The morning news., 1897-02-27
HARD STORIES ABOUT HALE.
NJ. A. O'BYRNE ELECTED PRESIDENT
TO SUCCEED HIM.

The Savannahian May Also BE ChOs-
en- Receiver of the COmpany-Thc
Impression Growing That Halle
Has AbscOnded-The Telegram
PurpOrting to Come From Him at
Baltimore Now Said to BE a Fake.
Another bumOr Says He Is Being
SbadOwed by Detectives.
Atlanta, Ca, Feb. 26-M. A. O'Byrne of
Savannah was to-day elected president of
the Southern Mutual Building and Loan
Association to succeed w. c. Hale, who
was deposed by the new directors because
of his management, which wrecked the as
ISOLATION Hon. r. L. Berner of Forsyth
was made vice president and w. II. Black
of Atlanta Secretary.
Tomorrow the directors will probably
agree upon some one to act as receiver
and ask the court to appoint him, al
though there is a fight between different
elements on this point, and the courts may
have to settle the matter by dsregarding
the recommendation of the directors un-
less they are unanimous. Mr. O'Byrne is
wanted for receiver by some. of the direct
ors. The case will be called for a hear
ing by Judge Lumpkin tomorrow. 1t
seems now that there is not much chance
that the association can be gotten out
of the hands of the courts.
Many rumors have been in circulation
to-day concerning the conduct and where
abouts OF w. c. Hale, the ex-president of
the company, who is charged with wreck
ing it. One report was that he was IN
IN, ba1
last night, but investigation failed to show
any foundation for this story.
Another of the reports was that the
kilograms which were shown to the
stockholders yesterday saying that be
would be here on Monday, having been
detained in Baltimore by business with
the Imperial Insurance Company, were
fakes and that Hale is now an absconder,
probably beyond the reach of the courts.
In substantiation of this report kilograms
were received from Baltimore saying that
the Imperial Insurance Company was in
the hands of a receiver, and that nobody
there knew anything about Hale. This
appeared to add to the strangeness OF
Hales conduct.
kilograms were also sent to the Iowa
Life Insurance Company to-day inquiriug
about $4,000 in securities which that
company holds, and the reply that came
back was that Hale had sold them to the
company, or rather that the company had
bought them and had paid 100000 for
them. None of this money has ever been
received by the company, and it seems
that if it has been paid by the insur-
anee company Hale has got it.
Another sensational report was that r.
NJ FarIar, treasurer of the building and
loan association, was short $50, 900, but
Mr. Farrar denies this He says that
he has not yet settled his accounts with
the association, but will do so, and if
there is any discrepancy he will make
it all right. This report has it that Mr..
Farrar had left the state The report
grew out of the statement of Temporary
Receiver Anderson, who stated that the
$4,000 put down as in the hands of the
treasurer had never been accounted for
In contradiction to the story that Hale
has skipped out was the report
coming from a large stockholder that he
had been shadowed by detectives ever
since he left Atlanta, ten days ago, and
that he would be taken in charge if he
attempted to get out of the country. This
same stockholder declared that an indict-
ment would be secured against the eX-
president of the association, and that he
would be arrested just as soon as things
can be arranged. 1t is known that Hale
was practically under arrest before he
left for New York. He had been called
to the office of certain parties, to whom
he was heavily indebted, and pressed for
security for these debts He at first re-
fused to give the security, and only sign
ed the necessary papers when he was
told that he would be turned over to the
law if he did not.