Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1896-02-27
The Fair Asscclatlon.

a, The stockholders of the fair asso-
citation held ansadjournpd meeting at
the court house last Tuesday, with
about thirty shareholders present. q.
g. Gebhsrt was in the chair, and y
e. Johnston acted as secretary.
The committee appointed to inves-
tigate the affairs of the society pre-
sented a verbal report through II, +.
Stinson, in substance as follows:i
The committee had examined the
books and records of the society since
its organization and had received
much valuable assistance from Secre
tary Johnston. 1t had tried to trace
the obligation upon which judgment
had been obtained, which now
amounted to $75l0O. The society
was not liable for the costs of $8l.
The money was borrowed without
authority of stockholders, and there
was a question as to the society's liza
bility, aside from the $751; there was
a debt Of $14'for printing that should
be paid. There were other sums due
the suretes upon the note for money
advanced to pay interest on debts,
238 shares ought to be good. Found
some irregularities IN the issuance OF
stock. Committee endesvored to get
at facts connected with sale of lands.
In April 1893 stockholders had order
ed sale of land for $4,000, to be sold
within sixty days, if not sold then to
be advertised and sold to highest
bidder AS a private sale could not
be made, the land was advertised and
sold to q. W. Young who took pos
session Of it; that sale has never been
resnded by the stockholders. Com
mittee believes that Mr. Young is the
owner of grounds, The grounds We're
afterwards sold under mortgage to j.
G.. Gebhart, who now holds them
The committee did not want to dis
cuss the legal situation, but believed
that the court would open up the
judgement, the bank has no desire to
push judgement, but will give time,
In case suit is started would sd-
wise the employment'of an outside at
torney.
Mr.. Mccormick for the committee
stated that the present officers di |
not create the debt. The business
was not transacted according to the
bylaws: The debt existed and judg-
ment now was against each stock
holder, and if cited before the court,
would have to be paid, or execution
issue against his property. He felt
that the best way out was to pay up,
If all would pay each each share of
stock would get off with $500 He
also favored the employment of an
outside attorney. He spoke of many
irregularities, Years ago 81 200 was
borrowed, and checked out, and no
record kept. The easiest way out is
for each to pay and get out. Recon-
mended that every stakeholder be
made to pay up '''
Mr.. Stinson stated that he wanted
all to understand that Mr.. Johnston
had discharged his duty faithfully,
the fault rested with the old secreta-
rles. Several gentlemen then stated
that they believed that the judgment
should be paid off, but wanted all
stockholders to be made to pay.
Ga motion the report Of the com
mittee was accepted, the committee
thanked and discharged.
The following was then adopted:
Resolved, That a committee be
appointed to ascertain the exact
amount of debts, and to whom due;
TO examine the list of stockholders,
aud to decide upon those from whom
assessments can be collected; stock
holders to pay pro ratG, upon this re-
port, money to be applied upon the
judgment. Committee to report at
a stockholders meeting to be held in
one week. John Hahuenkratt, w. D.
Granger, and N. B. Mccormick we're
appointed as the committee, and the
meeting adjourned.
The situation 1t seems to US to be
about this: The society was in debt.
Messrs. Bissell, Gebhart, johnson,
Cannon, and Kurtz, signed note for
the amount of the debt. The debt
was rot created by anyone who can
now be got at. These gentlemen
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