Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-03-18
HIS ACCOUNT SHORT.
DEFICIT OF $4,000 IN ENTRIES OF
MUTuAL's COLLECTIONS.
SECRETARY STEGER DID NOT EXPLAIN
He Was Sent for, Bat Did Not Re-
spond, and IL said to Have Left
the City-Standing Committees
statement-The society's Interest.

|
statement-The society's Interest.
| Mr.. Frank ID. Steger has been found
| short in his accounts with the Mutual
Assurance Society of Virginia, of which
he has been secretary for nearly twenty
years. to an amount in excess of $4,000
| When sent for to make an explanation
of the irregularities revealed by the ex-
animation of the socletys books, Mr.
Steger did not appear 1t Is understood
that he could not be found, and it was
learned last night that he had left the
city. His position has been filled by the
election of Mr.. Edwin A. Palmer who
enters upon his duties at once.
The Irregularities in the books, so far
as detected, consist Of omissions in en-
tries Of the collections Of interest upon
registered securities Of the society. These
omissions extend back through a period
Of years. and, as stated above aggregate
nearly $4,000. The securities Of the or
| ganization which is the oldest Of its kind
in the South and a very strong one,
amount to more than a million dollars,
and are intact
STATEMENT FHOM OFFICERS.
The officers of the Mutual have kept the
fact that an investigation was being made
very quiet, and it was only known to a
few persons until last night, when the fol-
lowing official statement, covering the
whole case, was given out;
! of
| mittee Of the Mutual Assurance Society
of Virginia. held at the office of the So
ciety. wednesday. March IT,, 1897 it was
ordered that the following statement be
made public:
| The Standing Committee Of the Mutual
Assurance Society Of Virginia, at their
| last annual meeting in February ap-
pointed committee. consisting Of Mr..
James w. Allison and Mr. w. f. Gray,
TO have the books of the society ex-
amined In compliance with this in
struction the committee employed Mr.
IA. b. Boudar, who commenced his eX-
animation on the Sth instant. on Fri
day. the 18th instant, Mr.. Boudar dis
covered omissions i'm entries of the col
lections of interest upon registered Sc
curities Of the society. and on the fol-
lowing Monday he reported his discovery
to the Standing Committee, who at once
notified the guaranty company, which
had issued the guaranteed bonds of the
officers of the society. Mr.. Boudar
was directed to continue his examinations
and the committee adjourned to meet
the next day, the 18th. At this meeting
| Mr.. Boudar through the committee. re-
ported the discovery Of further omissions
in the entries of collections amounting
in all to over $4,000, and extending back
through several years.
Mr.. f. d. Steger the first clerk or
secretary of the society who was respon-
sible for these collections and entries,
was sent for to make such explanation
as he might think proper. but he did not
appear.
An examination has been made Of the
securities Of the society. which are all
registered, and they are intact. They
amount TO $lOO6.6lS5.
The society is purely mutual, and It's
net receipts last year. over all expenses
and losses by fire or otherwise were
$5l .S5OOL
The Standing Committee makes this
statement for the information Of the
poiicy-holders Of the society, and the pub
lie generally, and in order to remove all
anxiety. If any about it's condition.
The board have elected Mr.. Edwin A.
/ f.fg gr-f
rotary.
by order Of the Standing Committee.
II. a. CLAIBORNE,
Principal Agent.
WILL CAUSE GREAT SURPRISE.
This announcement will cause great sur
| prise to the community and pain to the
! wide circle Of friends Of Sir. Steger, who
| is connected with many of the best fami-
| lies in Richmond, and Is widely known ii
| business circles. He has filled the position
! of first clerk or secretary OF the society
since October 1873. and has enjoyed the
confidence and esteem Of the management
| as well as Of business -men generally.
Mr. Steger is about A years Of age, and
il will be seen that he has since early
! manhood held the position just vacated
! He was fully cogniZant Of the inVestiga-
ton being made of his books, and doubt
! less surmised what the result would be
| He left the Office early Monday afternoon
and has not been there since. He is sup
posed to have left for the North that eve
| ming. and IL was rumOred about town iasl
night that he had gone 10 Canada. When
| the Standing Committee sent for him on
| tuesday he was not at home, nor could II
he ascertained where he was. Mr.. Stegei
| has a handsome residence on west Frank
lin street and a summer home at Bon Air
HOW IT WAS DETECTED.
II will be observed from the statement
NJ tba Standing Committee that the dis
| crenancies in Mr.. Stegers accounts with
| tho Mutual were detected through the
investigation made by Mr. Boudar at
the instance of the committee appointed
| IA have the books examined. IL has been
| the custom Of the society, an ofhcer
! thereof said last night to have the books
| and accounts examined annually but II
appears that the inquiry this year was
more far-reaching. cursory inVesuga-
don might have shown the accounts u
balance as heretofore
All Of the officers Of the Mutual are
under bond but the amount of the bond
| 80 Mr. Steger could not be ascertained
last night. Up TO the first OF last year
The security was furnished by one of the
trust companies here. but at that time q
change was made and negotiations were
Effected with similar concefn in Balti
more. This guaranty company, as vii
he seen from the official statement, has
been notified of the condition Of affairs.
HISTORY OF THE SOCIETY.
The Mutual Assurance Society of Vir-
,,iDio &c the Oldest Insurance company in
1he south and one Of the strongest and
most influential. IL was incorporated by
an act which passed the General As
sembly. December p. l79i' and the act
Is worthy of brlef examination. IL
,,,art losses sustained by the rayages
- Sre n Is advised expedient 10 adopt
| " ----' -. .lIoNia a.. The NJ. ~ rnlfiaa OF