The sun., 1900-07-07
WARD and bYRKE
ELECTED PROXIES FOR
LOCAL STOCKHOLDERS
Delaware Stockholders of Re-
public Savings Association
Hold a Meeting.
A LARGE CROWD PRESENT
They Are Addressed by III. HI. Ward.
William Michael Byrne and Peter
Il. Cooper, Jr.---Arrangements
Made For Stockholders be-
ing Represented at An
nual Meeting in New
York City.

Delaware stockholders of the Republic
Savings and Loan Association Of New
York for which receiver was recently
appointed in the Supreme Court al
Brooklyn met at $50 o'clock last even
ing at the office of Attorney HI. H. Ward
No. East Ninth street, to decide or
some course of action to protect them
selves.
The ttice was crowded and the heat
intense. There were quite number o.
ladies in the gathering. A number o.
persons stood in the doorway.
Some difficulty was experienced ir
getting persons to serve as officers of the
meeting, which was called to order BY
Mr.. Ward, who stated its object.
After a number of nominations had
been made for chairman and all refused,
ii. b. McCollum was nominated and
agreed to serve.
William G. Baugh declined to serve
as secretary as did also Franklin G.
Brockson. Andrew G. Gray arrived
about this time and agreed to act as sec
tary.
II. H. Ward, who is himself stock
holder in the association, then told the
mbled stockholders of the condition
OF the association and it's future prospects
as far as he could ascertain them on the
visit be and William Michael Byrne had
made to New York on Saturday.
They were unable to see all of the Of
ficers uf the company but from those
they did see they heard that the charge
0! the deficiency against the association
had been made by Superintendent Kill
burn of the Banking Department OF New
York, whom it is said is determined to
have every similar association in the
State declared insolvent.
The association had dealt heavily in
real estate. Some mortgages it held had
to be foreclosed throwing more real
estate into its hands. 1t had in all about
$780, 900 worth of real estate, This was
appraised by order of the court at much
less than which it was valued by the as
sociation, and in this way the association
appeared to be insolvent.
Other appraisers secured ty the asso-
citation valued the real estate at but $l4,-
600 less than the value placed on il by
the association on its books.
An appeal has been taken from the
courts action and an effort will be made
to restrain the receiver from proceeding
with his duties. The appeal will not be
heard until October. In the meantime
no dues will be received and the associa-
tion's work will be at a standstill.
Mr.. Ward said he did not believe that
the association would go ahead even If
it got out of the receivers hands, but
would wind up its affairs.
He said the association had deposited
certain securities with the insurance
commissioner and State treasurer OF Del
aware in order to comply with the law.
There was about $4,000 in first mortg.
ages and second mortgage of $66,
WHICH were not, however, the kind OF
security demanded by the new law to
cover its liabilities in this State.
They may, however, assist the stock
holders here in getting what belongs to
them. The $4,000 mortgage is on a
large apartment house in New York.
The property is said to be worth
$l25, 900 and the rental $4,000
The stock held in this State ie said to