Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-11-29
From Our Readers

Editor the Rock Island Argus:
notice an article published in The
Argus of last week regarding the
affairs of the Moline Building asso-
citation and ]. w. War; in which the
action of Perry Davis of Moline is
criticised, and from the tone of the
article 1 judge the information was
received from Charles Kerns, in
which it states that l have refused
! to treat with the receiver. If Mr..
Kerns makes such a statement he is
not telling the truth in the matter,
as l will endeavor to prove by his
own correspondence.
! / received from Mr.. Kerns on Jan.
% last a telegram advising me that
/ he would be in Chicago, and / tele-
graphed him and confirmed same by
mail as follows:
| st. Charles, Ill, Jan. %, 1910
! Charles F. Kerns, Moline, Ill, Dear
/ Sir: 1 am in receipt of your telegram
stating that you will be at the Kai-
serhof in Chicago on Monday and
will come to St. Charles if 1 think If
worth while. ] have wired you that
]
/ be glad to see you. Our Office tele-
! phone is No. 8; my house number
! is 1892
Mr.. Kerns telephoned from Chi
cago and I met him at the car. He
wrote me on Feb. ? and amongst
other things he said: Il enjoyed my
little stay with you and enjoyed
meeting your family" | will say
/ further that I discussed this mat
/ ter fully with Mr.. Kerns and made
my position clear to him. In addi-
/ ton to this l later met the stock
holders committee which under sec
/ ton 4 of the agreement in which
! claims are empowered to be settled,
reads as follows:
| THAT the claims of such stock
! holders of said association as have
| been declared matured shall be COM
promised and settled and be paid by
said receiver or his successor or sue
/ cessors in Office, for such sums as
may be approved by three-fourths Of
said committee; provided, however.
that said holders of such stock as
I has been declared matured may.
with the approval of three-fourths of
| said committee, and in lieu of any
other or different settlement, be per-
mitted to share with the holders of
stock which has not been declared
matured on the same basis as is set
| forth in provision second above.
At this meeting were present
/ AIessrs Kerns. White. Macbeth,
Hirsch, Anderson. my attorney. G..
! w. Wood, and myself. At that time
! I made a proposition to them for a
settlement on terms which both Mr..
Wood and myself deemed advantag-
/ eous to the association. / have Mr..
| Kerns' letter in which he advises me
that they refused to settle upon those
terms Second, I am not now res
ident of Moline and have not been
/ for almost 10 years past. although
/ 7 am a taxpayer there and naturally
| take an interest in anything pertain
ing to the place in which ! was born
and spent so many years. ! have
many acquaintance and, trust,
friends in Rock Island county.
I think that with the foregoing
have refuted the statement made in
that article Now in order to make
my position clear to my friends and
fellow shareholders of the building
association:
Had the advice OF Conrad r.
Grant,. Simon Hirsch and myself
been followed this trouble would not
have occurred, Messrs. Grant, and
Hirsch being in full accord with the
position 1 took that the building as
ISOLATION had no right to issue So
called paid up shares or receive
m oney on deposit, as it had been do
ing and proposed to do by issuing adj
ditional certificates. By receiving
money on deposit the building asso.
citation was usurping the function of
the savings bank which was not con-
ferred upon it by the law under
which the association was organized
and should have been operated. And
in support of my contention / refer
you to pages 162 and 63 of the min
ute book of the Moline Building.
Savings & Loan association. Regu-
lar monthly meeting of the board of
directors held May 10. 1887. Pres
ent, Messrs. Grantz, Wheelock, Pay
ton, Hirsch, Davis, Bearby and Lind
gren.
Moved by Bearby that the board
adopt the recommendation Of the sec
rotary and authorize the issue of ten
dollar certificates bearing interest at