Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-06-27
LOAN ASSIGN
Insurance Commissioner George W.
Marshall Has Charge ofItS Affairs.
WILL CONFER WITH
ATTORNEY GENERAL
Whiteman Family Largely In
the Management.
NO FIGURES ARE oBTAlNABLE YET

Evidently fearing that the affairs of
the Guarantee Building and Loan Asso-
citation, No, $50 Market street, are not
being conducted in the interest OF ito
stockholders, insurance Commissioner
George W. Marshall has caused q tenn
porAry suspension of the business OF
the organization. Notice that association
was closed for business was posted on
the door of the office Tuesday after
noon. Later 1t was torn down by Vice
President Harry Whiteman, who had
secured /. Irving Handy as counsel,
and who held That the insurance COM
missioner had exceeded his authority.
The contention is made that the in
suranco lave give the commissioner
authority to examine into the affairs Of
loan associations and to impose fine
on them II they do not permit his
examination but that the matter OF
closing an association must come
through the action Of stakeholder in
securing receivers to take charge Of the
affairs.
When the contention Of the other side
wss mentioned to. DIR. Marshall yesterday
he did not appear to be frustrated by
1t. lie had already suggested that there
is a law concerning national banks In
which provision is made that should a
bank ollcer take money after he knows
bank il insolpent he is liable to arrest
and imprisonment.
The insurance commissioner was seen
at the association Office yesterday.
He was not prepared to make a state
ment OF the assets and liabilities. of the
organization, but he did say this
THE attorney.gene is at Dover and
will return at O'Clock, at which time
| will see him. There will probably be
an hours conversation with him aud
with my staff. You understand he is
the State officer appointed to give a
legal opinion to State officer.
II have not shut up the office, but
simply suspended business.
Ny corps of assistants, Mr.. Charles
X. Jones OF Georgetown aud Prof. Will
liam A. Reynolds of this city, both
expert loan association, men and ac.
countants, will by 5 o'clock render me
a written report OF what are the condi-
tions and affairs of this building asso-
citation and With that report / shall
go to the attorney general and later
take such action 40 he may advise.
1t Is understood that the books OF
the association show that there is a
vacancy in the president; that the vice.
president Is harry Whiteman; the
secretary, W. w. Knowles; the assistant
secretary, Mics Myrtle whiteman, and
the treasurer CALVIN Whiteman. The
directors are Harry Whiteman. CALVIN
Whiteman, w. w, Knowles, Garrett s.
Smith and DR.. John Palmer, Jr., and
two vacancies exist or the board. The
executive committee which has control
Of the business affairs OF the concern,
and was appointed by the board Of
directors at their annual meeting com.
prises Harry Whiteman, W. w. Know les
and Calvin Whiteman. They negotiated
the loans and paid the bills. Harry
Whiteman also figures as the genera
| counsel Of the association. Charles
L. Meiler and William ii. Robinson
were formerly directors, but they re,
| signed.
The association has % branches, and
about LOCO shareholders. The branches
are located as follows: Newark, Della.
ware City, Harrington, FELTON,, Viola,
Milton, Dover, Middletown, Stanton,
Smyrna, Lewes, Seaford, Milford,
Highlands, Henry Clay, Greenwood,
New Castle, Media, West Chester, Ok
ford and Kennett Square. 1t hat
authority to do business in pennsyl
vania as we'll as in Delaware,
Harry tWhiteman, general counsel
| vice presidant direatoF and executive
committeeman of the association, was
asked yesterday if he had any
statement to make. He said he hac
none.