New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-03
WALL STREET RUMORS DENIED.
THE FIDELITY AND CASUALTY COMPANY
STORIES wBRE STARTED In THE INTEREST
OF A BEAR MOVEMENT.

STORIES wBRE STARTED In THE INTEREST
OF BEAR MOVEMENT
There rumor in Wall street Yesterday that
the capital Of the Fidelity and Casualty Company Of
No. lao Broadway, had been impaired through sew.
eral causes. one Anonymous source charged that
several directors of the company had abused their
positions and had formed ring" with another com
pany obtain control of the Fidelity and Casualty
In order 10 it for their purposes. The sec
ond company that figured I'm tho story the AmcIi-
can Surety Company. Rumor had it that the ring
had made progress to such extent that their oppo-
nents both among the directors and outside had been
forced to request the state Insurance Department
step in aud make investigation OF the affairs
Of the Fidelity and Casualty Company. II said
that the examination which going this week
would prove the assertion that the capital Of the
Fidelity and Casualty had been impaired per cent
several Of the directors who were seen yesterday.
however, told a different story. George G.. Williams.
president Of the Chemical Bank, said that the rmor
about the companys capital being impaired moon
shine sheer fabrication and without word Of truth.
hut he explained that there object IN c!rcu!at
ing such a story. Some time ago a baltimore ns uraDce
concern whose name he had forgotten. had attempted
10 get control of the Fidelity and Casualty Company
because the FiGcli,y had valuable charter which al
lowed II 10 DO several kinds Of Insurance bushes.
The Baltimore had succeeded IN gettang about
500 shares but il would get no more Mr.. Williams
added that the Fidelity and Casualty Company had
about 900 agents in It's employ IN this state. whom
Il would protect but. of course, who would be as
placed in case the Baltimore company got possession
OF the majority OF the Fidelity's stock. Mr. Williams
said, IN closing. that the Officers Of the Fidelity ana
Casualty Company were IN harmony, and wonld resist
this bear movement to capture the company.
E. Mccullough, another director, laughed at the
story that the capital Of his company was impaired or
that there was ring among the companys directors
who were working with another company 10 Obtain con
troll Of the Fidelity lie said that tho directors
of the Fidelity had tried for months 10 induce the
state Insurance Department 10 examine tlc COMPANY
Affairs because the directors believed that eAdWatO'
shoult be made ottencr than they were. Mt Mc. IL.
louch certainly believed He attributed the 81 y
70 hear movement 10 secure control OF the Fidelity and
casualty Company account Of ts valuable c.d rT'
and ne said that the Baltimore company was the one
Ia question. IT,, 49,, 49,, ..,a
Another director confirmed these views, ana SAD
that a man had offered him $500 share for ms $40, X
in the Interest Of the Baltimore company TINS
director also knew that friend Of Ms had rcCeifcl
An offer Of 5000 a share for his stock sun AhOther
director rather ntmaed that the real 't3Y va, tha
there was a lively fight going on among inc 0n'en VI
the COMPANY over the coming election.