The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-03-02
DAILY, SO A YEAR
8 CENTS A COPY
WEEKLY 2-TIME8-A-WEEk 81 YEAR
HOPE RAISED ABOUT HALE.
ED RICHARDS SAYS HE WILL RE-
TURN TO ATLANTA.

MIR. Richards just Back From New
York with a Proposition From the
Iowa Life Insurance Association
for the Return of the SI1O,OOO OF
the southern MutuaI's Securities IL
Has Deposited with the state
Treasurer of Iown-Mr. Richards
Also Says Hale Is Not Guilty of Any
Crime.
Atlanta. Ga, March Ed. A. Rich
ards former partner of w. c. Hale, the
missing president of the Southern Mutual
Building and Loan Association, and gen-
eral all-round fnancler, returned 20 At
lanta to-day from New York, bringing
with him a proposition for the return OF
the $4,000 worth of securities now In the
hands of the Iowa Life Insurance Com
pany BY the proposition the securities
Will be restored TO the receivers OF tho
building and loan association without the
payment OF any money to the company.
provided the restoration is allowed to be
made in certain specified installments.
covering period between now and next
December. Receiver Anderson favors ac-
suit against the Union Loan and Trust
Company and its receiver. If. MIR. oBryne
and the court take the same view of it
as he does, this part of the muddle will
be cleared up that way. When this IL
settled Mr.. Hale may return TO Atlanta.
as Mr. Richards claims he is not a de-
faulter and intends to settle up all his
debts to the association. Mr. Richards
claims thet ne does not know where Mr..
Hale Is now. and Is not acting under in
structions from him, but Is assuming to
settle his affairs. MIR. Hale, he says,
left transfer to him OF his contract with
the Iowa Life Insurance Company. and
also collateral with which he is able to
secure all that he really owes to the de-
funct building and loan association. He
takes a different view of the situation
from others, and declares that
when all of the facts are in possession OF
the receiver, It will be seen that there Is
no default action of the reserve fund, and
that the missing securities will be satis-
factorily accounted for.
Speaking of the transaction with the
Iowa Life Insurance Company. which has
been the biggest blot on the records OF the
association, MIR. Richards said This
| proposition for settlement is made after
a conference with Mr.. Barber the attor-
ney of the Iowa Life Insurance Company
| In New York. The Iowa Life bought these
securities Il was a straight purchase, but
| they are willing to return them TO the
| Southern Mutual as they had only paid
| 5000 on the transaction and this Is se-
| cured by mortgages on Mr.. Hale's real es-
| tate. They will not return them, however.
unless they can be given time 20 replace
| these securities with others. These were
u 49, wa.FI Ieesre.
on Jan. /, as a part of the reserve OF the
Iowa Life Insurance Company, and can-
not be removed until other securities
have been substituted. When l went to
the Office at 60 Wall street, New York.
found papers referring to Mr.. Hales
| contract with the Iowa Bife Insurance
| for it's eastern agency
II did not see Mr.. Hale, but heard from
| him through "a third party, who told me
| IL was Mr. Hale's wish that ! return to
| Atlanta and wind up his affairs. For
| this purpose he placed $4,000 worth OF
property in my hands. There has been no
other man to say a good word for Mr..
| Hale. When l landed in this town with
| forty cents, he was the first
| TO befriend me, and Intend
| to stand by him till this
matter is cleared up. think the assets
| of the Southern Mutual" Mr.. Richards
| said to Receiver Anderson, will be found
| by the time you get through your investi-
CATION. OF the reserve fund you have So
| 600 In the State Savings Bank. S25 900 was
deposited with the Union Loan and Trust
| Company, and $4,000 Is charged to r. M.
| Farrar treasurer. These amounts make
| S73. 600 OF the reserve fund. / think IL will
| all be found. have in my possession
enough OF Mr.. Hale's personal property TO
pay the amount he owes the Southern Mu-
| tual which he tod me several weeks ago
was about $4,000 In regard 10 the seeuri-
ties supposed to be missing, after counting
| all that have been located, / think there
will be no discrepancy when the checking
up of the books Is completed. Some of the
securities are out In the hands Of attor-
neys for foreclosure. / don't believe Mr..
Hale has done anything criminal. and I
believe all the assets will be accounted for
and he will return TO Atlanta. I think he
Is simply waiting until matters can be
| cleared up, everything accounted for, these
securities returned and his Indebtedness to
the company settled, and then to come
back here"
| nI1RONTyg nIglcE.a AT