The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-25
s0LVENCY AMID POSSIBILITIES.
rURBULENT SECOND MEETING
or BUILDINO.LOAN 90.

crs., Majority Of Shares Represeuted said
70 Have Voted - Charge 0ssS. 900
in LOSES Against Their Credits Pro
Rata and Thereby Be Healed.
Behind locked doors, with four policemen
outside TO repel invasion and six more
within TO suppress overviolent dissension. q
meeting was held yesterday in hall In the
Presby terrain building at the call Of the
officers Of the defunct New York Building
Loan Backing Company to -apportion q
deficit OF S775.o00 pro rata against the
credits to the shares OF stock Of the COM
Interrupted by stormy objections from
shareholders the officers declared that the
resolution had been carried by an over
vhelmihs majority.
Since the meeting on Monday last, when
the police reserves were called out to pro-
tee. The officers from violence. the following
notice had been sent to about 5000 share
holders
GENTLEMEN: The officers of our company
have called another meeting. to be held satur-
day, Oct. a. at 10 A. NJ. at 1853 Fifth avenue.
for the purpose Of making another effort to
Jam through their resolution by which We
will lose 20 per cent. more Of our money.
Rumors have come to our ears that on this
occasion the life OF at least one officer may be
attempted. We also learn that physical vio-
lence may be generally wreaked on the heads
Of all the officers.
Anything Of this sort win ruin our cause.
and We appeal to all the members to consider
now dispassionately what the result Of any
such foolishness might be-. We should all
attend this meeting BY using little COM
mon sense we can gain our end. Violence
will 10 US no good but will certainly hurt US
IN every way Vote against the resolution.
Yours respectfully.
The PROTECTIVE LEAGUE.
At 10 o'clock the doors Of the meeting
room we're opened. and the shareholders
we're allowed to pass in single file between
two rows Of policemen to the door. There
they were halted by Joseph Eustace. at
toney for the company's officers and
brother to Mark Eustace, the vice-president.
He demanded the name and credentials
of each person. The name was then called
to some one inside, who verified it. Charles
S Selmer, who says he owns twelve shares.
but who made speech last Monday sug-
costing that the shareholders turn the
officers out and themselves take charge
OF the meeting, was turned down by Eustace
because he had not thought 1t necessary
10 bring credentials with him.
AT II O'Clock the last eligible shareholder
had been admitted and the doors were
locked
In about ten minutes, when the doors were
opened to let woman out, the reporters
outside heard g great shouting. the whole
hall seemed to be in an uproar. When the
woman was questioned, she said:
- 4 was afraid to stay in there any longer
Everybody was shouting and waving his
arms and trying to be heard
From then on there was a constant exodus
OF shareholders. They came out in twos
ard threes. Every time the door was
opened the report ers could hear above
the racket the epithets thieves, crooks, y
'grafters.
Those who came out said that there
was no use staying IN. that everything had
been arraI ged, and that no resolutions
we're listened to but those that had been
scheduled.
From these people It was also learned
that the meeting had been called to order
by Mark Eustaoe, Winslow Buzby acting
as secretary. Immediately H. B. Cottrell
moved that the meeting adjourn sine die.
To the shareholders the ayes seemed to
drown the noes, but Mark Eustace de-
olared the motion lost. A resolution was
offered that a standing vote be taken. but
the chairman refused to entertain 1t. This
provoked a storm. The following reso-
luton was then offered:
Resolved. That the, sum Of s77s.ooo, being
the amount OF the losses sustained by the
company. be apportioned by charging said
of the stock Of the company's shareholders,
and said losses are hereby SO apportioned.
and the officers Of the company are hereby
bs 20 to
each shareholder of the company and the
hook value Of such share after making such
charge OF such sum OF S77S. as aforesaid.
shall be and is the present value of such
share. -,
Resolved. That the appostion%en.t, Of a.. ss i'd
sessst Of II shs Of ' the Ss'e
pany.
This provoked another outbust Of clamor-
GUS objection. After one or two speakers
had been heard in favor OF the resolution
It was put to vote. It took an hour to
count the vote by shares and the platform
was storm centre.
SUN reporter who managed to get into
the meeting at this time heard man who
had rushed excitedly to the platform cry:
you are lot of thievesl I'm responsible.
I'm Leon Durieu Of 37l Broadway. Here's
a policeman-have him lock me up for
defamation Of character if you dare. was
good enough to be guest in Buzby's house
and play cards. That's how / was taken
In"
The votes having been counted, the chair
man announced that the resolution had been
carried, ,237 ayes to "a noes. A half dozen
people we're on their feet offering resolutions.
The chairman paid no attention to them. -
A resolution has been put and carried,
he continued, that we adjourn. This meet
Ing is now adjourned
Mark Eustace left the hall under the
escort Of three heavily set men. As he
left the Twentieth street entrance he was
met by a battery Of cameras. He pulled
his overcoat over his face and lodged back
into the hall, saying to one OF his escorts,
go out and give that fellow crack in the
Jaw
When he tried the Fifth avenue entrance
he was again confronted by the camera
meN. This time ore OF his escorts punched
a photographer-from behind.
To a SUN reporter Mark Eustace said
The concern is not insolvent. This reso-
luton that we put through to-day is merely
a matter Of TX
When he was asked IL it would not lessen
the value OF the individual shares, he re-
ierred the reporter to his brother. The
latter said:
-This S775 900 will be taken pro rata from
the accrued interest due the shareholders
on our books BY the removal OF this
amount OF indebtedness from the books
Of the company the concern can become
solvent and be taken out Of the hands OF
the receiver. This will save the company
the thouaapds NJ dollara that the receiver