
NJ United States bonds market value $2l91lo; real
estate 81 aOO collateral loans, g. 900, and cash. ana
other assets making up the total OF S23'':4 Inc
liabilities were shown to consist OF the DiShco OF
capIta not yet distributed S26,: and some unpaN
losses and claims In litigation, amounting 10 @'""i
making the aggregate liabilities S:66:'o.
In 1877 the company paid It's stockholsers aivt
aend Of so ,or cent 1t then hoped ss6
James W. Ferguson OF No. 81 Pine-st. TO tribune
reuorter yesterday, that with )ud,cious hahuiuS VA
securities which the company SAID IL oeid "oulo or"s
II, in q few year, at least 80 per cent on INC race
value Under the circumstances the s'oc"""ac''
we're inclined to feel Fortunate and we Sal down pa
,,nrtIy 10 wait for further dividends Last spring,
william G. Fleming broker. Of No. % Walls ad
a. large shareholder. becoming dissatisfied WIN ths
way I'm which the affairs OF the company "ee oe'ne
m.u,ccd called number OF tho stockholders together
A visit made TO President MIllers o"'e' ~" %
Pine st.. but they were told that Mr. Miller WAS 10
Chicago attending Ia legal bu>lncss of tie company
list Of all the stockholders WAS asked for but rciusee
Further inauiric, met with no better result MI sp
rc.nts we're referred 10 w. T. liOxic. one OK tue a.
rcrtOrs. . ....,,
MIR. Fleming finally secured number Of additional
names Of ,,o khodrrs. and about month ~" aho'"e'
,oinmittcc. consisting ~ John ''rk ann "c'N
Fleming Bailey Rolcrt.on mud wood. were srpo'sssa
m inyc,tlsa,s the AFFAIRS OF the company md
rpmt to tho ockholdcrs THIS committees h.s
no, set reported. and this 4" ~ m"'"
q. know ot my own Rno"'case "
tho rompanv's sHalr'. It is lad however
that tho committee waited on the directors ~ ono os
their meetings % fcw weeks ago. ANA wrrc '"'a t"ss
dividend IL 20 per cent had been de'lared Oh soP~"
hcr 1, and that Mr. iioxie had been drpuied I" '"a
Mr. Miller IN Chicago and ct from him thn Key Of
the ,af, deposit vault IN which the compAnys -
cures we're kept Mr.. Miller Is aid 10 have 10"
Mr. Iioxie tina, he did not have the key with hli'
The president wa, the only person who nan access -
the deposit vault.
"A meeting Of the directors was then held, and
was decided for rrason Ia rc>clnd th"lr deeiar"
ton Of copper cent dividend and I" apply ior 'e
ce,,er Thl, action l. said e. have been taken III
the interest, Of President Miller, whose Nr>ons'
friend, the directors are. | have further heard tass
. the rNamin-g, Of III" state insurance pepar''c''
have been trying to lind Mr. Miller recently IN order
10 serve hin with order TO allow access 10 lhe
ASSET, Of the company wherever they mas BE-. Ihi'
question OF where the securities ARE Is the man thihS
that 4, now troubling the stockholders IL Is c'a"e'
that the Gin box in ue safe deposit co"pA"y
wa, opened recently by one az the director" AN" '"'
u, he empty We are awaiting anAiOu,ly the REPORT
Of the investigating committee. which will prooaos
be made in q week or two
Mr. Fleming. chairman 81 the Investigating COM
mi;tce VI , hholers said last night That ne Was HOT
D rini,ted (, report what the ronlmlte" nan %cou''
pl,,hcd thus far Tier, i really nothnS IN mo
affair" laid he Le,oud Whit i really known
Is il a fat that the box III the safe deposit vanlt
VA, found empty ?
Il csmmct answer that question until the full 10
nor; OF the committee !, made. THIS whole anaii II
Surrounded with a good deal Of I,d tape ana oeior'
certain stem. can hr taken Application 10 the c"ut
must lie made Mr.. flcminG'> further answer "cr.
,.,I,,,ly a.t. aud 10 evidently d>,c nrd 10 tell
ali he knew of the company affair lie SAID that tho
,,ri, after the - per cent dividend wa paid wcFe
:, unused 10 h. S..i> 600 OF which S-l0oOo was II
Government bonds. ami $4,000 in claims Of varo';
cr, real est lt~ and n.o,t-aSe- II" wac not ntlnrf
to believe that any CrimTiEal proceedings woWd %
& taken by the state Insurance Examiner.