The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-11-26

ADJOURNED.
From the Gin. Com. November 2O.I
BUILDING ASSOCIATIONS.


Everything relating to building associations, in
connection with the expected decision In the Su-
preme Court will now be Of interest in all parts Ol
the State.
At Hamilton, yesterday, Prosecuting Attorney
Valandgham filed petition to the District Court
OF Butler county, asking for wrltof quo warran-
To against the West Hamilton Loan and Building
Association in the name of the State of Ohio, set
ting forth that the association has unlawlully
used the privileges and franchises conferred upon
it by the Legislature, and also disregarded the
constitution under which 1t is acting since It's in
corporation. The association has loaned twenty
thousand dollars TO members for other purposes
than that OF buying houses and lots or building
or repairing homes II has also unlawfully per-
mitted the officers to purchase large amount OF
the stock-oyer two hundred shares at from fifty
to seventy -hye dollars less per share than what
the stock was worth. The association paid the
officers holding the stock the full value of the
stock held by them, and the officers realized out
Of the stock so purchased a profit of over ten
thousand dollars, which they applied to their own
individual use, when In fact 1t should have been
placed in the common fund Of the association.
Further, the association issued TO and permitted
a large number of It's members ia hold more than
ten shares of the stock, and also loaned a large
amount Of the funds TO the members In excess Of
the aggregate amount Of the stock owned by them
and in their own right besides loaning a large
amount Of It's funds to persons not members OF
the association.
The prosecutor asks that the association be dis
solved, upon final hearing Of the case, and that
a receiver or trustee be appointed to take charge
of It's effects, according to law.
Judge Elliott one of the Judges Of the District
Court, granted the writ as prayed for requiring
the defendant to show cause why the player Of the
petitioner should not be granted ut the next term
of the District Court which meets April 10, 1876.
From the Cleveland Herald Of yesterday we
take the following
Pursuant to call, as agreed upon at a prelimin'
ary meeting held Monday evening November O.
ageneral gathering of the borrowers Of the yari-
Gus bul ding associations Of the city was held al
Temperance Hall, No. lS4 Superior street, on
Tuesday evening. The attendance was very
large showing the interest that Is felt among many
of our ctzans in the results of the recent decis-
ion Of the Superior Court in the Gallagher case.
"On motion, Charles Thompson was elected
President, and f. L. Moon Secretary and Treas
ureT.
THE chairman opened the session by stating
that it was understood the object OF the meeting
was to ascertain the best method of settling with
the non.borrowen and winding up the Affairs ot
the associations
IAN inquiry was made as tohow many building
organizations were represented, and on motion
the Secretary was requested to call the names Of
the various associations IN the city.
"An animated discussion was then carried on
as to the best plan for achieving the desired set
tlement Some Of the persons present were in
favor Of making an arrangement with the non
borrowers as soon as possible under the best terms
to be agreed upon, while Others considered II
would be more advantageous 10 carry the matter
into the Courts.
An opposer Of the latter method said that In an
extended legal contest the lawyers would eat uE
both the borrowers aud non-borrowen.
"B L. Noon said that money was required tC
battle in the courts, and no individual member ol
the associations would wish to spend much In q
contest that was likely to prove Improbable tc
both sides.
Remarks were then made by William j. Glea-
son, William Brew and E. L. Moon relative TO the
afiairs OF the Homestead, Buckeye and Union as
sociations.