Evening journal., 1901-08-02
STOCKHOLDERS
In WORDY WAR
Guarantee Loan Affairs Have
Exciting Airing
SHORTAGE SAID TO BIZ $27 900
Reading Of 1t Throws Stockholders
Into Great Excitement-COpi
Denied TO Newspaper Men

On the application Of Mrs. Ella f.
Baily, Chancellor Nicholson yesterday
afternoon appointed City Solicitor
David J. Reinhardt receiver for the
Guarantee Building and Loan Associa-
tion. which has it's main offices in this
city, and branches in Delaware and the
lower part Of Pennsylvania. Mr.. Rein
hardt gave surety in the sum of $4,000,
and at once took charge of the offices
of the association and Of its business.
1T is too early yet for me to say
what action l shall take" said Mr.
Reinhardt. Il cannot say whether the
receiver will be temporary or perma-
nent, and whether the affairs of the as
sociation will be wound up, or whether
it will continue business. 1 will only be
abe to say after have learned the as
sets and liabilities of the association. 1
VIII devote the next week to an inves-
tigation of these affairs"
The office of the association resem-
Died Wall street brokerage office this
morning. Men and women crowded the
place, shouted at the tops of their
voices, waved their arms franticallv.
and exchanged insinuations respectine
officers Of the association. The meet
ing was called to hear the report of
the committee appointed by the stock
holders to audit the books, and when
IT was announced that it showed a de-
nett of something like S27 1000, or at
least $4,000 more than that shown by
the report of the insurance commits
siOner, some stockholders were mad
enough TO fight Discussion followed
for two hours. Officers Of the associa-
tion were called on for statements.
which were made. but which did not
seem to satisfy the stockholders.
Newspaper reporters who asked for
copies of the committees report were
refused them.
While discussing the appointment
Of Mr. Reinhardt as receiver. it was
suggested that Chancellor Nicholson
be requested to appoint a cO-receiver
but as many Of the stockholders
thought that such a move would in.
crease expenses. the subject was voted
down. One man, who. thought MIR
Reinhardt would be ably assisted by q
co-receiver, remarked that the addi-
tional appointment would not be Tie
source Of greater expense.
You will lose no more money by
the appointment" he said.
As the room was crowded almost tr
suffocation. it was suggested that
larger quarters be obtained. n subse
quently was reported that the Board
of Trade rooms could be had for s.
but before a resolution dealing witt
the subject could be framed, half q
dozen stockholders inquired who
was to bear the expense.
THE association replied one fel-
low.
"Oh, no, we are under sufficient ex-
pense already"
Finally one liberal man volunteered
to bear half the expense, but at 1.3'
o'clock the resolution had not beer
presented.
Although stockholders admit tha
the associations finances are in bat
shane they are Of the opinion thai
Mr.. Reinhardt can put the loan on {
paving basis. To this end it was sug
gested that stockholders extend the
time of their intended with
drawal from the association uA-
til one year hence. The suggestion
did not come before the meeting in ;
formal way, however. In fact, M
question did. 1t was a meeting a
which everybody was too excited Il
transact business in a proper way.
L. Irving Handy, William H. kurtz
Howell S England and Walter II
Hayes were present in the interest o.
the stockholders.