Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-01-13
LOOKS BADF0R HIN
a. E. yerex Charged Wit
Irregular Management.
OF THE FIDELITY ASSOCIATION
What the Charges AEs-AE. retex IN
dignza1ly Deai-s Aay Wrongtoing
A Financial Statement

a Financial oSateLncnt-
On Monday eveains a meeting OF tue |
stockholdsrs OF the Fidelity SAylugs.
Loan and Security ASSOCIATION was be!u |
in the Offices Of is secretary. c. W. Ne
Gill, IN the HousemAn block, im
msdlafeIy ever the Democrat Offices.
A large number OF stoek holders were
present. the rooms being iilLed to their
almost capacity. who created as much
confusion a. existed At the tower OF
Babel. One OF the sleepy reporters
aroused his chief from writgng q
iabofed editorial on tbs plate question,
Intended tor leacsr in the news col
umn. aud asked permission to go out
and ascertain the cause OF the eommo-
ton. He met bevy OF stockholders
On the hallway and 81 persistent button
nollng managed 10 elicit some facts
which have been weli-known To the re-
porters and editors OF ali the other
azilies for monIns. but which out CT
Difference 10 the precedent established
by TIE Democrat IA surprising the
particulars OF Perry SIS 900 steal from
the city. it MAS thought best 10 give the
gentleman most concerned an oppor-
tunisy to pay over the s337 10 shortage
and thereby save the society from rum.
The obiset OF the Meeting.
The meeting of the stockholders was
called for the purpose OF presenting 10
them a statement OF the financial con-
dltion OF the association, which is IN a
very bad way, aud of calling attention
10 the alleged shortage of the ex-secre-
tary, A. r. Yerex. IL WAS charged that
Mr.. Yerex was short IN his accounts
something over 5000; that be had
neglected, while in Office, TO answer
correspondence; that outside agencies
could not get proper statements; and
that, IN short. the proceedings on the
part OF Mr.. Yerex nad virtually put the
ASSOCIATION IN is present condition.
which ; that OF bankruptcy. IL WAS
me general view OF the stockholders
present that the best course to pursue
would tie 10 discontinue business and
place the affair IN the hands of re-
ceIvcr.
The facts that the association Was IN
bad shape, and that there was some
shortage on the books, have been we'll
known to many for some time back,
and especially since the chattel mortg-
age was gwen by Mr.. Yerey TO A. j.
Bovine.
Mr.. Ysrsx Indignant.
Mr.. Yerex was interviewed on the
subject yesterday and expressed him.
self as surprised and indignant ct the
statements made. II resigned my
position as secretary some SIX months
ago. IL Is entirely untrue that Was
forced TO resign, as the minutes OF the
meetings will show" he SAID. 'The
article in the Democrat was malicious,
and ubcalied for, and there was no
reason under the heaven why il should
De written. The officers came to me
some time ago and claimed shortage
of about $1,000. and threatened that
unless I paid il Immediately, they
would tke 1t into the courts. i
wanted to go over the books with the
bookkeeper. but they positively refused
10 let me. Nv affslrs were IN critical
.Conditiou ut the time and so paid every
cent of their claim, and interest which
was rs good rs 10 per cent. After they
bad accepted my money and said that
finished IL. they brought in another
Dill of $780,. Well, paid that,
and gave them for il what would
amount TO nearly $500. When they say
haven't paid that, they say an un-
truth. The association mas been yirtu-
silly failure from che first. The board
of directors has been too expensive.
And cow that they can't pay 100 cents
IN the dollar they attempt to throw all
responsibility on me. What mas the as
yociation done with the money they
have gotten out of mea Why DO they
Keep on taking dues when they know
shey can't pay claims, have stood by
Abe ASSOCIATION all the way through,
and have never shown a disposition 10
sEiefrsud IN any way. as is evidence by
she fact that I met their demands
,romptly. They dor't make any de-
tfnands on me now that l know OF, and
have broken faith with me st the las;
minute by allowing the statement To 5e
published which they promised TO keep
nuiet If would pay the money. | was
n simpIeton ever 10 pay one cent, for
i.dn't defraud them of IT."
statement. OF the oeaeers.
c. b. Kelsey. treasurer of the asso-
-satiou, was seen. but declared himself
merely fgure-head in the association,
and be was Ignoran, of its exact fiuan-
cisl condition. He SAID. however, that
IL was probable receiver would be
appointed. Although the condition of
affairs has been undcrstood for some
SINE, he acknowledged the dues of the
members have bean received up to this
week. but that probably no more
sould be accepted He further said
that IN the meeting Monday night the
subject of dues was considered. but no
positive action, either way, was taken.
G. w. MeGill. the secretary of the as
socistion, expressed regret that the
matter had been made public. and tha.
in aroting him Yesterday morning the
Democrat reporter had drawn so
largely upon his imagination. Among
other things. he SAYS that while in q
few cases persons held books and paid
dues regularly. but we're never granted
certificate of stack 10y Mr.. Yersx. still
That was not generally erue. The total
AMOUNT of shortage was s5067.<7, OF
whscn Mr.. Yerex has paid sfs7o.07,
eAving t5o7 90 still unpaid. tie also
said au application for . receiver would
>e made IN few days aud that the sf-
isirs Of the association would be wound
vssanesal Statement
The association wss Incorporated
Bepteuber 8. 1859, With IN authorized
capital OF $500 zoo; the duration OF
she corporstlos was set At thirty years.
The association started OF with every
prospect OF success. the money being
loaned as fair rates, sometimes ~ high
a. sc per cent. being realized. A. r.
yerex vas one Of the chief workers II
xrtfipx up the association. was elected
,rcrstary and had virtual eontrol OF IA,
business. The association operated in
th,e city. Nsristee. Muskexon, Grand
Haven. Holland. Greenvilis and
shxo,ohrsk usssrrfs Ni@hswan