The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-18
A $4,000 DEFALCAIION.
Nj, Frank D. Steger, Secretary Of the
Va. Mutual Assurance Society, Short.
EXTENDING THROUGH SEVERAL YEARS
Statement OF the Matter by the Standing
Committee OF the Sooioty-Mr. steger's
Whereabouts Standing
of the Company Not Affected.

The following statement was given out
lata yesterday evening:
At a meeting OF the standing commit
tee OF tho Mutual Assurance Society OF
virginia held at tho office OF tho society
Wednesday, March Il. 1891. IL was or
dered that tho following statement be
made public:
The standing committee OF the Mutual
Assurance Society oe Virginia at their
last annual meeting Ia February appoint
od q committee consisting OF Mr.. James
W. Allison and Mr.. w. 4. Gray TO have
mo books OF the society examined. In
compliance with this instruction the COM
mttee employed Mr.. II. i. Boudar. who
commenced his examination on the sth
instant ON Friday. tho I'm. Mr.. Boudsr
discovered omissions in entries OF the
collections Of interest upon Registered Sc
curiues OF the society. and on the fol-
lowing Monday he reported his discovery
to the standing committee who at once
notified tho Guaranty Company which
had issued the guarantee bonds OF the
officers OF the society. Ar. Houdar Was
directed TO continue his examinations aud
the committee adjourned 10 meet the
next day, tho 18th. At this meeting MI.
Houdar. through the committee. reported
tho discovery OF further omissions IN tho
entries or collections amounting in all to
over .o0O and extending back through
several years.
MA Il. ID. Steger, the first clerk or
81 ~
sible for these collections and entries was
sent for 10 make such explanation as he
might think proper. but he did not ap-
near An examination has been made or
the securities or the society which are
all registered and they are intact. They
amount to Sl.00o.6lS.l5.
The society - purely mutual, anu lis
net receipts last year over all expenses
and losses by ire or otherwise were
$5l. .350O4
The standing committee makes TINS
statement for the Information or the
policy-holders Of tho society and the pub
lIa generally and IN order 10 remove al
anxiety, II any. about its condition.
me Hoard have elected Mr.. Edwin A.
Palmer to the Office OF first clerk or Sc
cretsry.
BY order OF the Standing Committee
IL. 4. CLAIBORNE.
Principal Agent
THE COMPANY.
The Mutual Assurance Society OF Nir-
| eiuia is the Oldest fire insurance COM
panv in the state, and one OF the Oldest
| IN ths United States. bavin. been mar
tered over one hundred years ago. IL mas
olwavs conducted It's business in the most
conservative manner. and takes risks or
oolg q very special character. IL IS purely
aad absolutely mutual. and 10 this fact
f. due .. very low rate OF its premiums.
The .is are managed by standing
commll.s or Board OF Directors. al pres
ent composed OF W IL. Palmer lchairnAIl'
w. 4. Cray, j. W. Allison. Alfred t.
Harris. Lewis Ginter. and Joseph Bryan.
Its officers are principal agent. first
clerk. or secretary. and second clerk. or
assistant secretary. and collector Mr..
H. A. Claiborne, Mr.. h. ID. Steger. Mr..
| Thomas Boiling. and Mr.. John Blair were
those officers IN the order named.
! Mr.. Steger is no longer the secretary, for
reasons set forth in the statement made
i, by the Standing Committee.
lie WIS elected 20 the Office IN h1s. ana
bv virtue OF his own qualities. as well as
OF his large and influential FAMILY CON
nections. he was held IN hlsh esteem.
| Since the discovery of his shortage he has
left the city. and his Whereabouts are
| unknown
Mr. Steers defalcatlon will shock and
| distress "a great number Of people In VIZ
| ginia. as his family connection Is very
| widespread. and OF the best
Mr.. Edwin A. Palmer. who succeeds Mr..
Steger is the son ~ Colonel W. -.
Palmer. and is now IN the office or the
VIRGINIA Fire and Marine Insurance Com-
pany