Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-07-12
APPEAL TOBE TAKEN
SHAREHOLDERS IN LOAN G.
BUILDING CASE TO ATTACK
JUDGE sLoAN's DECISION.
Total Cost Of Appeal Expected to Be
About $2,5oo-committee Appointed
to Take Charge of Case-Acton De-
cIded Upon at Meeting Last Night

An appeal from the decision of Judge
Robert Sloan in the Loan & Building
cases recently decided in favor of W.
n: II. Asbury, receiver for the defunct
ottumWa Loan G. Building association,
fWlll pc taken as result Of the action
OF meeting last evening in the grand
jury room at the court house of ap-
proxlmately one hundred former share
holders against whom judgments were
rendered. A committee of five men,
pers was appointed TO take entire
charge OF the case and an agreement
formulated and adopted which was
signed by practically all interested
parties at the meeting and which will
be presented for signature to every per-
son against whom judgment was rem
dered or who is liable for a future
judgment
This action on the part of the meet
Ing was taken as a result of the re-
port OF committee appointed at a
recent meeting held in the city hail.
Ihls committee had been instructed to
investigate the advisability of taking
the appeal. George Haw, Geo. w. Fer
guson and S. l.. Vest comprised the
committee and the report which fav
ored making the appeal was as follows:
Report Of Committee.
"Your committee respectfully reports
that they have consulted an attorney
connected with the Ottumwa Loan &
Building association cases, on the
question of an appeal From the opin-
ion which he has expressed it appears
thaf thnra io va IF thn
supreme court reversing the decision
of the district court if an appeal should
be taken From Series "A to Series
IL inclusive the salute of limitations
is regarded as good defense in favor
of all parties who were in these SER
les All of the stock in these series
matured and settlements were made
with the stockholders before the asso-
citation became insolvent and for that
reason the settlements should be held
binding upon all parties. The ground
upon which the stockholders in the
above series were held liable was that
the district court decided that there
was a mistake made in maturing the
stock at too early period and before
it reached maturity and that therefore
the stockholders received more than
they were entitled to; but the officers
of the association knew it's financial
condition at the time the stock was
declared matured and for this reason
there could have been no mistake
made.
"As to the Series *. to IS inclu-
sive the opinion is expressed that
there is little hope 70 obtain on ap-
peal more favorable judgment to the
stockholders in these series. The
stock in these series was declared ma
tured and settlements made after it
was found that the association was in
solvent; besides the settlements were
all made in these series within five
years prior to the commencement of
the action and for that reason the
stockholders therein cannot invoke the
benefit of the statute OF limitations.
ut is difficult to ascertain the
amount Of the costs and expenses of an
appeal. The principal costs are the
reporters fees for the transcribing
the shorthand notes Of the evidence,
the printing of an abstract of the rec
ord and argument for the supreme
court and the attorneys fees. The
total amount of these costs and ex!
penses will probably be about $4,000;
at least we are advised that it would
not be well to figure upon any less
than that amount. If the judgments
against the parties who are willing to
join in this appeal amount to $4,000,
then ten per cent of the amount
against each will raise the sum prob
ably required to pay the costs and ex-
penses of an appeal.
Respectfully submitted,
George Haw
Geo. w. Ferguson,
IS. l.. Vest"