The record-union., 1898-02-11
A HEATER WAS SUpERFLUOUS
Observation-Disclosures
WAS HIGH.
Tempestuous Meeting OF Union
Building and Loan StockhoId-
ers Last Night.

at PXInlan 1aSllG ldSl "a ~
crowded house, and was one OF the
storniest seances this city has known
FOR many moons.
The meeting was called to oroer py
President Steinman, who stated that
it had been originally called to near
the report of the committee appointed
at the January meeting to investigate
the affairs of the association and draw
up a report to the stockholders
He stated, however, that an 1n1unc-
ton had been obtained by the Attor-
ney- General and the association there
by precluded from the transaction OF
any business.
At this point Grove L. Johnson de-
manded a roll-call for the purpose OF
finding out whether or not there was
quorum presnt.
Have you read this?" inquired Pres
ident Steinman, waving the injunction
at Mr.. Johnson.
Eyes. I know all about that" re-
turned Mr. Johnson, "and there is noth-
ing in it to hinder us from holding
meeting and hearing reports of COM
mittees and talking our business over,
and I demand a roll-call."
But" said Mr. Steinman, under the
injunction the association can trans
act no business
"Is there a roll-call here?" demanded
Mr.. Johnson.
There is not" replied Mr.. Steinman.
Then said Mr.. Johnson, II move
that Secretary Hawley be instructed
to Immediately go to his office and get
a roll-call.'
But began Mr.. Steinman.
Question" called City Trustee De-
vine, and Question:" Question:" re
sounded from all parts of the hall.
But still President Steinman did not
put the question, and, starting up, Mr..
Johnson said:
.'If you don't intend to put the mo-
ton, come down and we will put a
Chairman UP who will put it,"
But. Mr.. Johnson said Mr.. Stein
man, IT am President of this associa-
tion'
Here again Devine called for the ques-
ton.
II don't care if you are President" ="
said Mr.. Johnson, replying to Mr.. Stein
man, Il am an attorney, and l know
there is nothing in that injunction to
keep us from making motions and hear
ing reports
Question:" roared Mr.. Devine.
Then r. t. Devlin got the floor and
suggested to President Steinman that
there was nothing in the injunction to
prohibit the association from holding
meetings hearing reports, etc, and that
there could be no object in refusing 20
put the motion.
Thereupon President Steinman put
Mr.. Johnson's motion. and it was car
Tied with a roar, there being no dis
senting voice.
Mr. Hawley accordingly started for a
roll-call and the President declared a
recess until he should return.
You have some reports there that
the association ought to hear, haven't
you?" queried Mr.. Johnson, starting
toward the Chairman's desk.
only the injunction" replied Presi-
dent Steinman
Read them until Mr. Hawley gets
back" said Mr. Johnson, and then he
continued:
Give it to me and I'll read it!''
Without waiting to see whether his
offer would or would not be accepted,
Mr.. Johnson took up the injunction and
order Of the court, While cries of Read
it, read it," came from all sections OF
the hall
Mr.. Johnson accordingly read the Pc
tition of the Attorney General and the
order of injunction granted by the
court, while the stockholders held their
breath and waited for the next thing
to happen.
Mr.. Hawley soon returned from his
office with the coveted roll-call and
comparative quiet reigned while it was
being ascertained that 965 out OF
1867 shares We're represented.
r. T. Devlin explained that Thomas
3. Kelly on January 10Th had brought
suit for the stock he owned in the sixth
series Of shares of the association. Ten
days ago, he said, Mrs. Voorhies
brought suit on her note of 81 1,5OO on
-eId OF pres sq 'suop 90 ol lqSno SuTql
-stuoS ANS 9ql MgIpqlIM OF p9snJ9I pBQ
Gus poolsIepun gu pure 'ssIIss QlxIs sql
vent the attachments filed from becoln-
ing liens on the property of the associa-
ton to the exclusion Of all other
claims.
Mr.. Devlin referred to the Briggs or
chard property, which had been taken
into the courts and attached by the
former owner. Hillman, the agent Of
the association, had brought suit TO re-
plevin the property from the Sheriff.
and Mr.. Steinman had gone on his bond
for $4,000, together with Alsip. Stein
man naturally wished to be. released.
Mr.. Johnson inquired whether or not
the association had to stand the costs
of the suit.
Mr.. Devlin replied that he supposed it
did.
Mr.. Johnson said he understood the
proposition, and it meant that the as
sociation was about 1000 deeper in
debt than he was aware Of He was
informed that suit had been com
menced by the Attorney General to
wind up the affairs of the association,
and that that was the only proper
course to pursue. IF some competent
honest man were appointed receiver,
suit would be instituted against the
Directors who wasted the funds, and
he had no doubt but what the assocla-
ton would get dollar for dollar Of the
money the stockholders had put in. He
had prepared a resolution that he de-
sired 10 offer. which he read. It was
as follows:
Resolved, That we hereby indorse
and approve the action Of the Attorney
General in commencing proceedings in
the Superior Court of Sacramento
County, TO wind up the business of the
Union Building and Loan Association
and 10 have a receiver appointed tC
take possession of its property and ef-
fects: and we hereby direct the Board
of Directors of this association TO as
sist in. securing the appointment Of s
receiver; and we hereby direct the Sec
retary 10 file a certified copy OF this
resolution in the said court in said pro-