The news & observer., 1897-01-27

Many Stock and Shareholders
in Knoxville.
TO ATTEND ANNUAL NEE TING
A Movement is on Foot TO Locate the
Office in Atlanta Several Meetings
Were Held Yesterday ard the
Matter Discussed.
lKnoxyille Tribune.l

At meeting Of the stockholders Of the
Southern Building and Loan Association
this morning hard fight will be made by
outside stockholders to not allow the AS
sociation TO go into the hands of a per-
manent receiver and wind up its busi-
ness, but to move the general offices to
another city and continue the business.
Atlanta Ga, is the city suggested and
favored.
The city is full of representatives from
in and out the State, who are large stock
holders in the Association and who also
have the proxies of many hundred share
holders who will not attend the meeting
Representatives of $5SS,000 of paid-up
stock were holding meetings every few
hours yesterday discussing the situation.
At o o'clock yesterday morning the fol-
lowing stockholders from out of Knox
vile met in room No. at the Imperial
Hotel: Messrs. Bowman and Bradshaw,
Little Rock, Ark; Col Richmond, Ma
hem, Ark; Messrs Friedheim, Arkan-
sas; Gafney, of Philadelphia; Devault,
- of Britsol; Bronson, Berger, Austin, Tex,
and w. III. Hunt, San Antonia, Texas.
They discussed the situation as they
could see it. The gentlemen have had
a special examiner at work ON the books
and at the meeting he reported to them
that he had made a thorough examination
and found the Association to be in an
excellent condition and perfectly solvent.
The remainder of the morning was taken
up in discussing what was the best policy
to follow at the meeting to-day. At 2
o'clock the gentlemen above named met
in the same room and took up the discus
sion of the general affairs of the Associa-
tion and discussed the idea of allowing
the Association to wind up the business
and the idea was met with repulse as not
a member was in favor of it. Strong
talks were made by many Of those present
roasting the Knoxville stockholders for
trying to withdraw their stock from the
Southern when they knew it is only in
jurying the Association and their own
interests. One gentleman arose and told
of telegram he had just received from
an Atlanta party making the proposition
that il the stockholders would vote at
the meeting to-day to remove the gen.
eral Offices from this city to Atlanta they
would subscribe 100000 to pay the stock
holders of Knoxville who desired to with
draw and that they would insure hearty
welcome from every citizen in Atlanta
and their hearty support. When this
was stated it was received very enthusi-
astically. The meeting adjourned for
supper and met again at 7:30 to discuss
the Atlanta proposition. At the night
meeting talks were made by several pres
ent favoring the proposition and it was
unanimously decided to present the pro-
position to the meeting of the stockhold-
ers and urge its acceptance because Of the
fact that Knoxville people are preju-
diced against the Association and it could
thrive much more out of Knoxville. Mr..
w. III. Hunt, of San Antonia, Texas is
the leading spirit in the meeting. He
represents 1900 shares of stock with
paid up stock of $4,000 and in the inter
est of himself and those he is representing
deems it advisable to remove the general
Office
Mr.. Hunt will lead the fight for the re-
moval at to-day's meeting. As soon as
the meeting of delegates adjourned last
night and it became known that a fight
would be made to remove the offices from
here TO Atlanta, the news quickly spread
Antil 1t was the general topic OF converse
Efion.
A Tribune reporter called upon Mr..
Hunt last night at the Imeprial and in
Quired as to what course the stockholders
wonld take at the meeting, to which he
replied:
'"The stockholders, / believe, will adopt
resolutions fighting the receivership. |
do not see any reason for the appoint
ment of a receiver for an institution with
three million dollars assets, and nearly
$500000 undivided profits and not owing
a cent in the world. / trust that the
court will deny the application for
receiver. At our meetings to-day of dele
gates, who are here from a distance to
discuss a plan of action for the annual
meeting tomorrow, it seems to be the
unanimous opinion of all present, that
the receivership would be readily beaten
and that the Association would continue
its business as usual, as the unwarranted
prejudice that prevails in Knoxville does
not exist elsewhere, and it seems that the
greatest misfortune the company has sus-
tained is in having its general offices in
Knoxville, where it appears to be an un-
welcome citizen. The Association has and
is doing a large amount of good through
out the country and a great many people
at a distance know of Knoxville, Tenn,
because it is the home Office of the South
ern Building and Loan Association.
1T is my opinion that the Southern has
done more to advertise this city than any
other business or enterprise. 1t has un-
doubtedly accumulated larger amount
of money than any other three financial
institutions in the State OF Tennessee.
There are many cities that are anxious
that the home Office should be located
in their midst and they stand ready to
subscribe large amount Of cash in q der
to secure it, All of the delegates think
that as some Of the people in this section
seem intent upon plunderng the institu-
tion and diverting the assets of the AS
sociatio from the stockholders, that no
new business be done in this section until
the pedigree subsidies and the laws and
decisions OF the courts are tempered with
more justice and equity. There are 3d.
600 people who are interested in the
Southern, who live from Canada to
Mexico and we think that an attempt to
wreck the institution while it is doing
business as usual and has assets to pay
every stockholder in full and still have
n surplus of nearly S500,o00, IS audaclous
to say the very least Of it. These people
have invested their money in q Knoxville