2 TO PAY, OR NOT TO PAY. Informal Meeting of the Stock holders of the Bepnhlio Insurance Company Discussion of the Best Modes of Settling with Policy- Holders. Strong Opposition to the Action of the Executive Committee* A Disposition to Pay Losses and Discontinue the Company. An informal meeting of the Directors and stock holders of the Republic Fire Insurance Company was held on yesterday at Hunnoni* Hall, Nos. Os and TSWest Lake street. The meeting was held in response to a call by tho Secretary of the com pany, J. R. Payson, and for the purpose of taking action with reference to the affairs of the organi zation. more especially as to the liquidation of tho liabilities resulting from the Chicago lire. Delo. gates were present to the number of about two hundred, representing branches in the States of Ohio, Indiana, Illinois, Michigan, Wisconsin, Min nesota, lowa, Missouri, Kansas, and Nebraska. Mr. A. Dudgeon was called to tho chair, and Mr. Payson acted as Secretary. During the forenoon session the principal bnsiness transacted was the organization of the meeting, and the presentation of a statement of the condition of tho company’s affairs by the Secretary, from which it appeared that the total cash as sets of the Republic amount to $512,000, while tho liabilities are about $2,000,000 in excess of that sum, and are divided among nearly four teen hundred policy-holders. Of the capital stock of $5,000,000,20 per cent has been paid up, requir ing an assessment of 50 per cent upon the remain iug unpaid stock to meet liabilities, without refer ence to the further continuing of the company in business. A recess -was taken until 2 o’clock in tlio after noon, at which hour tho meeting reassembled in larger numbers than before- Owing to the fact that no rule was adopted requiring each gentle man to announce his name and residence on rising to address the Chair, there was much confusion, it happening in a majority of cases that the Chair himself did not know the names of gentlemen ottering resolutions or debating propasitions. For this reason we are forced to omit names in many instances. A resolution, to the effect that the representa tives from the various branches express their views, each speaker occupying not more than three minutes, was voted down. It was then suggested that the meeting defer until the arrival of Judge Miller, of Chicago, the attorney of the company, who was momentarily expected, and who was prepared to give much needed information. A gentleman offered a resolution providing that the Secretary state the amount necessary to be assessed to pay the debts of the company, and that such amount be assessed and paid, together with an estimated amount, by the Secretary, of the stock which cannot be collected. This was tabled. A gentleman from lowa staled that this was not a regularly called meeting, and many of tho branches were not represented. There was no legal authority for tho calling of the meeting bv Secretary Payson.Jand it was doubtful whether any action.of this meeting would bo legally bind ing. There was also a legal question as to the increase of capital stock from 81,000,000 to $3,000,- 000, which was done by the Directors, without the approval or consent of tho stockholders. He had no doubt that there would boa disposition to shirk payment upon that stock if It were shown to have been illegally issued. A gentleman from Peru, Ind., said that from the statement of the Secretary it appeared that the Republic had been doing a losing business from last January up to the time of the Chicago i 6 lll stockholders had a right to consider whether they should continue in existence an institution so badly managed and unprofitable. At this point Judge Miller arrived in the hall, and on taking the platform proceeded to explain why the call for the meeting had been issued. About two weeks after the fire the legal lirm of which he was a member had been retained as counsel for the company. The great questions were, as to the relations between tho stockhold ers Were the stockholders liable i No notes had been given, and it had been confidently expected that they would never be called upon to ]>ay the remaining 60 per cent The plain conclusion was, that stock ■jiolrt££& were liable for this 80 per cent of the stock, which must be regarded as so much funds in the hands of the Executive Committe, whoso legal duty it was to collect the money and pay it over to the creditors of the company. If tho stockholders refrained from doing this, then the conn’s must do it. It had been decided by the Executive Committee to go on and pay all claims. After this decision had been reached, the Attorney General of the State began a suit against the com pany forthe appointment of a Receiver to conduct ns affairs, but on learning the intention of the Executive Committee the Attorney General said he would postpone his application, and delay further action. The Executive Committee, called together in Chicago from all parts of the country, decided not to make the call upon the stockhold ers at once, but to go home first and consult their constituents. They adjourned for ten days for that purpose, but at about that time a great clamor was raised against the company in the public press, and a hos tile public opinion was created. On the Wednesday following the adjournment of the committee Judge Miller w.as informed by Gen eral Smith that ne had received .a telegram from the Attorney General, directing him to proceed at nice against the company. The speaker and Judge Murphy went immediately to Springfield, and met the Stale Auditor, who said that he de sired to be relieved from any interference with the affairs of the company, and if it would per form its duty to its creditors he would be re lieved from much embarrassment in the matter. Judge Miller returned with a letter to General Smith, directing him to post pone for two weeks proceedings against the company. It was then found that a warrant hod been issued from the United States Court, and that the property of the company had been seized. They succeeded, however, in removing all obstacles and in retaining the affairs of the company in the control of its officers. The Ex ecutive Committee then made a call of stock to be paid iu on the isiii of December, and decided to call in the Soper cent in installments of 10 per cent per month. A copy of the resolution to this effect was sent to the Slate Auditor, who replied that it was entirely satisfactory to mm. The purpose had been to keep the affairs of the company in the hands of the proper offi cers, audio keep out of the courts and prevent litigation. In the meantime pnblicsentiment had changed, and the creditors entertained the most kindly leelings toward the company. The Repub lic was in the way of paying out more money thansnv other Chictgo company had done or was likely to do, and if it could preservers credit it would’ therebv make for itself a reputation which would be of vast benefit in. Its future busi ness. A gentleman inquired as to whether liabilities bought up by stockholders could be presented for pavxuent’by them in lieu of stock deficits. Judge Miller replied that he did not think that the Executive Committee was bound to receive sucb payments, forthe reason that claims against the company were payable before the stock was. The inquiry was made: "If the company should go into bankruptcy, what would be the prospect lor puliev-bolders Judge Miller said, in reply, that if the com pany should be thrown into bankruptcy its assets ■would have to be sold for what they would bring, and, if through any concerted scheme, a ring should buy up the assets, the policy-holders would only get the proceeds of the sale, and the purchasers would then realize from the stock holders. 4 In that case,” suggested a gentleman, the policv-holders would do better to take seventy live cents on the dollar from the company, to pay which an assessment of 40 per cent would be suffi cient.” That question,” said the Judge, “is for your* selves as businessmen to settle.” Was Ibis a legal meeting I was asked. Judge Miller understood it to bo. merely an in formal meeting, assembled for tho purpose of cutting at certain facts. How about liability in caso of a transfer of stock was another inquiry. Judge Miner replied that according to the char ter a transferor stock must appear on the books of the company. If A transferred stock to B with out its appearing on the books, the transaction was validasbetween A and B.piut A wassull liable to the company stock. If, however, the transfer were in duo form, then B was responsible. A gentleman said he had understood Secretary Parson to say that about $2,000,000 would be neccf-sary to meet liabilities, but ho wanted to know something more concerning the manner in which the capital stock of the company had been inert ased trom $1,0(0,000 to $5,000,000. The Secretary stated that this was done by a vote of the Dlrectois at a regular annual meet ing, held January 0,18G9, a majority of stock be ing represented at that meeting. Mr. Clark said it was a grave question whether the stockholders were legally bound by that ac tion oi the Directors, which, he believed, was ■without due authority according to the charter. This view of the case was strengthened by tbo fact that the charter was subsequently amended so as to give the Directors the'power to increase the ca filial stock, from which it must be inferred that, previous to its amendment, the charter did not give them that power. Mr. Howland, of lowa, said that it was useless for stockholders to try to crowd through that loophole. If the power to increase the capital Mock was conveyed by the original charter, it made no difference whether it was done bj the Moekholdcrs themselves, or by thmr properly constituted officers, the Directors. As Ion? as the act of the Directors hadgbeen rotitied and up proven by the stockholders in accepting the stock and voting it, ilarc was no possibility of cocapc on the plea of illegal issue. T Judge Mdier took precisely the same view, ii the stockholders knew* of the increase, ana acquiesced in it I»3* receiving and voting tun Mock, it was not possible for them to escape rtspoiifibility on such grounds. A gentleman inquired •whether, if after the payment of existing liabilities, tho stockholder was legally bound to continue as such. It had been showed, he said, that the Republic was a badly managed am) unprofitable institution, and lie, lor one, was not disposed to continue the sup port of a company whoso officers took extra haz ardous risks in Chicago for four mills, and exact ed one and one-half per cent ou much better risks in country towns. The people of his section felt this tl ing keenly, and ho could give assurance that they would resist any assessment which con templated the continuance of tho company in 1,: Absolution was offered, providing for the ap •uointmeut of a committee of one from each State to negotiate with policy-holders with a view to a C °Mr! l Dietrich, of Galesburg, said that, as a member of the Executive Committee, ho had e( n number of policy-holders, and proposed to way them seventy-live cents on the dollar, and he had been uniformly met with the answer that tbev were not disposed to take three-quarters m mu thev could get the whole of their claims. The Executive Committee had come to the con clusion that the company could not avoid the puymcii’, of its liabilities in foil, and for tins rea eon the committee had made the assessment of 80 per cent. A resolution was offered directing the Secretary to call a meeting of policy-holders and all others holding claims against the company, said meet ing to be held between now and the annual moot ing in January, for the purpose of coming to some agreement; the sum agreed upon to bo paid by February 1, 1872, and the stockholders to pay promptly the assessment falling due on the 15th off December. secretary Payson said that if the company wanted to compromise with the policy-holder it must have some money to pay him when ho pre sented his claim. Mr. McClellan, of Crawfordsville, In. l and the Great ctoep petty cash. •Apply io CUVILLTEB «fc CO., office iw JEaat i£a and 10 a. m., 1174 I’ralrie-av. WANTED— INTELLIGENT YOUNG MEN TO learn and encage in tlio telegraphing business. at PORTER'S NATIONAL TELEGRAPH COLLEGE, 5G2 Wobasb-av. Bookkeepers* Clerks* dee* WANTED— CLERK IN JEWELRY HOUSE: A young single man; one acquainted with best, ness. Address,giving reference, LAS, Tribuneof fice. WANTED— A FIRST-CLASS SALESMAN TO dispose of suburban lots; largo pay to the right man. Address H. J. GOODRICH, 503 Wabash-ar. W ANTE—A SHIPPING CLERK. ONE WHO folly understands bis business. Undoubted references required. No others need apply. J. ULL MANN. 30 Market st. y Trades, WANTED— TO GO TO ST. LOUIS—TWO GOOD blacksmiths acquainted with omnibus or plat form spring work. Also, omnibus body builders, either by the day or niece. If by the piece, bodies will bo given in lots of ten or twenty at a time. Stuff famished exact shape, rentered. grooved,dodoed, mor ticed, and tennoned. For further information call on GEORGE PENOYER, 325 Wabash-av; WANTED— 1 GOOD PLUMBER AND I GASFIT ter. 49 MUwankee-ar. WANTED— A TINNER, AT 674 ARCHER-AV steady employment. TUANTED-SHOENBERGER BRYANT, OF T T Duluth, Minn,, want several first class moulders and machinists; and, also, the furnaceman who was working fwabove firm in Chicago, when Mr. shoen berger left the city; good wages. WANTED— WE WANT A FIRST-CLASS CUS* tom pantaloon-maker, to whom we will give con stant employment at good prices: Address ECELLLN v salon gton-at. TXT ANTED—A GOOD GIRL TO DO THE COOK I washing and ironing, where there is a sec ond girl. Apply at 35 West Adams-st., corner Jef ferson. TITAN TED—TO-DAY, 20 GIRLS. FOR HOUSE 11 work, cooks, chambermaids, etc; Apply at Home Ofiico for Help. No fees. 1583 State-st. WANTED— A GOOD GIRL OR WOMAN (GER man or Swede), to help take care of a child and do light housework j only two in family. Apply at 303 West Taylor-at. TTTANTED—I GOOL GIRL FOR WASHING, TT ironing, and help in kitchen (no cooking); also. 1 girl for second work, and l nnrso girl to take care of a baby. Inquire at 156 Thlrd-av. WANTED— A GOOD GIRL TO DO GENERAL housework. Good wages. Apply to JOHN BARRETT, opposite Transit House, Union Stock Yards. WANTED-A GOOD GIRL TO DO GENERAL housework for a small family. Must be good cook, washer anil irouer. A good price will bo paid for one to stilt. Inquire 349 West Tyler st. TXTANTED—AN HONEST GIRL FOR URVER -11 al housework; apply at 1354 State-st. WANTED-AT MBS. BATES’OFFICE, 10 PECK Court, corner Michlgau-av, capable girls for fam ny ntmaework and boarding-houses; references rc- TXTAN TED—FIRST-CLASS COOK; ALSO SEC- T T onrt girl; must come prepared to stay. Apply at basement door 824 Wahash-av. J 11 J ■WTANTED-GOOD GIRLS FOR ALL KINDS OP T honsework. in first-class private families. Apply at MRS. THOMPSON’S. 1002 State-st. WANTED— GOOD COOK FOB BOARDING house. Apply at 49 Hubbanl-court. WANTED— FIRST-CLASS WOMAN COOK, AT 521 West Madl3on-st.‘ oitlKT MAK TXrANS r JWTaSEIuSe, to work In shop. NICHO LAS, 157 Tweuty-second-at. AKTED—AT 2G3 BLUE ISIASD-AV.. A GOOD IT tailoicss to work on custom coats. ‘TTTANTf D—A FEW GOOD DRESS MAKERS AT TT 27 East folk-st. WANTED-IMMEDIATELY. SIX good dress makers. Apply to Madam HOFFMANN, o- Barmon-coart. WASTED— 50 SEWING GIRLS, ON LIGHT ■work; apply at 13-5-1 State-st FINANCIAL. TO LOAN-MONEY ON SECOND MORTGAGES, leasehold purchase money, and real estate securl ties. C R HAGERTY, 111 West Madison st. Room 9. WANTED— TO PURCHASE SOME GOOD PA per secured by real estate. BASH new; will cut to suit purchasers. P: yard—costs2.2s; also some marble-top taMt.,. ZELTON, 273 West Jackson-st. FOR SALE —BRICK! BRICK!—I2S,C-t* redhurned, at a bargain, if taken at-'i;'--. i and see sample. WOLFE «fc FINLEI, ny ?m- Clark-st. For sale—a cabinet-maker’s bench Inquire at 130 North Desplalnes-st. HELREaT; FOR SALE—A SPLENDID LOTOP COi’NTK drawers,shelving, teacadies.platforma»