St. Paul daily globe., 1891-01-10

said that all OF the directors save DR..
Calderwood and all Of the officials
except President Cole will resign to-day
in the interest Of harmony. Mr.. Calderwood,
it is thought, will be candidate for the sec
Ietaryship and it is surnised that owing to
his experience and ability as financier he
will be elected. The first thing to determine
to-day is the question who is entitled to
voter At the secret meeting yesterday
members of the Dyer and Wood committee,
the Kneale faction and the general officers
were denied participation in the proceedings.
President Cole will read his report to-day.
The union has deposited with the First Ma
tional bank, Security, Citizens and Peoples
banks. For the most part the unions de-
posts have been made in the form OF checks
thus avoiding any bank risk. 1t is evident
that the independent movement is strong
one, and that the representatives or tne
thirteen states proposed to take an active
and, as far as possible, effective part in to-
days election.
The stormy meeting of shareholders in the
National Building, Loan and Protective
union, which was in session yesterday after
noon at the West, was continued last even
ing. 1t lasted well on to midnight. The
feature of it was the adoption of q series of
resolutions which will control the annual
meeting and election Of officers to be held
to-day. The first resolution, providing
urer Of the union be not mem
bers of the board of directors.
was adopted without difficulty. The second
went through in much the same manner. 1t
provided that nominating committee be
selected, the committee to be composed or
one representative from each state. such
committeeman to be chosen by state eau
cuses, the shareholders from each state con-
ferring on the subject. The third resolution
was provocative of not a little heated argu,
officers of the union, including directors,
be fixed by the shareholders in
convention today. In the opinion Of
a good many shareholders that would
never do. 1t was urged that not few OF the
shareholders had no idea as to what would
be adequate pay for officers. There seemed
to be almost as many opinions as there were
men present. One tall. raw-boned gentle
man pounded the table in his Yehemence,
and declared that he wanted to see board
of directors elected that could be trusted by
the shareholders to do what was right and
to fix salaries, their own and those of others,
at q just figure. Part of his speech struck q
popular chord. 1t was all right
to let the directors establish the salaries OF
the general officers, but It would never do
to leave the naming of their own compensa-
ton in their own hands Last year the ex-
Denses charged up to the union by the dl-
rectors amounted TO something over 81, 300
for each director Should the new board think
that fair figure, it would saddle an expense
of $4,000 Oh the union at the start An
amendment was proposed to the effect that
the board of directors be allowed to fix the
salaries for the other officers. but that
the shareholders settle the compensation
of the directors. A further amendment was
offered and accepted ordering the nominal
ing committee TO suggest salaries for the di-
rectors when reporting ou nominations. AS
thus amended the resolutions were adopted.
Then Judge Malone introduced q resOlu-
ton to the effect that committee of seven
be appointed by the chair TO examine the
proxies of persons attending the meeting for
the purpose of determining the amount of
yot-able stock. At this point an Indian
apolis lawyer named McPhee, who
was especially solicitous that everybody
understood that he was in no way connected
with the union, arose to speak OH an entirely
different subject from the one under consid-
Grafton. Mr.. Nc Fee is on the auditing com
mittee with r. d. Russell, the city attorney,
He informed the meeting that the directors
were waiting for a committee from the
Shareholders meeting to call upon them.
Such committee would receive all the in
formation that the directors can give
them. He believed that the direct
ors had previously refused to give
any Information to the stockholders
because they scented danger in such pro
ceeding. This last opinion was greeted with
cheers. McFee had stated they held
proxies from 500 Indiana stockholders. One
Kelly, from Wisconsin, handled Mr.. McFee
roughly, and intimated that the Indiana
man had become stockholder merely for
the purpose of coming to Minneapolis and
bulldoZing the other stockholders. Several
other gentlemen, including Chairman Evans,
Of Minnesota, took hand in calling down.
MIR. Mcfee. Then all returned to the sub
ject in hand the appointment of a commit
tee to ascertain the amount of votable stock,
and that resolution was adopted. Minor
matters occupied the remainder of the ses-
sion.
From the speeches made on the various
subjects which came up for discussion, the
intentions of the shareholders are not IN the
least a matter of conjecture. The present
board of directors and officers will go by the
were expressions frequently heard and al
ways applauGed. An entirely new set of ohi
GERS will be elected. Not a mast, not spar
of the old vessel will be left standing.