New-York tribune., 1900-12-06
LOAN ASSOCIATION ENJOLNED
RECEIVER ASKED FOR THE ANGLO
AMERICAN-COUNSEL SAYS 1T
Is SOLVENT

Judge Lacombe in the United States Circuit Court
yesterday issued order for the Anglo-American
Savings and Loan Association of New-York to
appear before him December and show cause
why an injunction should not he granted and re-
ceiver appointed as asked for in bill OF complaint
made by James ". Carpenter. Marvin p. Carter
and Pulaski p. Carter, of Pennsylvania, sharehold-
ers in the association. The complainants also ask
the appointment of special master to ascertain
and determine their interests in the associa-
tiom and the interests of other shareholders. The
order restraints the association until further notice
of the Court from making any transfers or con-
veyances of its property or making payments or
any kind to stockholders or TO Withdrawing stock
holders
The compleinants in the case are shareholders to
the amount OF s4 I45 IS. They demand that this be
paid them and allege that they are entitled also
pro rata share in the interests assets and pro-
ceeds OF the association. The complaint alleges
that the rights and duties Of the officers and
directors have been violated ever since the asso-
ciation's Organization in 1891 by the method adopted
of paying out to withdrawing and other share
holders dividends without legally declaring or ap-
portioning any dividends the stock.
The Anglo-American Savings and Loan AssOcia-
tion is a National association Its officers are:
Thomas L. James president; John d. Vermeule'
vice-president; George NJ. Hard. treasurer. and A
RI. Gilbert, secretary and general manager. z. l..
scohed. consulting counsel Of the company said
late yesterday;
The proceedings for an injunction and a receiver
come surprise to will say that the com
psny is not nsolvent and is nowise bankrupt
ability. The fact Of the case is that the com
pany has plenty Of assets. mostly real estate but
Of the non-prOductive order for the most part II
a receiver should be appointed the assets OF tn the
sion for this Our assets are ample TO pay all our
obligations to every stockholder At recent meet
a plan which would safeguard the assets or the
company. we had prepared a statement which
was 20 have been Issued to-day TO all the share
holders. setting forth the plan proposed. This
statement will be issued to-day.
The statement IS signed by the following direct
ors: Thomas l. James. John D. Vermeule. George
NJ Hard. Phineas c. Lounsbury Charles Gerding.
Edward Thompson and Abel II. Gilbert 1t
this statement that the bill of complaint
founded The Statement speaks of the increasing
number Of Withdrawals. and asks the aid OF share
holders in prrying out plan for realizing the full
value the associations for the benefit Of
creditors and stockholders. The signers expressed
assurance of the associations solvency, and be-
eve that if judiciously handled the assets would
pay to the stockholders the full value of their
stock. But. unless some suitable plan was at once
feed under forced sales at most serious loss; The
statement places the assets at s. 36 50 and LA
bties exclusive of the earned dividends and sur
plus. at S2.6cI0lI S9. An explanatory statement
/ shows valuable properties in Buffalo. Brooklyn.
1 Philadelphia, Washington and YOnkers. An ap-
praisement placed the value Of these properties at
associations equity at g 434543 49, real estate
| company projected. TO be organized under the
their book cost value. giving to the association
/ the bonds and mortgages OF the real estate com
pany. covering the properties at per cent inter
/ The members were requested TO exchange
! shares i'm the association for stock I'm the real
! estate company. The plan approved by Fred
erick d. Kilburn State Superintendent of Banking