The Washington herald., 1908-07-14


ing that the American Home Life Insur-
ance Company of the District Of Column
bia be dissolved. the majority Of the
board Of directors of that company yes
terday filed suit in the District Supreme
Court against Gilbert w. Cave. treasurer
and so-called general manager"
According 10 the petition Aled. the COM
pany's financial status is unknown TO
any one except Cave who is alleged 10
have refused to allow the other officers
/ access 90 the books and records Be
sides this charge. there are a number Of
counts against the treasurer. blaming
him for the dlsorganized condition Of the
company's affairs.
IL the statements contained In the bill
are true. Cave. who owns the majority
OF stock in the company. set himself up
as dictator. and handled the affairs in
whatever way he saw it. lie is said TO
have maintained a bucket shop" and
! operated bookmaker's outfit for betting
on race horses.
The suit is brought by Charles T.
Yoder James H. Cation. and James II.
Vermilya. who represent and own. be-
tween them $50 shares OF the company's
capital stock Cave holds the rest. or $50
shares
Considered Himself Owner.
It IS declared that Cave controlling this
amount Of the company's stock. repre-
senting $1,000. asserted the company be-
longed TO him. and that he could do as he
pleased. The compainants aliege ne has
tfr,ra OF al nd fa oil Fvfa nd
poses. usurped and continues 90 usurp
the rights, powers, and functions OF the
other officers of the company, that. as
general manager. he has entire control Of
its Office. and employees, and has posses
sion OF all SIS books. papers. &c, and
has refused, and still refuses. 70 allow
the other officers 10 have access 20
them"
His title OF general manager. II IS al
legged. was self-bostowcd. and'is not pro-
vided FOR IN the bylaws OF the associa-
tion. In this capacity Cave. whose salary
IS fixed az S35 week. IS said 20 pay HIM
self so a week, ana has drawn such
salary since January .. 1905.
Further IN the petition the complalnants
allcge that as treasurer he makes reports
that are not correct. making contradic-
tory statements therein. Il Is said he be-
came enraged. and INDUCED IN outbursts
OF profanity against Yoder. the secretary.
when requested 70 produce the minutes Of
the company.
On September j., 1907. he IS alleged
10 have purchased one-ninth OF the in
terest in the Puritan Life Insurance
Company Of this city. but has never
rendered an account OF the money 20 the
stockholders. The company's building al
Fifth and G streets northwest was in
numbered for $4,000. but It IS said $1,000
or this amount was paid of. The notes
taken up by Cave In this transaction no
refuses TO deliver 10 the company. claim
ing they were paid on by him individual
~ and belong to him.
The banks IN which the company de-
posits its money are said 10 hold money
deposited by Cave In his own name.
Said To owe Company $4,000.
The petltioning stockholders also al
lege Cave received 5000 from the COM
pany with which TO get a deed OF trust
on bis own residence, 945 Massachusetts
avenue. suggesting IL as good investment
This money is said 70 have been appro-
priated by the treasurer, and the notes
have never been paid back. All IN all.
the complainants sa ythey believe Cave
owes the company $1,000
That he intended running the concern
TO SUIT himself is alleged by the petition
ers. who say he tried 70 dictate who
should be elected officers, and even post
ed as candidates the names Of persons
not on the board OF directors
In the prayers TO the court contained IN
the bin the ccmplainants ask for the ap-
pointment OF receiver 20 take charge OF
the company and request the dissolution
Of the concern If not injurious to the pub
lo interest.
The concern was first Incorporated as
the American Home Life Insurance Com.
pany OF Washington on May q, 1893 It
was reincorporated June 9, 1896. as the
American Home Life Insurance Company
Of tho District OF Columbia, with a capt
tal stock Of $1,000 and 400 shares.
On November II, 1902, the capital stock.
In accordance with the law, was dimin-
!shed 20 5000. The capital was increased
on May 2S. l9o4. TO $4,000. and still re-
mains at that figure.
No Meeting in Months.
Through their attorneys, Sheehy &
Sheehy. the stockholders assert they have
not held directors meeting for three or
four months because OF Caves alleged
intolerant manner.
The protesting parties ask that Gilbert
W. Cave be required 20 give a full and
complete account Of all moneys received
by him on behalf Of the company.
----
j. Il. Harper Division Chief.
]. Z. Harper. appointed IN the auditors
office for the Post-Of1ce Department July
l. 1895 at s72O, and promoted through the