St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-12-31
THE MONAsCH MATTER.
Members of the Turner Associa-
ton Begin a Systematic Invest
ioatiOn.

Members Of the Turner ASSocia-
tion Begin a Systematic Invest
iGatiOn.
The directors of the Turner Building
and Loan association met at Turner
hall last night to consider the Monasch
difficulty. Of course reporters were eX-
clHded, but it would have done them
little good to have been inside, as the
proceedings were all conducted in the
German language. The proceedings
were, however, little warm, and
Mr.. MOnaSch WAS not spoken
of in particularly complimentary
terms. Everybody interested in the as
ISOLATION is very hot. and the indica-
tons are that before Mr.. Monasch gets
through 1t will be made hot for him.
The gentlemen interested in this
affair, with the German meth
cd. are going slow, and they
are proceeding with good deal of eau
ton. Last night they did little bust
ness. but a good deal of consulting and
thinking. They elected new secretary
in the person of Charles Bache, and a
new treasurer i'm the person of George
HUM. A special meeting of the stock
holders of the association has been
called for one week from tonight.
Action will then be taken on what is to
be done with Monasch-
Mr.. Monasch is not to be let off easily.
That much seems to be settled. The
association will not be weakened by his
defalcation. 1t is strong. and can stand
it, Some think that it will not be out a
dollar. but all are not unanimous on
that point. But if there is any remedy
in the laws of the United States for the
part Monasch is said to have taken. the
probabilities are that it will be applied,
and applied in plenty. Monasch yes
terday made an assignment to George
HUM for the benefit of the association,
and his property will go long way
said to exist. Experts are still at work
upon the books, but have not yet made
report.
A good deal of the credit for the
bringing of this matter into the broad,
garish light of day belongs to Arthur
w. Schlichting. of the Freie PresSe. For
eleven years no official examination had
been made of the books of the aSsOcia-
ton. Mr.. Schlichting was elected a
director but recently. He Immediately
began to make himself known, and one
of the first things he did was to demand
an examination of the books. He was
supported by one or two others, and the
result was the discovery OF the defalca-
ton.
"What has become of the money!"
is still the question which every one is
asking. and which no one can answer.
1t is safe to say that the man who can
successfully answer the query will come
in for a substantial reward from the
association. MOnaSch's business is said
to have been paying clear profit of
about $500 per month. Monasch GER
tainly did not spend the whole of this
sum on himself nor on his family,
is what the people think of it. He re-
Gently furnished a fine house, and some
incline to the belief that good deal of
his money went into it. Another story
is to the effect that Monasch has invest
ed a goodly sum in milling stocks out
side of Minneapolis. Whichever is cor
rect, the opinion that he has quite an
amount sailed away somewhere is not
without believers.
MonaSch's books were found to be in
tip top shape. He was careful book
keeper and his accounts always bal
anced. But they did not balance just
the right way. The money which
should have been credited to the Turner
Building and Loan association was
credited to himself. it appears.
He will volunteer no explanation of
what he did with the funds. He merely
says that he needed the money and took
it, thinking that he was doing nothing
wrong and intending to repay it. But
he was found out before he did repay
it. The exact amount of the shortage
will be known by next Tuesday, when
the stockholders will act on it.