Arizona republican., 1911-05-07
LAST DAY OF GRACE
FOR SUBSCRIBERS
Y. M. c. A. DELINQUENT WILL BE
PROCEEDED AGAINST ON
WEDNESDAY.
An Explanation of the Position of tn,
Board of Directors in the Matter.

Next Tuesday is the last day which
delinquent subscribers TO the Y. NJ. c.
building fund who have not made ar
engagements for an extension of time,
may do SO and avoid the bringing of
suit for collection of the notes or CON
tracts held against them. The reason is
that on Wednesday the con-
tracts held against them will be
come outlawed unless they are
renewed, or suit for collection has been
started. Unless the subscribers pre-
vious To that time have by note or in
some other satisfactory manner. Sc
cured Il legal extension from the board
of directors, the latter will in each
case institute proceedings.
Notice to this effect has been fire.
quently printed heretofore, official no.
tees have been sent to those in ar
rears asking them To pay or come ana
make some kind of a settlement, and
wherever possible the delinquents have
been called upon personally and the
situation has been explained To them.
Nevertheless, il is apparent that in
some quarters this line of action by
the board has OccasiOne1 some dissat
iSfactiOn and inharmOny, due in most
cases to a failure to clearly understand
the facts. il is imagined, for t cannot
be assumed that amy considerable
number Of the subscribers propose to
utterly repudiate their obligations.
which are in the nature of written con-
tracts in specific terms. as valid evil
dences of debt as note can be, and
were fully and. publicly explained at
81, - n. M Mi ar Ia
b. A. Fowler, president of the as
sociation. in a conversation on this
matter yesterday. said that he believed
there was still great deal of misap-
prehension concerning it among those
who are delnquents. II was his opin-
ion that the board is being criticized
by many who do not fully appreciate
the situation. This he had fund to
De true in the case of several sub
scribers whom ne called upon yester-
day. some Of them delinquent them
selves and others who We're paid up
but bad gained the impression that it
was the purpose of the board 70 press
the matter with unnecessary vigor
Mr. Fowler explained the situation
i'm this way The board OF directors
was elected TO look after the business
of the association, and above all things
else to jealousy guard its finances. II
is acting in the capacity of trustee for
very valuable property in which
many have already invested thousands
of dollars. To complete the building
that il might carry out the purposes Of
its construction, and 10 further accom-
MEDIATE these same people who are in
IA
them. it has borrowed something like
$50. 900 that would not have been nee
essarv had the subscribers come for
ward promptly.
Such a loan would never have been
undertaken had not the only reserve
resources of the institution, the delin-
ouent contracts. been known TO be
valid and legal obligations, and as
trustees of the hundreds who have
their money in the property, there Is
no course open to the directors other
than to protect their interests and to
take the legal formality necessary 20
collect the subscriptions OF to legally
perpetuate the obligations until they
can be collected. As they would soon
expire by limitation of laws and be-
come uncollectible there is no recourse
except to sue.
The lawsuit is undertaken without
malice and with no desire TO work an
unnecessary hardship on any person. IL
viii be greatly TO the satisfaction OF
the board if every subscriber appears
before Tuesday and renews his obli-
CATION voluntarily by new note or by
some arrangement that may be salts
ms
the subscriber the added expense OF
litigation and the humiliation OF such
publicity. The last limit has been
given IN voluntary collection, or VIII
be by the time the suit has started
unless the delinquents do as here sug-
gested. as the board would be recreant
TO its trust and most likely legally re-
spOnsible; certainly guilty OF careless
fipanciering. if it should sit idly by
and allow the claims to. outlaw us
position would be that of a bankers
who loaned the money of his deposit
ors and through carelessness or umldl-
" took no steps for the COLLECTION oil
his securities when they matured. The
deIinuuents owe nothing TO the board
of directors. but they do owe the as
sociation as a whole. whose interests
the directors are legally charged to
safeguard.
In conclusion Mr.. Fowler said 1t is
not the desire of the board to harass
or Cypress any person. If subscriber
has met with misfortune and actually
cannot pay now he can in some legai
manner renew his obligation for the
time Being and this escape the expense
of heing sued. assuming that the
humiliation of publicity does not en-
barrass him The very best terms pos
stole will be made in each case, but the
association needs the money. has made
obligations on the strength Of these re
sources and has no right or privilege To
allow the evidences of debt to lapse. IL
is not a personal matter with them but
an unpleasant duty they must perform.