New-York tribune., 1893-11-23
No. A Pine-st. which he attended. ana at "h'o"
he made the following address,

he made the following address
Gentlemen: I have called this meeting for the pur-
pose OF saying to you that in my judgment sha '''
be justified in continuing any longer the attempt 70
carry on its business. You will remember that when
induced to take the office and 10 MAKE an a,'e"r
the statement as to the commune" -
the company presented to and to other members
interested in the matter. That sta'e"'"
found inaccurate. Intentionally 30. because IN"
committee who made it could not obtain the hofn"-
tion which good accountant could Obtain py 'aN''s
possession Of the books and papers of TIE company
i employed accountant and asked hin l" make "
preliminary rerort at an early day he did. and this
report presented the 2ith DAY OF Oc'opc'
much favorable than the report "hioh III"
been by the committee. At the time this report
presented to stated that was IN grave "VuD'
as TO the course which | should pursue. but upon the
advice Of friends had decided to remain IN 'he pos
ton until such time could advise you more III de-
and accurately to the true CONDITION oi
affairs | have since made such report to the meeting
Of the stockholders At their request consented
continue for few days longer in the once OF pres
dent to enable them to make an efort TO secure INC
funds place the company on souhd D"s'S'
The time has when deem 1t my du'y 10 say
TO YOU that am unable longer to occupy this
position and recommend to You that an application De
the appointment of receiver for the company
I been urged postpone this action by men VINO
thought within few days sufficient amount "i
funds could be raised accomplish this purpose but
such assurance Of the accomplishment oi
this Will Justify me in continuing 10 uahf"ct
] should continue as president OF the '""
pany, and should ultimately fail. could not escape
the responsibility Of my and should be severely
and justly blamed for doing It, II Is responsibility
which | cannot, shift from my shoulders to yours OF any
stockholders who may desire different result Inc re-
sponsibility would be mine alone and am unwilling to
bear IT, | therefore recommend the adoption oil "'e
following resolution:
Resolved That our counsel be directed 10 make app-
the proper for the appointment OF re
of the effects of the company.
counsel of the company was instructed 10 80 10
Baltimore Immediately and ask for the appointment
Of receiver there.
Mr.. PIERCE TO PROTECT STOCKHOLDERS.
During the meeting James F. Pierce, the state
superintendent of Insurance went into the room
and demanded to be allowed TO Know what was
going Although Mr. Pierce has known oil the
impairment of the capital for some time. ne mas
held back to allow General Slocum and others To
do what they could to restore it. The moment thal
he learned yesterday that a receiver was 70 pe
asked for he said that he would take charge Oh the
company and protect the interests of the pollcy-
holders in this State There is deposited with him
$3.50 600 to NEE: such emerseneies me VIII M isll s
atelv rensure in responsible corpsny tne Tishs
held by the American Casualty Company VI NV
eral. told him that the Deputy Attorney General.
to go ahead in any way possible TO pro,cct ue IA
by the concern. Mr. Rosendale. the Attorney-Gen-
Mr.. Hogan was in New-York. and told him where
he could find him. Mr.. Pierce Immediately sent for
him and they had long consultation ar oon,,,,o,o
failures in insurance circles for many years. and
one of results is likely TO be the indictment un-
der criminal charges of those persons VINO are re-
sponsble for ii.
TO Tribune reporter who saw him last night
Everything that lies within the power Of the In
.urance Department and the Attorney Generals
office will be done 10 protect those VINO holi loIl-
ees in this company When ss saw & you ySGS yes,ereIy
and | had hopes that this company. which really
had excellent business. outside Of the railroad
were trying To save the company from being n
total wreck. They have failed. and have given up
So ,hs e9p S6t % apa aqnrss nfs Tesd e S % tq
what will be done in the nature OF criminal
proceedings? ,,.,. III,
be done lies with the lawyers and the stockholders
who feel themselves agSrieVed
JUGGLING WITH THE COMPANY's INCOME.
The American Casualty Insurance and Security
Company started out three years ago with cap!-
tai of 100000 and a surplus OF scoCo Many we'll
known took stock In 1t. and the list OF stock
holders runs up to nearly The organizers prom
ised great inducements to stockholders, ard for
time these promises fulfilled out OF the ex-
travagant premiums which were obtained from rail-
1892 were sG6 rs. Besides paying liberal returns
to stockholders. those who had control or me COM
pany made liberal loans 20 one another as the woik
of the accountants shows. The total of these
loans aggregates 100000. and TO cover them the
managers. Beecher Schenck & Co, turned over
their interest In the company to the committee OF
trustees of which General Slocum was the head
time
The State Superintendent of Insurance said last
night that he would he prepared shortly 10 give
out statement. showing the exact condition Of
can be done in this State, beyond protecting the
policy -hoi1ers here and bringing TO justice those
who found to be guilty Of fraud in connection
with the wrecking OF the company.