New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-22
SEEKING NEW CAPITAL.
AFFAIRS OF THE AMERICAN CASUALTY AND
SECURITY COMPANY.
wELLKNowN BUSINESS MEN NAY REoRGANIzE
Ir-REcEIvER FOR THE AMERICAN STEAM

wEIIKNowN BUSINESS MEN NAY REoRG ANlzE
1r-REcEIvER FOR THE AMERICAN STEAM
BOILER INSURANCE COMPANY.
The investigation which recently has been made
concerning the affairs of the American Casualty
Insurance and Security Company will result uii-
doubtedly in detaching from any connection Win
the company those elements mainly held respon-
sibe for the present condition of it, 1t is sau 10
be the intention of those who are now at WORK 10
reorganze the concern and TO put 1t upon SUI
stantial basis, TO get rid as quickly as possipe VI
every one who has had to do with bringing ABOUT
the troubles which the company has experienced
II Is believed that there will be no difficulty IN Sc
curing all the capital required to carry on the
business Of this company successfully as soon DIS
this is done. 1t learned yesterday 'hat INC
prospects of securing the necessary capltai "e.e
excellent, and that the full amount might NC SUI
scribed within a short time.
James f. Pierce. the Superintendent OF the IN
surance Department. declared yesterday that every
thing which he had done in the interest Oh ''e
innocent stockholders, and that he woulu ""i'
until all effort had been made to reorganize 'he
company before doing anything oiiiciaity. Oe''""
men will have to go, however, ne adaed.
Mr. Pierce said that he believed that "neh MS
course in relation TO this company was luiiy u
derstooJ his actions would be commenced hs,e se
of criticised 1t is admitted that the AFFAIRS 1i ,ie
Quest OF some of Its stockholders General Henry
w Slocum backed by such men as JONI , H.
Searles MIR Flager Felix Campbell OF broohISni;
and Mr. White, of Cleveland, and others, asiec S
10 undertake its reorganization. II alter a .so "a
examination of its affairs II should De uceicu &c
vsable TO do So and for this eNilindtdT;n Iie
services Of Mr. Walden. an accountant 0i "'N''"'
Mr. Walden is proceeding with his work Mr. VIZ.
Pierce believes he is using wise discret!oii ~, ~
the benefit of policyholders and stockhoderS aihe
i'm giving to men of such high staiuIiiE III VIZ
community a reasonable time TO cc'hpIe'e ny. ~
plans and put the companys analrs on a M
o,ghly sound basis 1t is easy for the Supe,
ent OF Insurance by hasty or ill-considereo ACTON
TO iniure and perhaps ruin the interests OF lIIo-
cent policy holders and stockholders Inc cQilPd.?
has $3.50 90 deposit with the insurance DePaIt-
ment at Albany. and $3.50 900 with other S,ate ue
partments IT. on Mr. Yalden's report me men men
named do not think 1t advisabi, 10 go on WIN
the reorganization then Mr. Pidcc Will tax. sucH
action as the law directs for the protection oi
policy holders. go. .o..o.
Judge Andrews. in tn, Supreme Court yesteIr-
day appointed Thomas f. Powers. a New ork
business man. receiver TO" the American steam
Boiler Insurance Company. This company was
controlled by practically the SAM. men VINO Indl-
aged the American Casualty ana security Son-
pany until it got into the hands Of General henry
endeavoring to reorganize it. The receiver was
appointed the application or the AttoIhe!..oen-
eral who asked to do SO by som OF the stocN-
holders Of the American steam Boiler INSURANCE
Company The Tribune already has pupllsheo the
af1dayts of some of the stockholders, GIVING ue"
grounds for asking for the appointment o; re-
ceiver The receiver required 10 give a bono IN
Company made the depository OF the assets oil
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