The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1875-12-23
A REPLY.

EDITOR PREss - ~ r~ ~.
In your last issue appears an article
from the pen of Messrs. j.. Fl. Nichols
and others, rejecting upon my charac-
ter for honesty and truth, which Ire
gard as unjust and uncalIed for.
The assertion that ] owe the Savings
and Loan Association S600.00 is untrue.
Tie money was borrowed for Andrew
Poe and used by him, and not one
dollar of ii did / have. The officers of
the institution well know it, and never
made such claim until in October. If
they considered me principal on this
amount, why did they levy on An
drew's property, as they say they did?
L am surety on another note of 1.4O0
at said bank. This is the full amount
of my liabilities at this bank for An
drew. The Savings and Loan Asso-
citation was organized in 1872, with
capital stock of 100000, and twenty
per cent of the stock has been paid in,
making a cash capital of $4,000. On
my stock of ten thousand was assessed
and paid in $1,000, just the same
amount as Mr.. Nichols, Babcock and
Others holding the same amount Of
stock, have paid. Messrs. Nichols,
Babcock and others wish to conyeyItO
the public the idea that have. not
paid as large assessments as they and
others have, which is false.
; The organization has been doing
business nearly four years, the profits
during this time have been placed to
the Surplus fund, and not credited to
fund can he shown on investigation. a
With the above facts existing, as
they certainly did at the time of An
drew Poe's failure in April, 1875, be-
ing Director and one of the Finance
Committee, met on the subsequent
Tuesday after said failure. then and
there made two propositions, the first
was that I would transfer my stock TO,
the bank or to any member of the in
stitution, and take up the amount OF
Indebtedness of Andrew Poe on which
I,was surety. To this they objected.
Ijthen made them another proposition
as follows: 1 would sell my stock to
some outside party, not then a stock,
holder, and deposit the money received
from such sale in the hands of J. H.
Nichols until Andrews affairs were
settled, and the amount unpaid after.
exhausting Andrews property should
be paid in full out of the fund in the
hands of J. H. Nichols. To this they,
also objected, and refused most en-
phatically to allow me to dispose of
my stock, saying they had control of
it, and I could not sell or transfer with
out their consent. thought that with
my stock in. their possession and1a
valid mortgage on all of Andrews
p property, they o,,ghtsto feel as though
they had ample securit ity oman indebt-
edness of about 50 0O6. :Buttno! Their
persistent opportunities for me to pay
or secure the debt, seems to indicate
that they do not regard the stock of
the Savings and Loan Association OF
any value. Messrs. Nichols and 9TH
CTS tucII iCiClC thou l. ol1i
eildeavoring to sell my stock and pock
. the proceeds, and thus defraud them.
I hereto append a notice my attorney
served on them December 7th inst, to,
prove that such sale would be for their
special benefit:
To the Navenna Savings and Loan Association:
You are hereby notified to take my Capital
Stock in your institution or corporation amount
ing to $4,000. at its present fair value and APP
ply the same on the Judgment which you now
hold against me as surety for Andrew Poe be-
ing two jud gmentt and costs. and am ready to
make tran, fer at any moment. On your fail
ure to do SO within three day s from this date
shall offer said stock at public sale in the news
papers and also apply to the Court of Common
Pleas of Portage County at its next term for re-
lief against your corporation. WM l.. POE.
Ravenna, Dec. Z, 1875
Thanking you, Mr.. Editor, for the
space you have given me to vindicate
myself, with the hope that may not
he called upon again to use it in this
connection, am truly.
VIM. L. POE.