The record-union., 1898-02-11
committee to urge that a proper person

faith in Judge Johnson's ability to ap-
point a stanch and an honest man.
The Attorney-G eneral, he said, has
nothing to do but commence suit, and If
the stockholders would assent to such
a preceding it would follow that a re-
ceiyer would be appointed. The mat
ter had already been delayed, and at
former meeting a committee had been
appointed to report on the affairs of the
association. That report had been
made and printed, and its effect had
been to make the stockholders feel
worse than they had felt before. He
believed that if a receiver We're APP
pointed and the property of the asso-
citation properly administered on, every
dollar belonging to the stockholders
would come back to them. He thought
no more meetings ought to be held and
that the association ought to be looked
upon as existing no longer. He had
great faith in Mr. Devlins legal abil-
ity, but thought he was not the proper
man to act as attorney for the assoc1a-
ton, inasmuch as he was attorney for
b. e. Steinman and for the Farmers
and Mehanics' Savings Bank. In his
opinion the meeting ought to pass a
resolution that the Board Of Directors
be instructed to assist in having re-
ceiver appointed, as that was the best
and cheapest method of procedure.
d. E. Minear proclaimed against Mr..
Johnson's resolution. He said all re-
ceivers worked for the good of their
own pockets, and not for the good of
the concerns they acted for. He be-
lieved that every draft and paper
cashed by the association that had not
been signed by the President and Sec
retary We're illegal and did not hold
as debts of the association, and he said
that SO, 900 had been paid out which
Mr.. Steinman said he know nothing
about
j. II. Devine wanted to know what
the stockholders would get if the mat
ter was kept out of the courts. He
said if the bankers would take the
property their money had caused to de-
preciate in value the stockholders
would get dollar for dollar of what
was properly due them. He believed
in putting the affairs of the association
into the hands of a receiver, so that
suit might be brought against the otfi-
GERS to compel them to disgorge.
A. j. Bruner declared that he repre-
sented a number of shareholders, and
that he did not approve of putting the
affairs of the association into the hands
of a receiver. He inquired if anybody
ever heard of any insolvent concern
ever having anything left if the re-
ceiver appointed was a good fnancier
and understood his business. If thrown
into the courts the stockholders would
of Il
ton He advised winding up the af-
fairs of the association in business
like manner, and said the Attorney
General would not ask for a receiver
unless the stockholders desired that he
do SO, unless he found that fraud had
been committed, and if such was the
case Judge Johnson, before whom the
action had been brought, would deter
mine it. He would not advise throw
ing the association into insolvency, as
he thought the stockholders would lose
by so doing.
]. c. Deyine said if nobody else would
throw the concern into the insolvency
courts he would do so, and he believed
nobody would adopt any other course
who had not helped to debauch the
affairs of the association.
Mr.. Minear said nobody ever heard
of anybody getting a cent of money af-
ter affairs had been placed in the
hands of a receiver. Such course
meant to rob poor girls and men and
women who had put their savings in,
believing they had honest men to deal
with. He asked Devine whether he
wanted to do that.
Il do" yelled Devine.
Another stockholder said the officers
of the association had charged him II
per cent. on a loan, while as a matter
Of fact. under the bylaws, they should
have charged only 10 per cent.
II didn't charge you that interest" !"
spoke up Mr. Steinman.
"Well, you were there when it was
DONE" replied the stockholder.
well. had nothing to do with it,
returned Steinman.
Then Mrs. Jordan got the floor She
had gone to the office of the associa-
ton, she said, and wanted to draw out
her money. 1t was put out for her,
but the President swore at her and
the money was drawn back
Mr.. Steinman asked her if she had not
at first offered to take the amount she
had put in and then demanded more.
Mrs. Jordan retorted that she had
done nothing of the kind. Mr. Stein
man, she said, had made a motion to
pay her the money, and after it had
been laid out for her he moved that
it be rot paid. He swore at her and
told her she could not have any Of it,
and told the Secretary if he paid her
he would lose his job.
President Stainynan o1leStiopad har
but she stuck to her story, and insisted
that it was true.
Mr.. Devlin was again recognized He
said that while he was probably not a
proper attorney for the association,
was opposed to Mr. Johnson's resolu-
ton.
]. c. Devine interrupted to inquire
how many shares of stock Mr.. Devlin
owned.
Mr.. Devlin said he owned no stock,
but he wanted TO explain his position.
You can't convince me without
mighty coed reasons and a good deal
Of my money back put in Devine.
Devlin said he realized that no
amount of argument could convince
Devine. but that there were, neverthe-
/ Tess. TWO SIDES 10 the question. III,
when the Attorney General had heard
both sides. he should think it necessary
TO ask for receiver he would ask for
one He supposed the object OF hav-
ing the matter thrown into the courts
was 70 bring suits against the Board of
Directors for the recovery of funds,
but # that fact were eliminated there
would be none who would demand a
receiver. He had done his best to have
the matter settled out of ceus. ard
though lawyer he had nothing TO win
In.. II, L.. altar. INs-af.rr