Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-07-12
REPUBLIC LOAN ASSOCIATION.


Local uslnDtTs hshbu 70 Glhdorbc inv - ou-
for Discharge of the ReeeiyerShip.
Local members of the Republic
Savings and Loan Association have
received letters from the New York
Office asking them to endorse the petit
ton to tho court for a discharge Of the
receivers. The letters are as follows:
"Oaice of F. o. Case, Rooms 81
and 68, 80 Broadway, New York, July
Q, 1900. To tho members: The tenth
annual regular meeting Of the Republic
Savings aud Loan Association will be
held at 139 Broadway, In the city OF
New York on Wednesday, July 18th,
1900, between the hours of l and D
p m.
Each member not in arrears for any
payment due the corporation shall be
entitled to one vote. But no member
shall be entitled to vote until three
months dues shall have been paid on
his shares.a
'If unable to be present in person
please fill out, sign and mail the
enclosed postal card at once.
Trusting that shall have the
pleasure of meeting you IN person
remain yours truly, +. o. Case, Secre-
tary."
Following is the reading matter on
postal cards sent members for replies:
81 hereby acknowledge the receipt
Of notice of the annual meeting OF the
shareholders OF the Republic Savings
| and Loan Associa ton to be held at l39
Broadway, in the city Of New York, on
July 18th, 1900, together with copy
| OF resolution Of confidence enclosed
| Herewith, which resolution / hereby
| assent 10 ratify and approve rs fully as
| il were personally present at the said
meeting and voted therefor. Dated,
July -, 1900 Owner OF - shares. :"
The main letter reads as follows:
"Ofiioe of f. o. Case, 80 Broadway,
New York New York, July I'd, 1900
Fellow members of the Republic Sar-
ings and Loan Association: Our Asso-
citation having been attacked by the
banking department Of New York, and
being temporarily only, We trust. in the
| hands OF the receivers, we seek your
help and cooperation. Your officers
and managers, despite all statements to
the contrary have been tue and faith
full to your best interests and were plac-
ing the company upon successful and
profitable plan of business when this
attack was made.
"You may be perfectly sure Of few
things, viz: Your company is not insol-
vent ID is not being run for the benefit
Of any clique. 1t has not, so far as we
know, violated any Of the laws OF New
York or any Of its articles of associa-
ton !; we have invested our own funds
in the association to large amount
we helieve that the attack upon US wac
dictated by motives that we cannot
mention in this letter; We have retained
L.. Ia. - J-Ha L. rs.xk. 10,
and they believe that we shall be en-.
tirely successful; receivership is fatal
to your interests, as to ours.
1--WE earnestly invite and request you
therefore, either to be present at ouI
annual meeting or else to sign the en-.
closed postal card and return it at once,
hereby assuring you that every word il
this resolution is true, remain yours
truly, II. o. Case.''
Following is a copy Of the resolutions
members who cannot attend the meet
ing are asked to endorse:
Whereas, An attack has been madl
upon the Republic Savings and Loar
Association by the banking department
Of the State of New York, and the at
torney general Of the State OF New York
upon the ground OF an alleged impair
ment of its capital, said attack beinl
made without any previous notification
OF any chance to explain or show to tn,
banking department the true condition
of affairs or any chance to make eoot
any alleged deficiency rs Is required b,
the banking laws Of the State Of New
York, or any chance to rectify any mat
ter or thing not acceptable to the sait
banking department; and,
Whereas, An examination has beef
made of the books of the Republic Saw
ings and Loan Association by an exper
| accountant who states and swears tina
said association, between July 18th
, 1899, and June Goth, 1900, made al
actual net profit of s37, 294, 0s, and 1
was shown by the affidavi Of reliabl
, real estate brokers that in their opin
ion, the value of the realestata hold.
ings of the Republic Savings and Loaf
Association was s56s,O13 instead o
: SABA, 500 as reported by the banking de
partment; and,
Whereas, We have and desire to OK
, press our confidence in the officers AM
) managers of the said Republic Saving
! and Loan Association now, therefore
be it
Resolved, First: That we hereb
. express our complete condolences in tn
uHIc6r5 anu mhndRerS OF tnb h6puDU
Servings and Loan Association, and O
their management OF said corporation.
Second: We have no knowledge q
3 any fact showing that the Republi
Savings and Loan Association is now
: or at any time during the past fou
/, years, has been doing business contrar
! to the laws OF the State of New Yor
y and contrary to its charter and article
8 of association, and we deny that sue
0 is the case.
j. ''Third: We ratify and approve tn
0 action OF the board of directors in re
Y ducing the book value Of the shares q
the said association to meet the advers
r report Of the banking depar tinent of tn
Q State of New York, and consent an
= agree that such action shall be entirel
d binding upon US.
4 Fourth: We hereby deny th
necessity or propriety of appointing
receiver or receivers of the Repuhli
Savings aud Loan Association and IL
specttully petition the court that sue
appointment may he revoked. and tina
' the affairs of this company be returne
i. into the HANGS o our officers and mar