The San Francisco call., 1898-03-16
Required to Pay for Years Longer Than They
 Agreed.
Oakland Building Society Said to Have Been Badly
 Managed.
Forty Thousand Dollars the Sum of Which Complaint Is
 Made
Oakland Office San Francisco Call,

SOo bIOduNGys hdICl 10.
 Some of the stockholders of the Oak land Building and Loan Association are making serious charges of mismanage- ment against the directors. At a meet ing of the dissatisfied stockholders a resolution was passed of which the fol- lowing is part;
 Whereas. We have no faith whatever in the managers of said corporation or in their ability CT desire to so manage its affairs, and, being of the opinion that said corporation is now being conducted solely in the interests of its pcaro or directors ana a 1eW aSslstahts' all of whom reap a harvest at our hands, for which they pay consideration. and we have become tired or what We deem to be IegallZed extorticn when we are asked to pay in money for longer time than we agreed; therefore,
 Resolved, That we cease longer to pay. and we hereby mutually pledge each other to cease our courts for Q remedy. that may be able to support our wives and children.
 Among those who signed the protest Ed Nolan, capitalist W. H. Dyer, a conductor; John Grismore, a carpenter and Thomas Moran, capitalist. They have decided to band together and fight in the courts what they characterize as 'Iegallzed eXtoruon-
 The trouble had it's origin in a suit now in the Superior Court. Last Octo- Der Judge Eule, the attorney, and @ di- rector of the association, brought suit against W. H. and Mary McGrath to foreclose. The McGraths held stock in the association and erected Q house. O Banion bought the property, subject to the claim of the association, and is also a party to the suit.
 The specific charge against the direc- tors is that they diverted $40.000 of the funds from their proper application and would not keep the agreement made with stockholders.
 When a person took out stock" says O'Banion, the agreement was that it should all be paid up at the end of seven years. But now we find that some of us Will have to pay four or i've years longer just because this S40000 has been misap- l tried to find out from the officers how much longer l should have to pay, and they either could not or would not tell me nor assure me that l should be clear in five years.
 There is one case in particular that appeals to the stockholders. It is that of Mrs Boop, living on Sixteenth street She is a widow and took a loan of $500, agreeing to have it paid in seven years and recently she had to borrow $500 in order to get out.''
 Judge Yule says that if there has been a misrepresentation of $40 ,000 he does not know of it. ''The trouble, so far as I understand it, he said, lis due to a few shareholders who think that 50 cent stock should mature in the time specified, whereas as a matter of fact there never WAS any 50 cent stock in any building and loan association in the United States that has nnatured within the time set by the directors"
 The directors are A. J. Roberts, Dr. N K. Foster, Judge Yule, Jerry Tyrrel, Will liam Rutherford, J. I. Miller, Dr. A J. Russell, R. P. M. Greeley, N. K. Barstow.