The record-union., 1898-02-18
UNION B.ANDL. RECEIVERSHIP
NO ACTION ON THE COMMITS
SIONERS' PETITION.
A Preliminary Skirmish, and the
Matter Put Over Until This
Afternoon.

There was another brief airing of the
Union Building and Loan Associations
troubles in Judge Johnson's court yes
terday, but after some light sparring
between the many attorneys HOSTILE
ties were deferred until ] o'clock this
afternoon
The matter was taken up on the pc
tition of Attorney General Fitzgerald,
acting for State Building and Loan
Commissioners Gould and Ryan, who
had caused the Directors of the asso-
citation to be enjoned from doing bus
mess and also asked for the appoint
ment of a receiver.
The Attorney General was represent
ed by Deputies Carter and Post, for
the Loan Commissioners w. H. Devlin
appeared for the association, L. T.
Hatfield for Directors Huntington and
Tozer, and Grove L. Johnson, j. B. De-
vine and J. H. McKune for the stock
holders. 1t very soon became appar-
ent that there was a conflict of inter-
ests.
Mr.. Hatfield's request for a continu-
ance, in order that his clients might
have time to prepare an answer, start
ed dispute that lasted for some time
in which all the attorneys took a hand
1t was chiefly as to TIE right OF
Messrs. Johnson, McKune and Devine
to appear as attorneys for the stock
holders.
Finally the whole matter went over
until this afternoon owing to the abb
sence of Director Flaherty
AT the request of Deputy Attorney
General Carter, Judge Johnson made an
order dismissing the action as to R.
T. Cohn and James Mccullough, who
We're shown not to be Directors of the
association
THE OCCIDENTAL.
At meeting of the stockholders OF
! the Occidental Building and Loan AS
committee appointed to report on the
condition of its affairs submitted a
statement of which the following IS a
recapitula ton:
Loans on real estate, SS9,572; loans
ON stock, S2,536; real estate, $47, 800;
delinquent interest, S1,531; dues, ST.
O04; cash in Treasurer's hands, ST.
$40 13. Total, $145,092 10.
The liabilities were thus given:
Bills payable, $4,000; apportioned in
terest, S34.6S0; dues, $131 ,6SS; Delano
account, $1,000. Total, S190,96S
The motion made at the preceding
meeting by Grove L. Johnson-that the
association continue it's business-was
carried unanimously
Arthur NJ. Seymour figured out that
the loss to the members would be nine
and two-tenths per cent. on the prin-
cipal they had paid in. For example
If a man had paid in 500 he would
according to the figures, get out of the
| association $50 so, although Mr.. Sey-
| mour expressed doubt that the mem
bers would realize that much
Grove L. Johnson said that Willie 1t
appeared that there was something like
$40, 900 more liabilities than assets, still
the association was really not in debt
more than So, 600 the balance repre-
senting interest; etc, due stockhold-
ers; and he said he was sure the stock
| holders could arrange those losses
among themselves
The following Board Of Directors was
elected: ]. L. Siller, L. Elkus, Grove
L. Johnson, w. A. Curtis, John Feeney
In accepting the position of Director
Grove L. Johnson took occasion to say
that he had returned to Sacramento to
reside and would be able to give the
attention to the affairs of the associa-
ton that a Director should give