Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-08-08
David ]. Relnhardt Appointed by
Chancellor as Receiver
for the Concern.
HOT MEETING OF STOCKHOLDERS
Their Auditing Committee Re-
port Shortage of Twenty
five Thousand Dollars
Declines to Publish
Report in Papers.

j. Reinhardt receiver of the Guarantee
4 Building and Loan Association, whose
main office is at No. $50 Market street.
Former Judge David L. Marvel repre-
sents Mrs. Bailey, who is stock
holder in the organization, and on
Tuesday week he took her appll-
cation to Dover. She expressed the
belief that the association is insolyert,
and with her application was a coy OF
the report of Insurance Commissioners
George W. Marshall, who investigated
the concern the latter part of June and
whose auditors reported shortage OF
81, Ol6. According to Mrs. Bailey,
shareholdeia have ceased payments
since the publication of the insurance
commissioner report yet the officers
continued 10 draw their salaries, thus
depicting the assets
On behalf Of the association, Howell
.. England fought the application.
Chancellor Nioholson's decision in the
matter was seen in the appointment of
the receiver.
Mr.. Reinhardt took possession of the
association's Office about 4 oclock
Thursday afternoon. He removed the
money and accounts to his own Office
and put them in a safe.
1t IS too early yet for me to saw
W'ss tceASh Will bdhbs 9Hlu NIT,
Reinhardt. II cannot say whether the
receiver will be temporary or perma-
nent, and whether the affairs of the
association will be wound IN, or
whether 1t will continue business.
Will only be able to say after | have
learned the assets and liabilities of the
fsscoiation. will devote the next
geek to an investigation of these
Hairs. ~
When he took possession OF the Office,
As meeting of special committee an.
pointed by representatives OF various
branches of the concern to Investigate
it, was being held.
Larry Whiteman, vice president, di-
rector, and member OF the executive
committee of the organization, had
notninR to say when asked concerning
the reoeivership.
After the publication Of the insurance
commissioners report, the concern issued
statement in which it was claimed
that it had surplus of SIG, 141. The
association has "a branch offices in this
State and lower Pennsylvania, as fol.
lows: Newark, Delaware City, Har-
rington, FELTON,, Viola. Wyoming, Wood.
side, Georgetown, Milton, Dover, Middle
town, Stanton, Smyrna, Lewes, Sea-
ford, Milford, Highlands, Henry CLAW.
Greenwood. New Castle, Media, West
Chester, Oxford and Kenneth SQUARE.
The stockholders are said to number
,nobout 1,500.
The stockholders of the Guarantee
Building and Loan Association had an
exciting meeting at the office of the
association, where they met to con-
sider the report OF committee ap-
pointed to Investigate the associatIon,s
affairs David j. Reinhardt, who has
been appointed receiver of the concern.
and several attorneys representing diff
erent shareholders, together with about
fOO shareholders, including a dozen
women, were present. S. John Abbott,
State Senator from Milford, was made
chairman, and George b. Money of
Delaware City, was made secretary of
the meeting.
Joseph Dean of Newark, presented
the report of the auditing COMMITTEES.
which disclosed a shortage OF S25, GAS. 60.
by close vote it was decided not to
give the detailed report to the papers,
for fear of hunting the association more
than already seems to have been done.
After the report had been submitted.
W. W. knowles, formerly secretary OF
the association, taking the position
that there was an Imputation in the re-.
port against him, maintained that il
was not just statement In that it did
not set out the expenses for the year
prior to the one in which he was score
tary. In his year, the expenses were
s9,O00, whereas in the preceding year
they had been much greater. He denied
that he had done anything wrong in
the conduct of the office OF seer etary
and remarked that when he took il he
had had little experience In building
loan matters.
Much OF the meeting was devoted
to questions put to Mr.. Know les and
answers made by him. Stansbury j,
Wiley, who was one of the examining
ommlttee, was one of the questioners
as to the manner Of handling loans.
The meeting room was very much
crowded and it was suggested thar the
crowd adjourn to meet in the Board of
Trade room; but it was afterwards
decided to save the money that that
would involve.
a proposition was made to petition
the chancellor for co-receiyer to act
with Mr.. Reinhardt the new man to
be from down the State; but it was
decided that it might be more ex.
pensive and besides, the utmost con.
fidence was expressed in Mr.. Reinhardt.
When the motion was made to have
Tue report printed IN the papers, Mr.,
knowles urged that it would be unjust
TO the officers to do SO, and Others
thought it would hurt the association:
80 it was voted down.
1t was held that this report was
necessarily incomplete, because of the
interruption to the work through the
receivership.
Mr.. Wiley asked the shareholders to
put confidence into the association: to
make extensions of withdrawal periods.
in the hope that the affairs of tho
organization would come out all right.
This met the approval of many; but
others felt that it would be useless.
Much feeling was expressed at the
meeting H-A
Mr. Whiteman announced his willing
ness to resign as vice president but
when Chairman Abbott asked il shat
would carry the general counselship
with II, he did not say that it would.
1t was agreed to have another meet
ing called when Receiver Reinhardt
has completed report of the asso.
citation g affairs.
Mr.. Reinhardt has given bond for
so, 900 as receiver. his surety being
the Equitable Guarantee and Trust Go.
Death of Mrs. Anna s. Wharton.
Special Correspondence Of Gazette and Journal.
Dover. no . Mra Anna G Whar