The record-union., 1894-01-05
ARMORY HALL ASSOCIATION.

1t RenewS Its Mortgage to the Friend
& Terry Lumber Company.
A meeting of the Armory Hall Associ-
ton ockholders was held last night at
the Armory, a full attendance being pres
ent.
For number of years before the new
pavilion was built by the State, the mill
tary companies used the old one for a
drill room and hoped to eventually ac-
quire it as an armory. General L. w.
Sbeehan and others worked hard with
that end in view, but finally gave up the
idea
About this time, Fred Biewener bought
from the city the old grammar school
building on the corner Of Sixth and l.
streets, and they opened negotiations
with him for the purchase of it and the
vacant lot back of 1t, on Sixth street. An
agreement was entered into with him
whereby he sold it TO them for $4,000, the
purchase price to remain on the property.
1t was also agreed that a drill room
should be built upon the vacant lot. In
pursuance of this agreement the hall was
built, the Friend & Terry Company fur
nishlng the lumber and taking a mort
gage OF SI0,600, being executed to them in
payment therefore. The interest was
paid up for several years, but finally, by
lowed by the holders to outlaw. The in
terest, however, was paid up until last
April, when the company asked tor re-
newal OF the mortgage. Some of the
stockholders objected 10 renewing it,
claiming that as 1t had outlawed and al
most or quite an equal amount had been
paid in interest to the original amount it
should not be renewed.
Others held that the debt was a just one
hot ! haIl nf x1yai inE
they furnis he'd the lumber, and that there
was a moral obligation resting upon the
association to pay it. To come to a de-
cision in the matter 1t was necessary to
call meeting of the stock holders as the
claim was made that If the directors re-
newed the mortgage the stock holders
could recover the amount from them,
and they did not care to assume the re-
sponsiblllty.
The meeting was called to order by L.
H. Mckee, President of the association,
who was elected Chairman of the meet
ing, and Captain Seymour was elected
Secretary.
Out OF 5,095 2-10 shares of stock 4, ,S54 2-10
were found to be represented either in
person or by proxy.
The proposition of the lumber company
was read, after which Captain T. b. Hail
offered a resolution that the mortgage be
executed to the company as requested by
them.
In response to the question by stock
holder, L. I. Hatfield recapitulated the
state of affairs stating that so far as the
record was concerned the statute of linn
itations ran. The interest had, however,
been paid until last a pril. and as it was a
question what bearing that would have
upon the case, the directors asked his ad-
vice as to the method of proper proceed
ure, as under the amendment Of the code
by the last Legislature the vote of the
stockholders was necessary to the max
ing of new mortgage.
Several of the stockholders spoke upon
the subject, and Mr.. Holt OF the company
made q statement OF the conditions
which had brought about the present
state of affairs.
While some slight differences of opin-
ion on minor points were developed, the
general expression of opinion was in
favor of making the new mortgage. and
when it came 10 vote it was determined
by q vote of 4, l94 2-l0 to 705 TO renew the
mortgage.
AS the association decided to give a new
mortgage the lumber company remiited
the interest due on it aud make the new
mortgage for five years for the amount Of
$4,000, even money.