Hi Lou:
Welcome to our forum community, and congratulations on your purchase of the ST 1100.
Here's a link to a post with photos that illustrates the vacuum fuel shutoff valve. This particular post explains how to do an emergency bypass of this valve if it fails to open... sounds like you have the opposite problem, which is that the valve fails to close. The primary purpose of the valve is to shut off fuel to the engine when the engine is not running, this so that if the bike falls over on its side, fuel does not continue to run (or siphon) out.
ST1100 - How to do an emergency bypass of the fuel valve
Some owners have removed this valve (permanently bypassed it), but my personal opinion is that it is an important safety feature and if the valve fails, it should be replaced. Mine failed at about 30,000 miles, but I now have an additional 140,000 miles on the replacement valve with no problems.
Some other tips for you, seeing as you are a new owner:
1) We have a section in our forum community called
ST 1100 Articles. This is a curated collection of the best-written, most useful "how to fix it" posts made over the past 15 years. Make a coffee and settle in for about an hour or two of browsing in that section - it will be well worth your time.
2) The fasteners on the bike that look like Phillips screws are not Phillips screws, they are JIS (Japanese Industrial Specification) screws. The profile is very different from Phillips. If you use a Phillips screwdriver on them, you will chew the heads up and have difficulty removing or tightening the screws. For about $25, you can get a set of 3 JIS screwdrivers. Do a search for "Vessel JIS Screwdrivers" and order a set of 3. If money is tight, just get the middle size, that will meet 90% of your needs. Here's a link to an article with more information:
Vessel JIS Screwdrivers Review.
3) Try and get your hands on a Honda Service Manual for the ST 1100, it will be of great help to you. You might be able to get a copy at a Honda dealer (probably about $40), then again, it might be out of print. Sometimes they show up in the "for sale" section of our forum.
Michael