The record-union., 1899-03-31
WILL PAY DEBTS AND QUIT.
OCCIDENTAL b. AND L. GOES
OUT OF BUSINESS.
The Association Hopes to Wind
Up It's Affairs and Quit at
an Early Date.

AT meeting of the stockholders OF
the Occidental Building and Loan AS
sociation at Foresters Hall last night
a resolution was adopted instructlng
the Directors to pay the debts and close
the business of the company as soon as
possible.
There are four creditors whose hold on
the association is such as to render an
early settlement advisable = Mayor
Land, H. Steinman, the Farmers and
Mechanics Bank and Delano The
total Indebtedness is about Sl5,UO0;
but it is believed there are from o,UUu
to $50, coo of assets and $1,000 or S5,OuU
in cash with which to pay the debts.
1t was decided to pay all the debts with
out delay, so as to muster the affairs
of the association to the best possible
advantage for the stockholders.
Before the foregoing conclusions were
reached the affairs of the concern were
canvassed in detail and at great length
by the attorney for the association,
Grove L. johnson. He said he had eX-
pected relief by the passing of bill,
which, however, the Governor did not
sign. 1t would have greatly aided the
association.
Il regret that all did not do their
duty as stockholders he said, 'and
there are two, representing 120 shares,
who did not pay up, and they are not
poor people; but they were among the
first to surrender their stock and de-
mand their money. Various affairs
have hurt us. Last year was a bad one,
and it was almost impossible to- sell real
estate, and an examination of our af-
fairs shows that we owe more than ap-
pears by the books. Herman Steinman
has a claim $500 greater than our
books show, but we have seen him, and
he agrees to throw off q generous
amount. The Farmers and Mechanics
Bank has a debt of $4,000 against US,
and we owe Delano 1000 There is
property which We thought We owned in
Lake County, but an examination shows
that it is claimed by Others, and we
have had to buy off the claim. Here in
Sacramento We have also found that we
had mo title to the Jerry Paine prop
erty, but we began a suit and got that
fixed up. Certain property of ours on
Second street worth $22 900 we found G
claim against to the amount of S13, 800,
but we have paid $1,000 of that this
year, and the balance must be paid.
After the attorneys explanation and
advice, it was promptly decided to fol-
low it as far as possible. A motion car
ried to that effect without debate.
Major Roby said he believed in offer
ing a reward of $500 for the conviction
of Alsip, supposed to be in Seattle but
the motion was not put, on the sugges-
ton that the association had no author
ization to pay out money for such pur-
poses. though any man might go before
the Grand Jury and have him indicted
and brought back, if found.
Attorney Ryan stated, in response to
a question, that he believed Alsip orig
inally went to China, though he had
heard rumors of his return to Seattle
Grove L. Johnson said he feared that
the Building and Loan Commissioners
would investigate the association,
though he hoped to avert that trouble
by the prompt settlement of all debts.
The meeting adjourned subject to the
call of the Chairman