Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1900-07-12
MAY GET oNE-THIRD.


Delaware Stockholders of the Republic
Savings and Loan Association Meet.
The local stockholders Of the Repub-
lie Savings and Loan Association OF
New York we're largely represented OF
a meeting In the law office Of Ward &
Gray Friday evening, when. Herbert III.
Ward, attorney for the local branch,
and William Michael Byrne reported on
their yisit to New York. Andrew o.
Gray and Peter L. Cooper, DR., also
discussed the situation. IL appears
that the Delaware stockholders are in
terestea to the extent of about Sf2, 600
In the association against this amount
is first mortgage for S13, 600 assigned
to State Treasurer Ball, the equity In
q second mortgage for s06, coo, now in
the State treasurer's possession but
which he had declined to accept as
sufficient collateral for the company's
holdings here, and the possibility of
attaching about $4,000 which the
association has loaned on Delaware
properties. So that 1t is hoped to realizB
49,, per cent or better.
Men and women, white and colored
persons. were at the meeting. Fl. b.
McCollum acted as chairman and
Andrew g. Gray as secretary. Mr..
Ward 10 his statement OF the visit to
New York saId they were unable to see
all of the officers OF the, company, but
from those they did ses they heard that
the charge OF the deficiency against the
association had been made by Superin-
tendent Kilburn Of the banking depai t.
ment OF New York, who, 1t Is said, is
determined to have every similar asso.
citation in the State declared insolyent.
The association had dealt heavily in
real estate. Some mortgages 1t held had
10 be foreclosed, throwing more real
estate Into its hands. 1t had in all
about 5000, 600 worth Of real estate
This WAS appraised by order Of the
court at much less than which 1t was
valued by the association, and in this
way the association appeared to be in
solvent. Other appraisers secured by
the association valued the real estate
at but $4,000 less than the value
placed on it 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 pro-
ceeding with his duties. The appeal
will not be heard until October. In
| the meantime no dues will be received
and the associatiop's work will be at
standstill.
. MIR. Ward said he did not believe
| that the association would 60 aheac
even il it got out of the receivers
hands, hut would wind up it's affairs.
Mr.. Byrne also spoke OF the visit tc
New York. He thought it might he vel
to allow the present officers to do the
work of winding up it's affairs. Mr..
Cooper thought 1t might be,well to have
q receiver for this State appointed.
Messrs. Ward and Byrne were elected
proxies IN represent the Delaware
stockholders at the annual meeting o.
the association the 18th or 18th Of thii
month.
The failure of the association t0 dc
\ posit securities here as required by Law
10 responsible for the belief that tn,
Delaware stockholders will lose gooe
deal Of money. The securities SHOULD
have been equal.to the amount raid il
by the Delaware stockholders. 1t wa
held to have been Insurance Commits
sioner Fowler's duty to have made tn,
Republic live up to the law 10 tina
regard.